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Dołączył: 21 Lut 2011
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 Wysłany: Czw 12:18, 21 Kwi 2011 Temat postu: vibram five fingers singapore rbu pku htyt mcf |
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China's capital market system design and system construction of
Abstract: The capital market system design and construction must comply with the principles of rationality and legitimacy. To make the system rational, system design must meet certain pre-conditions and abide by the principle of efficiency, etc., the basic principles. Meanwhile, the system construction is the regulatory body the specific process of administration according to law, must follow the principle of procedural justice and legitimacy of the system so obtained. Does not care about the past because of the design process, system development in the interests of the game the total dynamic process, the system can not achieve a balanced system, the lack of stability, which is the root cause of cyclical fluctuations in the market. This paper argues that China's capital market system the future design and construction should meet the three basic premise of first scientific definition of market self-regulation of behavior and administrative boundaries,[link widoczny dla zalogowanych], and second, fair and equitable treatment of all market participants and the third is the process of system design procedures. Keywords: system design, procedural justice, institutional innovation China's capital market is a multi-level complex system consisting of a variety of Zhiduo system, its development depends on the Zhiduo success or failure of design and construction. Since the existence of path dependence mechanisms, ineffective or inefficient institutional arrangements, once established, it will continue in the history of self-reinforcing process, the formation of the so-called Therefore, the system design and system construction should proceed with caution, follow the objective law. How to overcome the system design and system construction mistakes, so that the system change to the benefit of national interests of long-term strategic goals and overall direction of evolution, is a major theoretical and practical problems. design of the system's basic theory First, the system scope 1. As the conceptual system. System is bound people in the political, economic and cultural relationship between various areas of the rules, the general concept of the system mainly in the form of organizational form, legal regulations and culture, tradition, ideology. system is the role of restraint, so that people exchanges in the ordered state, and constraints must be conscious of the activities can be achieved. Therefore, whether formalized law, regulations, or non-standardized cultural practices, ideologies, must become part of everyday thinking can play a role. Veblen noted that the system is Sociology Home Durkheim that Aoki that the system is All in all, the system must first penetrate the mindset of the people. 2. The system hierarchy and comprehensive. System is a system, from the morphological point of view often includes four levels. The first level of technology. Such as stock market trading, registration and other rules. Technical level of the system so that transactions can be generated. Second, the provision level of (formal institutions). Section-level system is always a system of technical-level restrictions on the legal significance. Technical level of the system of innovation as the participants bring different cost - benefit structure change, thus changing people's behavior, some actions will damage the new system functions to play, the need for restrictive arrangements. Third, the level of implementation (enforcement). Executive-level institutional arrangements, including organizations, enforcement procedures and the distribution of power. A technical system innovation can play its true effectiveness depends critically on the implementation of the corresponding level of institutional arrangements. Fourth, the cultural level (informal institutions). Technology, the basic provisions of the provisions and implementation procedures of a system environment, people's behavior, after a fairly long period of time, this kind of systems have been gradually integrated into people's daily lives, in the cultural and ideological settle down, become unconscious compliance criteria. System more than all levels should be understood as 3. Enforceable rules. Not implement the rule can not be defined as a system. A new system can be implemented depends on: (1) technically feasible; (2) participants with the motivation to follow the rules; (3) the implementation of institutional arrangements to ensure a reasonable level of effective implementation of the rules; (4) can be , refers to an existing system or new system must be a system compatible with other related fields. two main factors affect the design of the system 1. Ownership structure. Economic institution building is intended to regulate the economic relations between people, need to be based on clear property rights. Different ownership structure will affect institutional innovation of the participants in the new system with different needs and supply structure, thus affecting the system design. For example, the early development of China's capital market, social and economic structure as the main state-owned enterprises, which led to an important reason for the split share structure. 2. Political structure and benefit structure. Due to external and Interests of the Government's political structure and the structure will affect the direction and process of institutional change. The interests of the Government bureaucracy is often inconsistent with the interests of society as a whole, if the system design process, the Government forces too strong, it is often difficult to avoid Pareto regressive institutional arrangements. 3. System supply costs. System supply costs, including system design,[link widoczny dla zalogowanych], and implementation arrangements involved in the process of human and other elements of costs; also includes institutional innovation arising from the size and nature of risk. 4. Knowledge of genealogy. Accumulation of knowledge about institutional arrangements also affect the system design. Pedigree of the expansion of institutional innovation in three ways: First, the accumulation of knowledge and expansion will change the political structure of rigid interests. For example,[link widoczny dla zalogowanych], the accumulation of capital market knowledge will change the government function of the executive branch's understanding of capital markets, capital market economic system in the overall position, which helps to promote structural innovations. Second, the accumulation of knowledge will change the technical feasibility of system design. Third, the accumulation of knowledge can reduce the uncertainty of system innovation, system innovation and reduce risk. 5. Path rigidity. This refers to the original system, cultural and ideological level of tolerance for innovation. Cultural, cognitive and ideological system of the existence of rules or reflected in the majority of customs, practices and conventions, their impact on system design and the obvious potential, but is permeation. For example Securities the market with a strong speculative question of cultural constraints. In Chinese tradition, the speculative access to wealth is considered to be immoral, this concept design of the system to infiltrate appeared in the price limits, prohibited transactions, turning so-called 6. External environment. Associated with different areas of systems and complementary institutional arrangements in specific areas so that can not be independent for the most optimal path. A single field of system design and arrangement to be effective, depending on the overall system arrangement of synchronic structure. . Internal consistency with the overall institutional arrangements and the impact on the general rigidity. Therefore, institutional arrangements depend on a single area of the new system design is compatible with the external environment. III Institutional Transplantation and developing countries, change. But the transplant system is a kind of certainty. because the system has integrity, An Often leads to failure of developing countries into Zhiduo, portable system is three levels above an area can not be nature, and thus lose their function. China's capital market as a new system arrangement, is a direct transplant from the developed markets. But subject to the legal environment, ideology, internal factors such as corporate structure, the transplant can not be fully gradually during the operation when the deviation from the original intention of innovation, bringing more problems, resulting in temporary loss of the finance function, causing the system reconstruction. This is the system the growth of transplanted initially ignored the basic conditions Zhiduo result. capital market system is the rational design: objectives and principles a capital market system should be designed around the core objectives capital market system must focus on market development target, as an emerging market, China's capital market system that contains the twin goals of development and standardization, the basic principle is to build a socialist economic system, the country's long-term development and people's fundamental interests as the starting point, around the State Department open and stable development of a number of views , mechanism, functional, operational safety of the capital market. Second, the system shall be designed to study the capital market pre-conditions capital market system should be considered to the main pre-conditions for the following categories: 1. legal system during system design, in addition to our existing legal system need to look at the legitimacy of the framework, the main constraint is to examine the appropriate national transplantation system by the legal structure. This is often overlooked by system designers. For example, the protection of the interests of small investors is the success of legislation based on the spirit of the capital market is one, but in our country have long been in the legislative and administrative rule can not be reflected, and even some institutional arrangements fully with the principles of defeat. Stanford University Law Black had a successful professor of legal conditions of capital market analysis, he considered that the success of the most important capital market law precondition is to ensure that small investors: (1) accurate company financial and operating information; (2) management and controlling shareholders of the company confidence in the integrity (to prevent misuse of company resources management and controlling shareholders underrun Listed Companies behavior). To reach these two points, need to include legislative, judicial, regulatory, intermediaries and even the concept of media and cultural complex system consisting of network system security. One of the most core has two aspects, one has an honest, professional and judicial, prosecutorial and regulatory system; second is to establish a relative independence of the multiple regulatory organizations, including regulatory authorities, the exchange front-line supervision, self-regulatory organizations, agencies audit , media, public opinion and so on. 2.'s Economic structure and institutional arrangements in other areas capital market is part of the market economy system, it is bound to any one system innovation associated with the occurrence of other economic sectors, which when carrying out system design needs to take full account of these constraints. For example, China is a socialist country,[link widoczny dla zalogowanych], the dominant position of public ownership Zhanju how to structure the construction of property rights in this efficient capital market is an important issue: how to handle the design of the system in the personal relationship between investors and state shareholders, the establishment of China characteristics of the corporate governance mechanism. institutional arrangements in other areas is sometimes an important pre-conditions for institutional innovation, not only to run after the implementation of the new system will have a significant impact, and even the new system due to inability to result in failure. For example, in the beginning of the establishment of capital markets has been the introduction of insider trading regulatory regime, but our identity management system, property declaration system do not have, or have a big gap with foreign countries, insiders can easily circumvent the regulation, resulting in this system is not valid . 3. Technical requirements technical conditions, including trading conditions, risk control conditions and demand conditions,[link widoczny dla zalogowanych], a combination of factors. trading conditions are usually only involves a purely technical problem, in general can be solved, but during the system design must also be taken seriously. Risk control involves complex financial relationships and the ever-changing market conditions more difficult to implement. Require complex derivative products such as financial engineering risk control, such a system innovation requires brokers and other intermediaries to meet certain conditions of internal risk control techniques. Failure of our national debt buy-back system, and system design mistakes made by the technical conditions of risk control do not match closely. Demand is also the design of the system an important factor to be considered. 4. Cultural practices and institutional participants in the quality of game cultural practices affect the quality of investors and investor behavior, thus affecting the efficiency and results of system operation and system design decisions success or failure. For example, our long-term planned economy, people tend to follow Again, institutional investors relative to individual investors more reason, therefore, a large proportion of institutional investors, lower market volatility, higher risk of derivatives to exist Innovation. Third, the system must be designed to implement the basic principles 1. Efficiency Principle (1) the efficiency of system design and innovation have a dual nature: not only for the system its efficiency, the system should also be reflected in the efficiency of the innovation process. the efficiency of the system itself includes three meanings: to promote the welfare of, operation efficiency and competitiveness. Promotion of the welfare system is to be Pareto improving innovation, any participant in the interests of innovative game should not be compromised, the system must be designed to achieve the interests of the majority. China's two exchanges such as the current administration designated the institutional arrangements listed resources is not conducive to competition between exchanges, may weaken the efficiency of capital markets. efficiency refers to the new institutional arrangements for running cost - benefit relationship is better than the existing institutional arrangements to be replaced. A new institutional arrangements is greater than the existing institutional arrangements even if the income, if its high running costs, effectiveness is questionable. For example, China's capital market system of the present disclosure to be reviewed. A message if you can not effectively increase the investor's ability to judge the value of listed companies, and its disclosure to consume more resources, the lack of disclosure of the rationale for it. system is competitive with the advanced new institutional arrangements, when compared with a similar system has a comparative advantage. (2) the efficiency of the process of institutional innovation is the process of building the new system minimize transaction costs. Innovation is a complex process, including system design, system implementation and institutional arrangements and other aspects, requires repeated The transaction costs of the innovation process is too large, can lead to the new system can not be established. Transaction costs of institutional innovation from incomplete information, risk aversion and the maintenance of vested interests and ideology. Design of the system innovation process should be consumed to make the system minimum social resources to meet the principle of efficiency of system innovation. 2. Risk control principles 1998, the International Organization of Securities Commissions (IOSCO) listed three objectives of securities regulation, the third to reduce systemic risk. Market supervision and risk control is both the goal and system design principles should be strictly followed. Implement the risk control system design principles, it is necessary to distinguish between sources of risk, and second, through the proper channels to disclose the risks, three is to design an effective mechanism or reduce the risk of isolation, for example, by position control, settlement and other arrangements and internal control perspective . Used in the system innovation China started in 2005 is to implement the split share structure reform bond failure futures , debt buy-back system, flawed system and the successful investment broker fund system and whether the design of the system are fully considered in the risk control related. For example, the investment fund of funds managed system of systems and strict implementation of the start of internal risk control system, effectively preventing the fund manager is too aggressive investment behavior is the basis of successful investment fund system. In contrast, bond repurchase, and brokerage management, system design, there is no consideration of risk control through account management, brokerage clients can easily use the funds and borrowing in the repo market size of any amplification, coupled with the lack of internal risk control mechanism, which in the objective to encourage the broker too aggressive business practices, leading to system failure or failure. 3. The principle of transparency information asymmetry existing in economic life is a common phenomenon. Prevent market failure caused by asymmetric information, and no market system should be designed to take full account of the problem, particularly for the capital markets. Black will be information asymmetry in emerging market system as the primary problem to be overcome. the principle of transparency includes two aspects: First, all information should be possible, a comprehensive public; the second is to ensure that all public information should be true, accurate and timely. Implement the principle of transparency is to ensure the efficient operation of the market and implement the basis of fairness. Only open and transparent, market participants will have confidence in the market in order to consolidate the market development. China's stock market system is a growing issue of transparency in the process. For example, the public issuance examination committee membership is an implementation of the principles of transparency, institutional arrangements, which closed the rent-seeking space and strengthen investor confidence, is a good example. 4. Systematic principle is that the technical, legal regulations, the implementation of multiple levels and cultural practices such as construction of the continuum, while a large institutional system tends to be at different structure of the small state institutional system composition. Some systems have a basic, global impact, such as multi-level capital market system; some systems only the technical rules, such as stock trading system. Structure of the system at different levels of an association between each other precondition for innovation in the design of the system need to distinguish between, for a comprehensive and integrated design. (1) a temporal evolution of the system, you need a reasonable arrangement. In general, the architecture is based on part of the system should be in the upper layers of the system before the innovation. For example, the equity share incentive system should be conditional on the unity and circulation, and therefore must be completed after the implementation of the split share structure reform, only efficiency. Issuance of shares in 1998 had introduced market-oriented reforms, the final failure is lack of institutional investors and the market size of the system of a more fundamental inquiry system is not established. To implement the principle of efficiency of system innovation, reduce risk, should be first in the design of the system of institutional arrangements to promote less risky, sum up experience and then step by step system for high-risk or products. (2) the unity of the system requirements of institutional innovation at all levels to promote the same time. System is much more than rules and provisions, more importantly, implementation of the system and the establishment of self-culture. Therefore, in the design of the system should be fully considered in the system can be implemented, while the corresponding should be designed and strengthen the regulatory system. In terms of corporate governance, our country, impact of cultural background, these systems can not play its due role well. (3) system design to create pre-conditions need to be considered. Pre-conditions required for the operation system is effective, the lack of pre-conditions to force the introduction of new system will be stricken fail. The previously cited example is the interest rate Treasury bond futures market due to the lack of pre-conditions for the system to fail. May 2005 began the split share structure reform is to create pre-conditions for the smooth reform of the success stories. Split share structure reform of state-owned shareholders need to make certain of the price, need to obtain shareholder approval of tradable shares, the market to stabilize expectations. In order to establish voting mechanism, specially created for Internet voting system and its technology platform. To this end, the management has done a lot pre-coordination, and ultimately received the support of the State Council, the SASAC and the active cooperation, to create a pre-condition, the split share this basic obstacle was resolved. 5. The principle of flexibility institutional change is a long and gradual process. Long-term stability of the system is unstable by the various types of short-term institutional arrangements gradually evolved. Limited by human reason, every time a specific system innovation are just a local balance and optimization, system building process is continuously local optimization measures taken in progressive accumulation of a long-term path of institutional change, ultimately, new institutional arrangements. Therefore, the system must be designed to accommodate future expansion and the necessary amendments to space. combined system of hierarchy, in general, a strong foundation for greater flexibility in system should have, because of their relatively high replacement cost; and more technical and detailed institutional arrangements to develop more the rules in order to effectively play the role of regulating the market system. For example, the space, can not require too specific; warrants trading rules is technical institutional arrangements can be designed to very specific and detailed, there are rules the market. the complexity of the interest, coupled with the inherent drawbacks of statute law, any system design should have some open, empty out of the market space. Split share structure reform is a system design principle and flexibility in the combination model. For example, the provisions of price arrangement is a matter of principle, but the specific form of price and quantity of the market function, the parties by the game be resolved through negotiations. Flexible system designed to work well in mobilizing the creative market participants, in line with market-oriented system design development. 6. The principle of independent innovation as an emerging market, China's capital market development has the advantage. But it does not say that we can not be independent innovation, essential innovation. As our economic development and deepening of economic reform, capital markets will face more new challenges, and implement the principle of independent innovation, all the more important. Electronic transactions, securities paperless, the SME board and share-trading reform of the institutional arrangement is a typical case of independent innovation. implement the principle of independent innovation, we must first overcome the traditional ideas and carry forward the spirit of innovation. For example, the GEM system construction, and a great obstacle is the so-called Logically speaking, no more successful examples of foreign countries does not prove that we can not afford to build the GEM. We believe that as soon as possible implementation of the conditions and mechanisms for supporting the establishment of companies to choose the legitimacy of the capital market system design: implications and steps system design and system building of national regulatory authorities according to law the specific process. As it involves the use of public authority, must follow the principle of procedural justice, and so obtain the legitimacy of the established system. System design process should be made based on two principles of legitimacy, namely the principle of procedural justice, namely the principle of institutional effectiveness. First, procedural justice, legitimacy is the basis for system design 1. The field of public authority shall apply the principle of procedural justice based on its own characteristics, In both cases the following procedures shall apply the principles of justice: those involving the exercise of public authority in any field; citizens basic rights in the exercise of public power are mandatory under the changed circumstances. System design and organize the implementation of compliance with the above two conditions, which apply the principles of procedural justice. First, laws, regulations, rules, embodied the form of a formal system is mandatory constraints, involving the exercise of public authority. Legally, the system design in general is the scope of the executive and legislative, executive and the legislature should be an administrative adjustment of the scope of the legislative process. Second, by the government or the Government to actively participate in the system change, even without the formation of formal rules, the same may be involved in mandatory procedural arrangements required by the coercive power of government and the possible deviation of checks and balances the interests of . 2. Procedural justice is to obtain system acceptance (legitimacy) based here, the considered to be legitimate, ethically, resulting in the ability to obey or recognized and attributes. System as a concept, to form a realistic behavioral constraints, requires a relatively subjective interests of identity, which refers system innovation should obtain legitimacy. implement the benefit principle of procedural justice is relatively effective way to identify people. In procedural justice, giving the opportunity to justify relative, indicating the reasons for such disposal to obtain benefits are relatively convincing for the necessary content. due process. 3. the implementation of procedural justice is the institutional design embodies the spirit of implementing the rule of law thought the rule of law can be traced back to ancient Greece, Aristotle in the study When the law becomes the rule of law. core has been further strengthened in the United States, due process in determining when the secondary law unconstitutional substantive legal value. II design of the system effectiveness of procedural justice is the system of protection 1 . inefficient institutional supply system balance arising from the natural monopoly system is a public good, with varying degrees of externality, which makes the total supply system with a certain degree of natural monopoly. not fully competitive market in general is similar to the game in the process of institutional change, the system needs a relatively small role, game equilibrium depends on the supply structure and other factors, the supply through the impact of the system play a role. system, the supply structure is mainly determined by three factors. First, the nature of public goods. a public goods nature of the system as more significant, the supply structure, the more important the role of government monopoly of the more prominent; otherwise the greater voluntary component , the system game closer to the state competition. Second, including legal, political structure and ideology, including the external environment, in an executive-right ideology and political structure, the government's leading role on the system supply much stronger. Third, participants in the game under the new system cost - benefit relationship. If the government proceeds in a larger system innovation, commitment to the reform of lower risk, the extent of institutional innovation is involved in the deeper, leading the evolution of the system stronger.
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