中國大陸證券監管制度演進：從行為金融學視角的研析

Abstract

隨著中國大陸近年來經濟快速的發展，證券市場作為推動經濟發展的角色也愈來愈重要。回顧既有文獻對中國證券市場的研究較多著重在整體市場的分析，較少對於監管者或監管制度的研究。本論文旨在以歷史脈絡的角度研究中國證券監管制度的演進，理解中國政府作為監管者如何認知證券市場扮演的角色與面臨的挑戰，並以「行為金融學」的視角分析中國證券監管者對證券市場的干預行為。本論文以自我評價、思維及情緒等三類心理活動觀察證券監管者在監管過程中可能產生的非理性行為。研究結果顯示，中國的證券監管者受早期社會主義與資本市場彼此矛盾而產生許多亂象的影響，認為證券市場必須靠監管介入才能保持穩定。而監管者干預市場的行為會受過度自信、定錨效應、可得性偏差、代表性偏差、損失厭惡以及後悔厭惡等非理性行為影響，導致監管措施成效不佳和破壞證券市場運作機制。

With the rapid economic development of China in recent years, the role of the securities market as a driving force for economic development is becoming more and more important. Reviewing the current literature, the research on China`s securities market focuses more on the analysis of the overall market, and less on the research of regulators or regulatory systems. This thesis aims to study the evolution of China`s securities regulatory system from the perspective of historical context, to understand how China`s government as a regulator recognizes the role and challenges of the securities market, and analyzes China`s securities regulators how to intervene the securities market from the perspective of behavioral finance. This thesis observes the irrational behavior that securities regulators may have in the process of supervision through three kinds of psychological activities: self-evaluation, thinking and emotion. The results of the study show that China`s securities regulators are affected by the chaos of the paradox of early socialism and capital markets, and believed the securities market must rely on intervention to maintain stability. However, the behavior of regulators intervening in the market will be affected by irrational behaviors such as overconfidence, anchoring effect, availability bias, representative bias, loss aversion and regret aversion, resulting in poor performance of regulatory measures and destroying the securities market operating mechanism.