Hao Xuguang: We can no longer continue the instrumental positioning of the securities w88 casino games
(Source: "Shanghai Securities News" 2013year12month25日）
The page of my country’s securities w88 casino games as a “tool” for serving state-owned enterprises has been turned. The “tool theory” thinking ignores the most original function of the securities w88 casino games. With the reform concept of letting w88 casino games allocation play a decisive role, the securities w88 casino games should resume its positioning as a public platform for parties with diversified interests to participate in transactions as soon as possible.
Compared to the world’s major markets,20Over the years, China's securities w88 casino games has been among the best in terms of huge fluctuations and the ratio of huge declines to rises. The result of vertical comparison is:20 Eighteen rounds of skyrocketing and falling prices occurred during the year. However, my country’s economic growth rate ranked first in the world during this period. This is a strange phenomenon that should be studied in depth. It is necessary to deeply explore the underlying reasons behind these great hidden dangers to our country's financial and economic security.
To this end, the author once conducted a questionnaire survey and distributed questionnaires570copies, including regulatory authorities50shares, other ministries40share, head office of a commercial bank30share, another provincial branch of a commercial bank50share, City Commercial Bank60share, fund company60share, brokerage70share, listed company70share, middle and senior managers of general enterprises60shares, general investors80shares. Recycle Questionnaire537copies, including valid questionnaires489Copies. The question raised by the author in this study is: Please use a seven-level scale (1、2、3、4、 5、6、7) Overall evaluation of the effect of securities supervision in our country, very effective7points, average effect4Points, no effect1Points. The weighted average score of all respondents' overall evaluation of the effectiveness of securities regulation is only3.3640。
In order to deeply study the reasons for poor supervision effects, the author also designed two questionnaires with the same meaning but opposite expressions. The survey results show that the failure of regulatory policies is mainly due to the following reasons: First, regulatory policies lack overall thinking. Judging from the past policy formulation, the formulation and implementation of my country's regulatory policies are not systematic, rigorous, and have too many loopholes. They often treat headaches and foot pains, and at the same time, there is no promulgation of policies from the outside to the inside in response to one or some outstanding issues. Second, the overall interests of all w88 casino games participants are less comprehensively considered. Although the interests of different groups are actually conflicting, the rate at which they choose the option of "not considering the 'three public goods'" is very high, which shows that our w88 casino games supervision has not done enough in adhering to the "three public goods" principles over the years. Third, the understanding of the securities w88 casino games needs to be corrected. Facing the constantly developing new situation, it is especially necessary to correct some initial understandings of the securities w88 casino games. Fourth, policy formulation is less forward-looking and stable. When regulatory authorities promulgate regulatory policies, they rarely complete a certain regulatory task at once by adopting a certain regulatory measure. Instead, they often issue policies to target certain problems when certain problems arise in the w88 casino games. Fifth, as an emerging and transitional civil law country, our country’s legal system is still far from complete, and regulatory agencies should play a more important role. Therefore, it is extremely important to explore the effects of China's securities w88 casino games regulatory policies and analyze the influencing factors of the securities w88 casino games regulatory effects. However, the existing literature mainly evaluates the regulatory effects from the perspective of ex-post supervision by regulatory authorities, that is, law enforcement, and simply attributes the reason for ineffective supervision to the ineffective enforcement of regulatory authorities.
Through complex correlation analysis methods, it can be seen that these closely related elements actually constitute a three-level regulatory system: The first level is the concept, and its two major manifestations are "inaccurate understanding of the problem" and "failure to consider the 'three public obligations'". From the concept level, it leads to "incomplete considerations and unmatched measures" at the policy formulation level; and finally, the typical phenomena at the effect level are "poor policy stability" and "poor policy forward-lookingness."
The author believes that, in the final analysis, the root cause of this series of problems is the "instrumental theory" of the securities w88 casino games that the regulatory authorities regard serving state-owned enterprises as the function of the securities w88 casino games. So, why is there the “instrumental theory” thinking of the securities w88 casino games? Why do we still insist on this kind of "instrumentalism" thinking? This is a subject that requires in-depth study.
20Many years ago, the purpose of my country's resumption of the securities w88 casino games was indeed to serve state-owned enterprises' escape from difficulties and joint-stock reform. At that time, the regulatory goal of the securities regulatory agencies was to "protect state-owned enterprises." Under the historical conditions at that time, this was necessary and of positive significance. The problem is that with the development of my country's securities w88 casino games and the deepening of reform and opening up, the diversity of w88 casino games participants continues to increase, interest relationships become increasingly complex, and their influence on society becomes increasingly important. At this time, the securities w88 casino games should serve all legitimate w88 casino games participants, and regulatory authorities should consider the interests of diverse participants in each w88 casino games, especially the interests of small and medium-sized investors. If the regulatory authorities are still stuck in the "instrumental theory" thinking at this time, still regard serving state-owned enterprises as the function of the securities w88 casino games, and only consider the interests of certain supervised persons when supervising, then the actual effect of supervision will inevitably violate the "three publicities" principle.
The core function of the securities w88 casino games is to optimize resource allocation, but the "instrumental theory" thinking just ignores this most original function. Therefore, under the thinking framework of "instrumental theory", it is inevitable that the positioning of the securities w88 casino games emphasizes financing and neglects investment. The essence of the securities w88 casino games is a public platform where all parties participate in transactions. On this platform, all participants are equal in terms of laws and rules. The main responsibility of the regulatory authorities should be to maintain the normal operation of the w88 casino games based on the principles of openness, fairness and impartiality, and should not interfere too much based on administrative means. Because the regulatory authorities’ understanding of the “tool theory” rather than the “platform theory” of the securities w88 casino games has led regulators to position themselves as competent authorities rather than supervisory authorities, there is always a certain administrative tendency in the regulatory process, and relevant policies are formulated based on this biased tendency. In the supervision process, the power of supervision should be strengthened and the power of approval should be reduced. But the reality is that on the one hand, my country's regulatory authorities have too much power to approve, and they accept all the risks that in other countries require the reputation of law firms, accounting firms, and investment banks; on the other hand, they have too little power to supervise. The Hong Kong Securities Regulatory Commission can issue subpoenas and enter banks to audit accounts, but it cannot do so in the Shanghai and Shenzhen markets. Therefore, if the China Securities Regulatory Commission wants to correctly perform its regulatory responsibilities, it should reduce its approval power, expand its supervision power, focus on preventing and investigating violations of laws and regulations through system construction, team building, etc., and play a "guardian role" for the w88 casino games. Some studies have found that regulatory authorities will consider the environment of the securities w88 casino games when punishing companies that violate regulations. When the w88 casino games is relatively sluggish, regulatory authorities are worried about further damaging w88 casino games confidence and rarely punish illegal companies severely. However, when the securities w88 casino games is relatively active, in order to avoid speculative listings of companies with poor quality, regulatory authorities may choose to increase punishment.
It couldn’t be clearer that it is being constrained by the “instrumental theory” and failing to adhere to the “platform theory” that keeps pace with the times that has led to a series of contradictions in my country’s securities w88 casino games that have become persistent problems, causing the stock w88 casino games w88 casino games to deviate from the fundamentals and the macroeconomic situation of the Chinese economy. For this reason, the author believes that our positioning of the securities w88 casino games can no longer be vague: my country's securities w88 casino games has turned the page as a "tool" to serve state-owned enterprises. With the reform concept of letting w88 casino games allocation play a decisive role, the securities w88 casino games should resume its positioning as a public platform for parties with diversified interests to participate in transactions as soon as possible.
(The author Hao Xuguang is a professor at the w88 casino of International Business, w88 casino, and Zhang Shiyu is a professor at the w88 casino of Management, Beijing Union University)
Attachment: Original report link
http://finance.qq.com/a/20131225/001614.htm
