中國證監會的制度環境及法律影響

中國證監會建立時間較晚，但直接接觸的是市場經濟的代表——證券市場，這一結構性特點決定其制度化過程具有非常特殊的理論與實踐意義。一方面，證監會需要適應行政體制下的制度環境，並滿足這一制度環境下的合法性要求；另一方面，市場所形成的制度環境，又對證監會施加了制度趨同的壓力，要求證監會向國際先進慣例學習。在證券市場發展早期，證監會選擇了行政先行證監會有著立法與司法層面的法律影響力，導致證券市場形成了“行政中心主義”。隨著證券市場的發展，市場制度環境越來越具有影響力，並迫使證監會面臨行政－市場雙重制度環境下的合法性壓力。要解決證監會面臨的結構性挑戰，必須去行政化，而這又涉及制度環境的根本性改革。

Although the CSRC was established relatively late, it has direct impact upon the representative of the market economy-the securities market, which determines that the institutional process of the CSRC has a very special theoretical and practical significance. On the one hand, the CSRC needs to adapt to the institutional environment under the administrative system to meet the legitimate requirements under such institutional environment; on the other hand, the institutional environment formed by the market exerts pressure on the CSRC to converge in the system, requiring the CSRC to learn from the advanced international practices. In the early stage of the development of the securities market, the CSRC chose administrative priority and has legal influence at the legislative and judicial levels, which formed the ''administrative centralism'' of the securities market. With the continuous development of the securities market, the market institutional environment began to have more influence, and forced the CSRC to face the pressure of legitimacy under the administrative-market dual system. To solve the structural challenges faced by the CSRC, we must de-bureaucratize, which involves the fundamental reform of the institutional environment.