The Dual Role of the Government: Securities Market Regulation in China 1980-2007

Journal of Financial Regulation and Compliance

Posted: 17 Mar 2009 Last revised: 15 Jul 2010

See all articles by Jingyun Ma

Jingyun Ma

Tsinghua University - School of Economics & Management

Fengming Song

Tsinghua University - School of Economics & Management

Zhishu Yang

Tsinghua University - School of Economics & Management

Date Written: March 17, 2009

Abstract

When the government is simultaneously the owner and regulator of the securities market, the evolution of securities market regulation follows a path of compulsory institutional change. China's government authorities have played a dual role in this process by acting both as the securities market regulator and the controlling owner of the stock exchanges. This paper uses the evolution of China's securities market regulation from 1980 to 2007 to illustrate this theoretical framework. It provides unique evidence of how securities regulation evolves in response to government direction and supervision if the government is both the owner and the regulator of the securities market.

Keywords: Securities market regulation, institutional change, China's securities market, government-controlled

JEL Classification: G18, G28, G38, H11, K22

Suggested Citation

Ma, Jingyun and Song, Fengming and Yang, Zhishu, The Dual Role of the Government: Securities Market Regulation in China 1980-2007 (March 17, 2009). Journal of Financial Regulation and Compliance, Available at SSRN: https://ssrn.com/abstract=1361493

Jingyun Ma (Contact Author)

Tsinghua University - School of Economics & Management ( email )

Beijing, 100084
China

Fengming Song

Tsinghua University - School of Economics & Management ( email )

Beijing, 100084
China

Zhishu Yang

Tsinghua University - School of Economics & Management ( email )

Beijing, 100084
China
+86-10-62771769 (Phone)
+86-10-62785562 (Fax)

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