An Empirical Analysis of the Public Enforcement of Securities Law in China: Finding the Missing Piece of the Puzzle

作者：Xu Wenming^*; Chen Jianwei; Xu Guangdong

来源：European Business Organization Law Review, 2017, 18(2): 367-389.

DOI：10.1007/s40804-017-0070-6

• China
• Empirical analysis
• Investor protection
• Public enforcement
• Securities law

China's public enforcement regime has long been blamed for insufficiently and ineffectively deterring securities crime. We collect data on public enforcement outcomes from documents disclosed by listed firms and find that law enforcement outputs have increased significantly since 2011, thanks to the efforts of the China Securities Regulatory Commission's 38 regional offices. However, due to the lack of a reliable private enforcement regime and the limitations of monetary penalties, the general enforcement of securities law is still regarded as weak. In addition, there exists a salient pattern of selective enforcement. Privately owned listed firms face a harsher regulatory environment in terms of both the number and severity of sanctions from regulators, whereas state-owned, and particularly central-government-controlled firms enjoy the most favourable treatment, although the gap has been reduced in recent years.

• 出版日期2017-6
• 单位中国政法大学