金融危机背景下美国卖空监管法律制度改革述评 贺绍奇.pdfVIP

金融危机背景下美国卖空监管法律制度改革述评 贺绍奇 （中国政法大学民商经济法学院，北京 102249 ） 摘要：金融危机让 2007 年被取消的提价规则是否应当恢复成为美国卖空监 管争议的焦点。该规则自1937 年出台到废除在美国整整实行了70 年。废除提价 规则是证交会经过长期酝酿和论证后做出的改革，在危机根源没有确诊情况下， 草率否定不仅破坏了监管政策与规则的连贯性，而且也给监管机构监管声誉造成 永久伤害。但迫于公众的呼声和国会的压力，不得不推出新的改革方案。分析美 国卖空监管制度演变与改革，本文有两个结论：一是监管政策稳定与连贯是维护 金融稳定和提升监管声誉的必要保障；二是机制的灵活与动态适应能力是确保监 管政策稳定与连贯的前提。 关键词：卖空机制; 金融稳定; 提价规则；市场监管 作者简介：贺绍奇，法学博士，中国政法大学教授，研究方向：金融法与公 用事业民营化及监管。 中文图书分类号：DF438.7 文献标志码：A Evolution and Reform of American Regulatory System of Short-Selling Under the Background of Financial Crisis He Shaoqi Abstract American financial crisis make abolished uptick rule of short-selling the focus of disputes regarding the regu lation of short-selling. This ru le governed the short-selling for seventy years since 1937 until abolished in 2007. Abolishing was made after carefu lly investigation and long-period discussion by the SEC, rashly overthrowing without ascertaining true cause of financial crisis not only spoil the inherence of regu latory police and rules, but also cause unrecoverable harm to the regulatory reputation of regulator. But under the pressure of the public and congress， the SEC reluctantly launched a new reform . In this article I draw two conclusions through the analysis of evolution and reform of American regulatory system of short-selling. First, the inherency and stability of regulatory policy and rules provide the guarantee for financial stability and regulatory reputation. Second, a set of regulatory mechanism flexib le and adjustable to the dynamic market environment constitutes the precondition for the inherence and stability of regulatory policy and rules. Key Words Short-selling ，Financial Stability ，Uptick Rule ， 引言 美国证券交易委员会SHO