摘要
我国反垄断监管主体较为单一,有必要引入其他监管主体协同参与。证券交易所可以与反垄断执法机构分享经营者反垄断守法或者合规建设等信息,企业在上市目标的激励下有提升反垄断守法水平的动力。在现行立法中,对于证券交易所参与反垄断监管的权限及程序内容的规定较为模糊,证券交易所采取的监管措施对违法经营者的威慑效力有限。因此,应当优化证券交易所参与反垄断监管的实施路径。在事前审核阶段,证券交易所可以要求企业提供反垄断守法及合规建设信息,并以此作为上市审核的依据。在事中常态化监管阶段,证券交易所可利用各类信息披露监管工具发现潜在的垄断风险并向反垄断执法机构及时报送信息。在事后定性及惩罚阶段,证券交易所可通过建立与反垄断执法机构的协同监管机制,将市场交易行为监管与反垄断审查有机结合,形成监管合力与执法协同效应。
China's antitrust regulatory framework relies on a relatively singular supervisory entity,necessitating the introduction of collaborative oversight by other entities.Stock exchanges may share with antitrust enforcement agencies information concerning enterprises'antitrust compliance status or compliance mechanisms.Meanwhile,enterprises are incentivized to enhance their antitrust compliance standards due to motivations for achieving listing objectives.Under current legislation,the authority and procedural details for stock exchanges to participate in antitrust regulation remain ambiguous,and the regulatory measures adopted by stock exchanges exert limited deterrence against violations.Therefore,the implementation framework for stock exchanges'involvement in antitrust oversight should be optimized.During the pre-IPO review stage,stock exchanges may require enterprises to submit information on antitrust compliance and regulatory adherence,which serves as a basis for listing approval.At the ongoing supervision stage,exchanges utilize various disclosure-based regulatory tools to identify potential monopoly risks and promptly report such information to antitrust enforcement agencies.In the post-violation assessment and penalty phase,stock exchanges can establish a coordinated regulatory mechanism with antitrust authorities,effectively integrating market conduct oversight with antitrust reviews to create synergistic regulatory enforcement.
作者
张玮
ZHANG Wei(School of Law,Tongling University,Tongling 244061,Anhui,China)
出处
《华南理工大学学报(社会科学版)》
2025年第6期108-118,共11页
Journal of South China University of Technology(Social Science Edition)
基金
安徽省哲学社会科学基金青年项目“安徽省区域股权市场促进政策法律转化问题研究”(AHSKQ2019D007)。
关键词
证券监管
证券交易所
反垄断监管
《反垄断法》
securities supervision
stock exchange
anti-monopoly supervision
Anti-Monopoly Law
