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2016 1 38 1 Modern Law Science Jan. 2016 Vol. 38 No. 1 1001-2397 2016 01-0173 - 11 400044 2006 1 1 2014 12 31 DF438. 7 A DOI 10. 3969/j. issn. 1001-2397. 2016. 01. 16 2015 4 1 Christopher Cox Rafael La PortaFlorencio Lopez 2 - de - Silanes Andrei Shleifer 2005 49 3 IMF IOSCO 2015-08 - 16 4 1965 1983 173

100 2 261 228 489 7 1 50. 4% 50% 72. 7% 80% 8 100 2 50 80. M. 2006 13-18. 3 3 4 2013 48 3 174 = 100 5 Katharina Pistor John Armour 0 100 100 6 1. 4 1 Gary Becker W < PD W D P 0 1 Gary S. Becker. Crime and Punishment An Economic Approach J. Journal of Political Economy 1968 76 169-217.

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1 2006 6 83 0 0 1 1 2007 72 97 19 0 2008 66 98 38 22 4 2009 163 85 30 39 4 2010 160 98 22 100 0 2009 2013 2014 2011 194 95 31 43 4 10 2 2012 171 99 28 0 0 2013 230 96 38 21 17 2010 2014 241 95 33 4 5 2 2 1303 95 30 25 6 1 100 2012 5 2 1303 5 1012 1293 140 0 1293 1 2007 2014 1117 2006 2014 12 31 9530256 30 50 2 193 817 202 212 1 2006 1 2007 2014 2 2006 2007 2008 2014 9 46 2 7 5 42 25 176

193 2 193 193 192 19 84 56 37 64 193 817 99 28 4 195 15 100 55 0 1. 197 1 50 0 199 12 1 67 63 IPO 200 1 80 100 0 2014 12 31 2005 201 2 4 0 202 212 84 25 14 6 193 203 37 100 31 8 3 189 206 2 58 0 193 3 207 1 100 0 193 3 208 71 91 32 0 189 193 211 5 100 24 60 0 3 215 1 100 0 0 60 223 69 80 51 3 29 30 225 3 100 33 822 226 3 30 40 66 46 2 2% 782 40 193 192 223 202 2010 347 81 23. 3% 2011 282 75 26. 6% 2012 128 56 43. 75% 9 6 IPO 193 192 223 193 193 60 193 177

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32. 69% Jonathan Karpoff 1978 2006 9 30 778 2206 93% 2. regulatory enforcement period 10 223 192 223 3 10 192 223 4 192 223 1. 5 80 28 20 11 10 80 60 20 90 13 21 15 192 33 88 69 24 5 5 802820 77 10 189 192 3 80 13 223 80206090 192 2115 13 2 33 1 20 1 2012 1 21 11 2002 179

886824 223 1 12 223 10 13 2006 2008 2011 38% 56% 71% 61% 32% 24% 51% 51% 76 15% 42% 50% 80% 14 202 2 842614 202 6 2 25 9 212 186 100 20 10 6 7 45 19 846943 115 80 23 1 14 15 0 5 186 20 10 7 45 19 84 69 43 180 1. J. 2011 12.. J. 2011 7. 2 202 4

39 75 25 1 19 18 0 25 100 48 35 212 115 54% IPO 2013 Li - Wen lin Curtis Milhaupt 2 2009 2104 Mancur Olson encompassing coalition 15 2 2009 1 1 2009 2014 2 2009 6 2010 11 2011 10 202 2012 15 2013 33 2014 35 2 2009 202 2009 2009 distributional coalitions. 10 11 2010 26 18 2011 28 19 2012 17 25 2013 32 73 2014 24 62 2 2 vertically integrated groups networked hierarchy institutional bridges M.. 1995. M.. 2007. 181

2000 2010 18 2005 16 1 1 Katharina Pistor Martin Raiser and Stanislaw Gelfer. Law and Finance in Transition Economies J. The Economics of Transition 2000 8 325-368. 2. EB /OL. 2015-06 - 19. http / /finance. sina. com. cn /roll /20051017 / 17 ML 0222350267. shtml. 3 Rafael La Porta Florencio Lopez - de - Silanes Andrei Shleifer. What Works in Securities Laws J. The 1. 2014. EB /OL. 2015-2 - 25. http / /www. chinastock. com. cn /yhwz _ about. do methodcall = getdetailinfo&docid = 3881545. 182

Journal of Finance 2006 6 1-32. 4 The Challenge of Enforcement in Securities Markets Mission Impossible EB /OL. 2015-06 - 24. http / /www. imf. org /external /pubs /cat /wp1_sp. aspx s_year = 2009&e_year = 2009&brtype = default. 5 John C. Coffee Jr. Law and the Market The Impact of Enforcement EB /OL. 2015-06 - 08 http / /papers. ssrn. com /sol3 /papers. cfm abstract_id = 967482. 6 Katharina Pistor Martin Raiser and Stanislaw Gelfer. Law and Finance in Transition Economies J. The Economics of Transition 2000 8 325-368. 7 Gary S. Becker. Crime and Punishment An Economic Approach J. Journal of Political Economy 1968 76 169-217. 8. 16. M. 2006 13-18. J. 9. 20 2013 12 373-406. J. 2014 1. 17. N. 10 Jonathan M. Karpoff D. Scott Lee Gerald S. Martin. The Consequences to Managers for Financial Misrepresentation EB /OL. 2015-6 - 24. http / /papers. ssrn. com /sol3 /papers. cfm abstract_id = 1012730. 11. J. 2013 1. 12. J. 2011 12. 13. J. 2008 10. 14. EB /OL. 2015-07 - 07. http / / finance. people. com. cn /GB /70392 /17981783. html. 15. M.. 1995. 2013-08 - 01. 18. 2014 R 2014 104-119. Quantitative Analysis of CSRC Enforcement Intensity ZHANG Fang LI Xiang Law School of Chongqing University Chongqing 400043 China Abstract The improvement of securities law enforcement system does not mean a real enforcement of securities law system. The enforcement intensity of China Securities Regulatory Commission CSRC is of vital importance to keep the securities market in order. To investigate the enforcement intensity of CSRC this paper calculates the indexes for the enforcement intensity of written decisions of administrative penalty from January 1st 2006 to December 31st 2014 by Reputational Penalty Property Penalty and Qualification Penalty. Besides this paper also analyzes the indexes of enforcement intensity of misrepresentation and insider trading. It is found that the enforcement intensity of CSRC is so weak that is not deterrent enough to the violations. Key Words CSRC the intensity of securities law enforcement quantitative analysis 183