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激励还是惩罚?哪种监管制度更有效?本文研究比较了这两种监管制度,即监管方可对被监管方实行激励诱导机制和惩罚机制。在满足激励相容约束和参与约束的条件下,模型求得使得监管方期望效用最大的最优激励和最优惩罚。通过对两种机制的比较研究,得出在监管者能力不强的情况下,诱导机制对于监管者更为有利;而当监管能力较强时,惩罚机制更有效的结论。这一结论对如何在资本市场上实行有效监管具有重要意义。
Incentives or penalties? What kind of regulatory system is more effective? This study compares the two regulatory systems, that is, the regulator can be supervised by the incentive-induced mechanism and punishment mechanism. Under the condition of satisfying the incentive compatibility constraint and the participation constraint, the model obtains the optimal incentive and the optimal penalty that make the supervisor expect to be the most effective. Through the comparative study of the two mechanisms, it is concluded that the inducement mechanism is more favorable to regulators when the regulators are not competent, while the punishment mechanisms are more effective when the supervisory capacity is stronger. This conclusion is of great significance on how to supervise effectively the capital market.