网络荐股行为的监管困境与规制进路｜资本市场

Core Viewpoint - The article emphasizes the need for a regulatory framework to address the chaotic state of online stock recommendations, highlighting the blurred boundaries of administrative regulation, weak deterrent effects of penalties, and unclear collaboration among regulatory bodies [5][9][17]. Summary by Sections Online Stock Recommendation Chaos - Since late September 2024, a surge in retail investor accounts has been observed, driven by a new ecosystem in the A-share market, significantly influenced by online stock recommendations [5]. - The current landscape of online stock recommendations is mixed, involving licensed securities consulting firms and unlicensed influential online figures, with methods ranging from factual analysis to spreading false information for profit [6]. Regulatory Dilemmas - The article identifies three main regulatory challenges: 1. Ambiguity in Administrative Regulation: The distinction between securities investment consulting activities and businesses is unclear, leading to regulatory gaps [10][11]. 2. Weak Deterrent Effect of Penalties: Many licensed investment consulting firms continue to violate regulations, with low penalties for misconduct, resulting in a culture of non-compliance [12][13]. 3. Unclear Collaboration Among Regulatory Bodies: Multiple agencies are involved in regulating online stock recommendations, but lack clear coordination, making comprehensive oversight difficult [15][16]. Platform Responsibility - The article argues for recognizing the dual role of large online platforms as both market competitors and self-regulatory managers, suggesting that effective regulation of online stock recommendations requires a focus on platform responsibility within a framework that includes administrative bodies and recommendation entities [17][19]. - It advocates for adaptive regulation that allows for flexibility and innovation in regulatory approaches, emphasizing the importance of self-regulation by platforms to balance efficiency and safety in the financial market [19][20].