摘要
对于金融市场而言，建立一个良性竞争的市场秩序非常不容易，可能需要几十
年甚至上百年的时间。这既需要监管方长期的努力和精心的培育，也需要运气——
长期稳定的政治和法治环境。在良性竞争的市场秩序之中，随着国民（市场参与者）
的素养和自律水平不断的提高，商业秩序和商业道德才能慢慢的在一个经济体中沉
淀下来。然而这一切破坏起来却很容易，很可能就是一夜之间的事情。一件严重的
舞弊或内幕交易事件就能让好不容易建立起的商业秩序荡然无存，导致所有人都陷
入疯狂的投机和非法牟利中。

大多数对于内幕交易和限制财务舞弊，以及强制信息披露方面的法律论述，都
着眼于公平性，似乎隐含一种论点：公平和效率总存在权衡和取舍。证券法中对于
证券监管的一些规定，例如对内幕交易的禁止，对强制信息披露义务的规定，以及
对财务舞弊和市场操纵的限制，似乎都是出于公平的需要。本文的分析则表明，即
使从提高金融市场效率，优化经济体中资源配置的角度而言，上述的监管措施都是
很有必要的。

证券法的修订将在年底完成，IPO 注册制改革将在明年开始。本文希望能通过一
些粗浅分析，为立法者提供一点参考。

关键词：证券监管，立法，证券法The Duty of Securities Regulation: A Legal and
Financial Perspective
ABSTRACT
It is very difficult to establish a good market order, which would take the
regulationand the authorities decades or centuries efforts, together with some
luck: a long-lasting stable political and legal environment. Once the order
established, the moral level of the participants raises gradually, precipitating
the commercial morality and order. However, all these above could be
smashed overnight by a case of fraud or manipulation, or even insider trading,
making everyone begins to speculate in the market with legal or illegal
manners.
It is widely believed that the legislative reason of restriction on fraud and
manipulation and is justice, rather than efficiency, implying the underlying
assumption: there is always a tradeoff between justice and efficiency.
Whereas as this thesis has revealed, even for the reason to reach the optimal
efficiency, the laws concerning securities regulation are necessary, such as the
restriction on fraud and manipulation, the duty of disclosure, and the ban on
insider trading.
This thesis might shed some light on the legislation of the new Securities
Law of China, as China is going to revise ti by the end of this year and begin
to apply “registered system” in IPO process.

KEY WORDS: Securities Regulation, Legislation, Securities Law