证券监管的适度性探讨

中国证券市场面临着国际化竞争和国家培育的双重背景，证券监管的范围、监管内容、监管手段、监管模式等的确定都愈加困难。从基本理论角度着手，对各种监管理论进行剖析，能够发现公共规则理论的私人执行策略对于中国证券市场监管限度可能是一个有效的制度选择。只有在无序的程度过高，令私人秩序甚至法院都不能加以有效控制的情况下，监管才是必须的。

On Extent of Securities Regulation

At the context of international competition and national cultivation, the competent regulator has a hard job in arriving at a proper scope and content of work as well as means and mode of achieving its goals within its jurisdiction. To find the personal execution strategy of common role theory, from the perspective of basic theory and based on a study of various regulation theories, may be an effective system alternative for China securities market in terms of limit of regulation. Regulation is necessary only when market disorder is out of control and personal order or even courthouse has failed to reach an effective solution.