中国的资本市场已经走过了近20年,但我国证券市场仍是一个新兴市场,并处于转轨阶段,市场的发展主要由政府主导和推动,市场的监管也主要依靠行政权力。与此相对应,在实际运作中,自律管理机制和法律监管制度没有真正到位,造成我国证券监管制度诸多漏洞。因此,在实践中还有待进一步完善。 China’s capital market has gone through nearly 20 years. However, China’s securities market is still an emerging market and is in a transitional phase. The development of the market is mainly dominated by the government and promoted. The market supervision also depends mainly on administrative power. Correspondingly, in actual operation, the self-regulatory mechanism and the legal supervision system are not really in place, causing many loopholes in China’s securities regulatory system. Therefore, in practice still needs to be further improved.