经济学的研究表明:一定的绩效结果并非只存在一种路径。证券市场的不同利益选择使得市场完全有可能以不同的方式运行。监管的有效性既可能存在于市场自我的选择,也可能是基于政府的强力措施。这种原因不仅造成发达国家与新兴市场在资本市场制度及监管方面有所区别,即使在西方发达国家内部,证券市场的制度与监管也有所不同。 Economic studies show that: a certain performance result does not exist only a path. The choice of different interests in the securities market makes it entirely possible for markets to operate in different ways. The effectiveness of regulation may exist in the choice of the market itself, may also be based on the government’s strong measures. This kind of reason not only causes the difference between the developed countries and the emerging markets in the capital market system and the regulation, even in the western developed countries, the securities market system and the supervision also is different.