罚款是美国和中国证券法上重要的处罚措施,美国证券法设立了三等级的限额罚款制度,而中国证券法上多采用数值数距式、倍率数距式以及两者结合的方式规定罚款数额。其中,美国证券法将罚款限额的对象规定为“一次作为或不作为”(One Act or Omission),对该术语的解释扩大了执法机构在确定罚款数额时的自由裁量权。比较而言,中国证券法上罚款数额的规定限制了执法机构过度的自由裁量权。本文基于比较分析,从过罚相当原则和自由裁量权的赋予这两个角度,对证券法上的罚款制度进行反思。 Penalties are important penalties in the securities laws of the United States and China. The U.S. securities law establishes a three-tier captive fines system. In China, the securities law adopts the numerical-based, the multiplied-distance-based and the combination of the two. . Among them, the US Securities Law defines the object of a fine as “One Act or Omission,” and the interpretation of the term expands the discretion of law enforcement agencies in determining the amount of the fine. In comparison, the amount of fines in China’s securities law limits the excessive discretion of law enforcement agencies. Based on the comparative analysis, this article reflects on the penalty system in securities law from the perspectives of the principle of excessive punishment and the grant of discretionary power.