本文针对证监会意图规制以微博为代表之社交媒体的新政策动向进行了法理学和经济法上的分析。通过法理学,并且主要是美国法上对于商业言论自由规制的经验借鉴,本文认为证券市场执法监管可以逐案审查的方式对微博信息进行分层次的审慎监管。而依据产权经济学和经济法的思路,此种规制应该以事后责任为原则,以法律明文规定的三大责任形式为基准,以主体范围和信息真伪为区分对商业言论进行中国法上的审慎监管。最后,本人强调对言论的事后追责可能并不会达到政策目标,而消减市场投机性和信息噪音,治理好证券市场才是解决欺诈和内幕交易的长久之策。 This article analyzes the trend of jurisprudence and economic law that SFC intends to regulate the new policy trends of social media such as Weibo. Through jurisprudence, and mainly from the experience of American law on freedom of commercial speech, this paper argues that law enforcement supervision in the securities market can be conducted on a case-by-case basis. According to the ideas of property right economics and economic law, such regulation should be based on the principle of ex post facto liability and on the basis of the three major forms of liability stipulated by the law, taking the scope of the subject and the authenticity of the information as the differentiators. Prudential regulation. Finally, I emphasize that post-facting of remarks may not meet the policy objectives. However, it is a long-term solution to address fraud and insider trading by reducing market speculation and information noise and managing the stock market.