证券和解作为行政和解制度的一部分,来源于私法上的和解契约理论,从契约角度阐释在证券执法中引入和解制度的正当性,从而彰显万福生科案中投资者保护的有效尝试,释放和解制度在证券监管领域的能量。 As part of the system of administrative reconciliation, securities reconciliation originated from the theory of contract of indenture on private law, which explains the legitimacy of the introduction of reconciliation system in securities law enforcement from the perspective of contract, so as to demonstrate the effective attempt of investor protection in the case of Wan Fook Seng and to release the settlement system Energy in the area of ​​securities regulation.