证券监管的失灵证券市场失灵及其对经济效率的损害在理论上给出了政府对证券市场实施管制和干预的必要性与合理性。但是在现实中,证券管制与其他政府管制行为一样,并非包治百病的良药。如同存在证券市场失灵一样,也存在证券管制失灵,监管不仅耗费大量直接成本,而且引起的间接效 The Failure of Securities Supervision The failure of the securities market and its damage to the economic efficiency have theoretically given the necessity and rationality of the government exercising control and intervention on the securities market. However, in reality, securities control is not a cure for everything, just like any other government regulation. As with the failure of the stock market, there is also the failure of securities regulation. The regulation not only consumes a large amount of direct costs, but also causes indirect effects