本文认为 :(1)互联网对投资市场的影响 ,削弱了投资中介机构的作用 ,客观上降低了传统“命令加控制”的监管规则对中小投资者的影响力 ;(2 )在线投资监管已出现分权化趋势 ,各种分权监管措施被大量采用 ,市场的自我监管权力逐渐加强 ;(3 )分权规则应置于“政府的荫蔽”之下 ,并在政府宏观、间接的监管引导下运作 ,使规则的合法性、可预见性与有效性之间达到平衡 ;(4 )我国应完善在线投资相关法律 ,通过培养市场约束机制和发挥市场约束功能来加强对市场的监管 ,促进在线投资市场竞争机制的形成 This paper argues that: (1) The impact of the Internet on the investment market weakens the role of investment intermediaries and objectively reduces the influence of traditional “command and control” regulatory rules on small and medium-sized investors; (2) supervision of online investment has emerged Decentralization trend, a variety of decentralization of regulatory measures have been adopted in large numbers, the market’s self-regulatory power gradually strengthened; (3) decentralization rules should be placed under the shadow of the government, and under the guidance of the government macroeconomic and indirect supervision So as to strike a balance between the legitimacy, predictability and effectiveness of the rules; (4) China should improve relevant laws on online investment, strengthen the supervision of the market by fostering market restraint mechanisms and exerting market restraint functions, and promote online investment Formation of market competition mechanism