一、证券监管在转轨国家证券市场治理中的意义:优势与不足在寻求经济发展的过程中,发展证券市场是各国的一项共同的重要选择。在向市场经济转轨的过程中,转轨国家大都很用心于完善公司证券法律体系,并往往达到了相当的水平,从法条文本上看,转轨国家对股东和债权人的保护程度经常超过它们各自法系的平均水平,存在着对美国法的一种形式趋同。例如,中国的《公司法》、《证券法》及相关 I. The Significance of Securities Regulation in the Governance of the Securities Market in Transition Countries: Strengths and Weaknesses In the process of seeking economic development, the development of the securities market is a common and important choice for all countries. In the process of transition to a market economy, most of the transition countries are very conscientious about perfecting the securities legal system of the company and often reach a considerable level. From the perspective of the legal text, transitional countries often protect their shareholders and creditors more than their respective laws There is a form of convergence of American law with the average of the department. For example, China’s “Company Law”, “Securities Law” and related