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总结证券私募投资者保护制度演变历程,指出信息隔离与风险控制之间的辩证关系:信息隔离有利于国家力量主导的风险控制,但阻碍市场力量主导的风险控制。我国证券私募投资者保护制度的构建首先应当明确市场力量为主、政府力量为辅的投资者保护理念,进而需要通过扩大“证券”范围、体系化构建合格投资者制度、取消信息隔离制度以提供市场竞争所需的制度环境,实现市场力量保护证券私募投资者。
This paper summarizes the evolvement course of securities private equity investor protection system and points out the dialectical relationship between information isolation and risk control. Information isolation is conducive to the control of risks led by the state power, but hinder the risk control dominated by the market forces. The construction of China’s securities private equity investor protection system should first clearly define the concept of investor protection supplemented by the market forces and the government forces. In addition, it is necessary to systematize the establishment of a qualified investor system and eliminate the information quarantine system by expanding the scope of “securities” To provide the institutional environment necessary for market competition and to realize market power to protect private equity investors in securities.