随着资本市场深化改革的推进,应当逐步完善分工明确、科学合理的多层次证券违法违规的处罚体系。从法与金融研究的视角看,证券市场对违法违规行为的惩戒可以包括私人执行和公共执行(Private&Public Enforcement)两个层面,私人执法主要是通过提起司法诉讼的方式进行解决,而公共执法则依赖于政府监管与自律监管的共同协作。理论研究表 As the capital market deepens the reform, it is necessary to gradually improve the punishment system for illegal and multi-level securities with a clear division of labor and a scientific and rational approach. Judging from the perspective of law and finance, the punishment of illegal and illegal behaviors in the securities market may include private enforcement and public enforcement (Private & Public Enforcement). Private law enforcement is mainly solved through judicial proceedings, while public law enforcement relies on In the government supervision and self-regulation of common collaboration. Theoretical Study Table