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在线投资技术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”的监管对中小投资者的影响力。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被逐渐加强。分权监管应置于“政府的荫蔽”之下 ,并在政府宏观、间接的监管引导下运作 ,使监管权的合法性、可预见性与有效性之间达成平衡。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。
Online investment technology has weakened the role of investment intermediaries and objectively reduced the influence of traditional “command and control” regulation on small and medium-sized investors. There has been a trend of decentralization in the regulation of online investment. Various decentralization supervision measures have been adopted in large quantities, and the power of market self-regulation has been gradually strengthened. Decentralized supervision should be placed under the shadow of the government and operated under the guidance of the government under macroeconomic and indirect supervision so that the legitimacy, predictability and effectiveness of the regulatory power are balanced. China should improve the relevant laws on online investment, strengthen market supervision through fostering market restraint mechanisms and exerting market restraint functions, and promote the formation of an online investment market competition mechanism.