证券市场为中国企业和投资者提供了投融资渠道,成为社会经济生活中不可或缺的资源配置方式。但是,我国证券市场一直以来的不规范发展也广为社会诟病,特别是层出不穷的上市公司造假、违规事件,严重损害了广大中小投资者的合法权益,扰乱了金融市场秩序。仅2016年上半年,沪深股市中就有88家上市公司被证监会处罚。在监管趋严、问责加重的情况下,缘何违规事件仍然屡禁不止? The securities market provides Chinese enterprises and investors with channels for investment and financing and has become an indispensable resource allocation method in social and economic life. However, the non-standard development of China’s securities market has always been widely criticized by the society. In particular, listed companies faking and violating regulations have seriously damaged the legitimate rights and interests of many small and medium-sized investors and disrupted the order in financial markets. In the first half of 2016 alone, 88 listed companies in Shanghai and Shenzhen stock markets were punished by the CSRC. In the wake of more stringent regulations and more accountability, why are non-compliance cases repeated?