During the economic turn period, the underdeveloped attributions of the emerging market may result in the failure of market mechanism, and prevent the Pareto efficiency from optimizing.

• 摘要经济转轨时期的中国证券市场，新兴市场制度不完善的市场属性，导致严重的市场失灵，从而使得市场达不到帕累托效率，政府对证券市场进行有效监管以实现帕累托改进成为一种必然。