The International Organization of Securities Regulatory Commission (IOSCO) has put forward the urgent goal of securities supervision internationally: to protect investors; Ensure the fairness, effectiveness and transparency of the market; Reduce systemic crisis. As for the goal or purpose of securities supervision, the expression of securities legislation in the world is not the same. The Securities Act of 1933 of the United States contains two basic objectives: 1) to provide investors with substantial information about the public offering of securities; 2) Misleading, falsehood and other fraudulent acts in the process of securities sales are prohibited. Obviously, protecting the public interest is the outstanding essence of American securities legislation. The Government Securities Act of 1986 in the United States pointed out: "Government securities trading is influenced by public interests, so it is necessary to: 1) give unity, stability and efficiency to the transaction and related matters or behaviors; 2) generally implement appropriate management for government securities brokers and government securities dealers; 3) Standardize the corresponding financial responsibilities, accounting records, reports and relevant management measures. So as to ensure a fair, just and highly liquid government securities market and protect the interests of investors to the maximum extent.

Japan's "Securities Exchange Law" (1984) states: "This law is formulated in order to make the issuance, trading and other transactions of securities fair, make the securities circulate smoothly, ensure the normal operation of the national economy and protect the interests of investors." South Korea's Securities and Exchange Law (1962) stipulates: "This law aims to promote the progress of the national economy by maintaining the extensive and orderly circulation of securities and protecting investors from fair insurance, purchase, sale or other securities transactions." China's Taiwan Province Securities Exchange Law states that its legislative purpose is "to advance the national economy and ensure investment, this Law is specially formulated." Article 4 of Hong Kong Securities and Futures Commission Ordinance (1989) points out that the goal of securities supervision is to make the market have sufficient liquidity and operate fairly, orderly and efficiently. Control and reduce the crisis of trading system, avoid market failure and properly manage the crisis, so as to ensure that the crisis of one market will not affect other financial areas; Protect the investors; Promote the establishment of an economic environment conducive to investment and economic growth. China's Securities Law stipulates in Article 1: "This Law is formulated in order to regulate the issuance and trading of securities, protect the legitimate rights and interests of investors, safeguard social and economic order and social interests, and promote the progress of the socialist market economy." A subtle difference is that the government concept of "promoting national economic progress" is more prominent in the qualitative expression of regulatory objectives in Asian countries or regions.

based on the various definitions of the purpose of securities supervision in western mature markets and emerging markets in developing countries, and the internal factors such as social economy, politics and system behind them, this book summarizes the objectives of securities supervision as follows:

First, overcome all kinds of securities market defects (securities market failures), protect the legitimate interests of market participants (especially the interests of investors), safeguard the fairness, transparency and efficiency of the securities market, and promote the operation of the securities market mechanism and the functions of the securities market. This is the realistic goal of securities supervision.

second, ensure the stability, soundness and high efficiency of the securities market and promote the stability and progress of the whole national economy. This is the ultimate goal of securities supervision.

the above-mentioned first meaning is more elaborated from the micro level, and forms the basis of the second meaning: the generalized securities market failure is a necessary condition for securities supervision, which requires the government and its securities supervision departments to limit and overcome all illegal acts such as monopoly, manipulation, fraud and insider trading, standardize securities issuance and trading, and ensure their fair and smooth implementation, thus protecting the legitimate rights and interests of investors as the foundation of the securities market; Strive to achieve a healthy, stable, orderly and efficient securities market through government supervision. As stigler said, this regulation aims to make economic life more real and prevent or punish fraud. It should not be ignored that emphasizing the role of securities supervision does not deny the decisive significance of securities market mechanism for resource allocation. The securities market is undoubtedly a market mechanism, and the market mechanism of free competition is the basic force that determines whether the securities market can realize its economic function. The goal of securities supervision must be to solve the problem of market failure, so as to promote and ensure the market mechanism to play a better role, rather than replace it. The realistic reflection of this goal is the smooth play and embodiment of the expected securities market function and economic role.

The above-mentioned second meaning is more elaborated from the macro level, which is an extension of the first meaning: whether in the securities markets of developing countries with obvious planning characteristics and administrative intervention, or in the securities markets of developed countries with more intense free competition; Whether or not "securities supervision promotes economic progress" is clearly and consciously written into law and incorporated into economic planning-ultimately maintaining the stability and progress of the national economy through securities supervision is the fundamental goal pursued by any government regulator. IOSCO's public website also states that securities supervision should promote capital formation and economic growth. In the government's view, the securities market will always be a complex organic part of the whole social economy, and the standardization and progress of the securities market will always be subordinate to the needs of the stability and growth of the whole national economy. The securities market is not only closely related to a country's financial system (including money market, credit market and other financial markets) and real economy, but also closely related to economic progress, social stability and even political situation. Any government securities regulator must and will formulate and implement supervision systems, regulations and policies from the whole social economy rather than just from the part of the securities market itself. Even in western countries, government intervention based on this goal is not uncommon. Greenspan's comments on the ups and downs of the stock market (such as hints on interest rate cuts) are no less than those made by the chairman of the China Securities Regulatory Commission; When the financial turmoil hit Hong Kong in 1998, the intervention of the SAR government authorities in entering the market to face international speculators further demonstrated the particularity of government behavior in the financial market and the practical significance of the ultimate goal of supervision.

it should be emphasized that, in terms of the first meaning or the second meaning, a core goal of securities supervision that cannot be ignored is to effectively protect the interests of investors, especially small and medium-sized investors. Because only with the long-term existence and active participation of investors, the mechanism and function of the securities market can be brought into play, and the securities market can make efficient and healthy progress, and the securities market can also promote the stability and progress of the national economy.