注册制与核准制相结合，是现代各国证券发行监管的一种趋势。
The combination of the registered system and the authorized system are the trend of the supervision on the securities market.
欧洲和美国的监管机构也可能迫使这些证券创设者持有发行资产价值5%的比例。
Regulators in Europe and America may also oblige the creators of these securities to hold on to 5% of the value of the assets they distribute to others.
根据证券市场本身的层次，文章构建了一级发行市场中的寻租合谋监管博弈模型和二级交易市场中的混合策略监管博弈模型。
By considering the structure of the security market, the game model of seeking-rent supervision for the publishing market and the model of mixed strategies for the trading are designed.
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