Investor protection originated in the corporate governance of major theoretical schools and have a contractual and a legal theory and so on.

对投资者保护问题起源于对公司治理的研究，主要理论流派有契约论和法律论等。

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Since the legal investor protection can not explain the point of view, then chapter five analyzes the security market's regulation and enforcement efficiency.

既然投资者立法保护的角度解释不了，本文第五章随后从证券市场监管执法效率角度作出分析。

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