The illegal environment of chinese security market , the governance defect of the listed companies and the imperfection of the self - disciplining organization are the main factors which lead to the low inevitable illegal cost of the lawbreakers , and the security legislation and judicature problems , the supervision defect and the blocked channels to the supervision by the media and the masses etc . are 而導(dǎo)致我國證券市場違法的可能性成本較低的原因有:證券立法不完備;在司法過程中沒有全面發(fā)揮法律責任的功能;證監(jiān)會角色定位模糊,監(jiān)管理念不清;媒體和社會大眾對證券違法行為的監(jiān)督渠道不暢等。