依據我國證券法令，實際剖析檢視證券集中市場管理行為之內涵，證券管理行為事涉證券市場秩序之管制與證券投資者利益之保障，屬於國家重要事務；就相關之證券法令規定觀之，對於券商又不乏得以強制性高權行為作為管理證券市場之手段，包括強制性之行政檢查行為，及具裁罰性法律效果的行政制裁行為；對於管理上市公司行為中之終止上市行為，亦經學界及實務上最高法院九十一年台上字二三六七號判決等判解，認定係具有公權力行為之性質，因此依我國「公權力行使」之概念；以及公私法判斷之原則，證券管理行為應判斷為公權力行使之公法行為。 　　其次，承上研究，判斷屬於公法行為性質之證券市場管理行為，應以歸行政法院進行行政訴訟程序為宜，此在最近的最高法院九十一年台上字二三六七號判決等實務見解己清楚的宣示該等看法。本文贊同此看法，並基於「仲裁容許性」有關本質上屬於公權力行為不宜仲裁之觀點，在解釋上理應不得包括證券市場中，不論為證管會(現改制為「金管會證期局」，下仍治稱證管會)抑或證交所所為之公權力行為。亦即本文贊同最高法院之新近見解及學界近來部分學者看法，不宜以仲裁解決有關公權力行為之證券管理行為之爭議。

　　Pursuant to the Taiwan (ROC)Securities and Exchange Law and regulations, we should first examine the Securities Governing Administrative acts in the Taiwan centralized securities exchange market. The Securities administrative acts involved in promoting the national economic development and the protection of investors in the market, which content belong to the“Federal Power”. The Securities Governing administrative acts can enforce or penalize Securities Firms and the company whose stocks are publicly listed on a stock exchange pursuant to the Taiwan Securities and Exchange Law and regulations. At the same time, the Securities Governing Administrative acts can terminate the public listing of securities that is deemed as the “Federal Power” according to the opinion of Taiwan Supreme court (91 No.2367 judgment). 　　Secondly, according to the study above, the nature of the Securities Governing administrative acts is“Federal Power”, so that the jurisdiction of“Federal Power” in Taiwan should belong to The Administrative Court. This opinion is also declared by Taiwan Supreme court(91No.2367 judgment). We also agree with this practice opinion and think that these kinds of “Federal Power” are not suitable to resolve by arbitration. Therefore, the Securities Governing Administrative acts, no matter made by who, either“Taiwan Stock Exchange Corporation” or “Securities and Futures Commission under the Ministry of Finance”, should not be resolved by Securities Arbitration and we agree with these kinds of recent opinions made by scholars and the Courts.