The change from "regulatory protection" to "social protection" of securities investor protection mode can give securities investors the maximum and most effective protection within the norms. The disadvantage of traditional supervision-oriented protection is highlighted in the reflection of financial crisis. The combination of the concept of "conduct regulation" devoted to strengthening the protection through independent mechanism and the practice of private law protection of "shareholding exercise" in China provides a systematic reflection on the way of professional protection. Therefore, based on the compatibility of commercial spirit and the limitation of regulatory protection mode, the transformation of protection mechanism of securities investors should be the "private right" incentive of "socialization" approach. That is, learning from the advantages of conduct regulation in ensuring the "priority" of protection objectives and the "initiative" mechanism of behavior mode, and embedding them into the design of investor protection system by means of the incentive mechanism of socialization, specialization, self-awareness and judicial protection. As a result, while alleviating the dependence on the path of public power regulation, it can activate the social protection power promoted by the specialization and demonstration effect, and objectively achieve a virtuous circle of "protection promoting supervision".