The pledge of securities，as a main pattern of financial innovation，owns distinctive functions such as reflecting the value of securities，broadening the financing channels，enlarging the credit of corporation，promoting the complementation between different industries and increasing the gain of investment. The improvements of pledge of securities shall make the law and the practices of securities transaction convergent tightly. Besides，the focuses shall be put on the categories of object，the establishment of contract，the delivery of possession of securities，the scope of object and obligation pledged，the pre-execution of action right，the transference of pledge right，the fashions of execution the pledge and the settlement of securities transaction. The fundamental paths are establishing the indirect holding of securities system，revising the non-typical guarantee system and keeping balance between financial innovation and risk prevention.