On The Legal System Of The Protection Of Securities Investors' Rights

Securities are the result of highly developing of market economy and modernized great production. Securities market is a kind of senior organizing form of markets in market economy and also a important mechanism of the rational distribution of resources under the terms. Securities investors are a foundation stone of development of securities market. So the securities market should offer proper protection system. The aim that the securities law should be focused on and protect investors' right.Investors have dual identity: the shareholder of the listed company and securities trading person. They should enjoy the proprietary of the security and ask for rights in accordance with the law, particularly including: right of asking for the company's surplus distribution; right to vote; right to propose and inquire; right to know; the power of alienation of the securities; right of asking for the distribution of assets of surplus; right of having priority to take up; right to claim. The reason to strengthen the protection of securities investor' right lies in its legal foundation is fairness and security; on the other hand, in that current legal system of Chinese investors' protection is not perfect. Its defect lies in the equal principle of stock right, forced disclosure system of information, civil liability and its mechanism to realize. Many reasons can be quoted to cite why the investors lack protection. Some of them are profound system reasons. Some are social culture psychological factor some are legal reasons. And some are investors' own factors too.The theory "like three legs of a storming tripod" believes that the protection of securities investors must have the foundation of government supervision; Self-regulation of the market and enterprise; investors' claim for their rights and keeping balance. None of these three mechanisms can be dispensed. While perfecting the legal systemof securities investors' protection three aspects should emphatically be paid attention to: First, strengthening information disclosure system is the basic prerequisite of investors protection. Perfecting information disclosure system in China should accord with the true quality, comprehensive quality, legality quality and quality of reliability and easily solving; second, perfecting the structure of managing of company, improving the structure of stock of company, widening the structure of stock of company, widening the bottleneck that the board of directors worked, developing the organization investor energetically; Third, perfecting the system of civil liability and its realization mechanism of securities market. The concrete regulations of civil liability should be laid down, breaking through the existing lawsuit mechanism, introducing the "take-on" lawsuit.With the constant in-depth of the process of economic globalization, it's very urgent that we keep one high-efficient, steady securities market. In order to achieve the aim, a comprehensive legal system of investor protection with multiple levels should be laid down.