Study On Legal Protection Of Vulnerable Groups In Chinese Securities Market

The whole article is divided into three parts. The logic of this article is so common that it can be divided into what, why and how. The map of this article adopted the mode that is from general to subdivision. Chapter â… has analyzed the concept of vulnerable groups in securities market. Throughout the whole world, the protection of securities investors is a universal issue. There are some specialties in protection of securities investors in our country. As a result, the first section of this chapter mainly introduces the background of protection of vulnerable groups in securities market. Firstly, in the terms of current situation of economic development, economic background is prominent. Developed countries'securities market is perfect and has shaped the mature capital operation system. Although we have achieved many prominent merits, our country's securities market still belongs to developing and newly-formed securities market. Thus small scale and little mobility are not neglected. Secondly, in the terms of political system, during the course of building up socialism with Chinese characteristic, our communist party's ideology from "Three Representatives"to people democratic politics and our chosen policy from production factors among redistribution to stable development infiltrate the theme of vulnerable groups protection in securities market. Thirdly, we can't arbitrarily say certain behavior taking part in securities market is moral or not. The most important thing is to tell precisely the nature elements of investors and invitee and the responsibility of market organizations and management institutes. By the way of discovering, its aim is to restore the confidence of investors, rebuild the loyalty of invitees and restore the ideally coordinate situations. Finally, at the level of jurisprudence, the ultimate goal conducting the construction from legal protection of vulnerable groups in securities market to the perfect of securities market is converged with freedom from justice to equity. The second section is a relative innovational part, which proposes the fundamental concept, the vulnerable groups in securities market, in the disserting system of this article. This section has emphasized the concept of vulnerable groups in securities market from the perspective of investment security system. From the deep level of law study, social vulnerable groups are referred to social groups who have an unequal position in terms of right, obligation and scarcity in legitimate interests. Then this section illustrates the Monism, the Dualism and the Tribalism via referring to the definition and classification of corporation stockholders. After the understandings of related concepts of other departmental laws, this section has synthesized the core concept in this article by subdividing investment security system and expanding corporation law. Vulnerable groups in securities market are referred to integrated groups who have an unequal legal status, unbalanced rights and obligations and scarcity in securities interests during the whole process of setup, alternation and termination of securities legal relationship, which can be divided into relative vulnerable groups and absolute vulnerable groups in securities market. The second chapter introduces the relative disadvantages and the protection system of vulnerable groups in securities market. Relative vulnerable groups in securities market are referred to the vulnerable groups in normal securities relationship or under the influence of the behaviors and facts that keep on the right side of the existing laws. The substance of this article is "legal protection"resulted from the defect of the protection provided by current system. First section, adopting methods of analogy and statistics analysis, has analyzed the prominent relative disadvantages of vulnerable groups in securities market. During the relative analysis, this section compares companies, Institutional Investors, strong private investors, CEOs and securities management institutions according to the referrals which previous article has adopted; during the statistics analysis, this section adopts the indicator system, LLSV, about the level of stockholders protection, working out the eight indexes of level about investors protection in our securitiesmarket until the end of 2004. The two analysis has the same result, that is to say, the protection of relative vulnerable groups in securities market has some defects which need correct. The second section has analyzed how to protect relative vulnerable groups in securities market from the perspective of market regulation law. The market regulation involves three factors, subject, object and content. This section calls on the establishment of the authority of Chinese SEC from the subject of regulation, setup the advanced appraisal system from the object of regulation. The subject's position directly influences object and content. Only when the subject's position was established properly, the content can be stable and highly efficient. Referring to the content of subject's position, this section selects the supervision power, soft power, emergency privilege and the regulation tools and so on, which represent the advanced systems in foreign countries and the lack in our related systems. The establishment of appraisal levels of regulation object is full of theory and practice. During the process of establishment, there is something to be done. Firstly, the basic presumption is giving the neutral position to appraisal subject. Secondly, the acceptance level is the strong motive of the development of the appraisal system, which can be resolved by laws, institutions, and information use. Besides, the scientific procedure is the technical guarantee of the appraisal system of the securities and we can learn from the advanced experiences from the developed countries. The third section has analyzed how to protect relative vulnerable groups in securities market from the perspective of macro adjustment and control law. At the beginning of this section, it has tried to make final decision to the debate on the necessity of government macro control in market economy and points out the basic principles by which macro adjustment and control behaviors should abide, about respect of market, regulation by law, uniform and moderation, macro efficiency, and social public interests. As soon as basic principles are set up, there will be a direction to take concrete measures. According to different functions of government adjustment and control...