The Construction Of Credit System In China's Securities Markets On Legal Perspective

In a market economy,credit is involved in various transactions relating to the possibility of the parties to the contract. Credit is the cornerstone of the stock market, it can be said that the modern market economy is a credit economy. The development of the credit system and the development of securities markets are complementary to each other. Securities market information system is the key in the credit system. Property is the basis of the securities-credit. In the stock market, only when the market players have independent property, they would comply with credit. Credit modern securities market is the development of the legal system from a contract to return to the status of the process, Size of shareholders and other participants in the economic status and identity of the different and must assume the obligations of different levels.China's securities market credit status is not optimistic, The examples prove listed companies lack of credit, listed companies arbitrarily change the use of fund-raising, Major shareholders willfully damage the interests of small shareholders, at the publication of false information, The agencies that should remain neutral intermediary have also become accomplices, and so on false status. These circumstances have one of the reasons why the stock market is China's legal system inadequate credit. Including property rights legal system deficiencies, imperfect information disclosure system, breach of the letter of the securities markets, and the lack of supervision, poor operable civil liability system.The Enron incident has the important effect to the United States, the United States stock market has credit legal system to refrain from breaking the credit, the Enron incident has also important effect to the legal system of China's securities market credit inspiration. China needs departure from the status, draws on the experience of others to resolve their problems.In order to improve China's securities market credit legal system, we must improve the relevant legal system of property rights, need to establish early warning of the risk of legal system, improve the disclosure of information, including the legal system and legal system to establish credit ratings, need to perfect the legal system supervision of the securities market credit. Strengthen the management of trust obligations and responsibilities, and need to improve the stock market a civil compensation system. Speed up the study and formulate relevant insider trading, stock manipulation and other acts of civil compensation system. Established as soon as possible low-cost, highly efficient dispute settlement mechanism, establish a fund to protect the interests of investors securities markets, market-oriented operation, re-establishes the status of small and medium-sized investors, the introduction of punitive damages system.