The Study Of Legal Systems On The Protection Of The Medium And Small Investors' Rights And Interests In Stock Market

The medium and small investors are the basic participants in stock market, which cannot have its existence without them. The medium and small investors serve as the foundation stone on which the whole market can survive in each country. Whether their rights and interests are safeguarded well enough decides the degree of stock market development, which directly influences the quality and speed of the national economic increase. As both the history and the actualities indicate, the rights and interests of investors, especially of those medium and small investors, were often interfered with by the illegal activities of stock market for their disadvantageous position, their limited strength and the union organized so loosely that their protection cannot be ensured. Thus, the safeguard of their rights and interests has become one of the elements that guarantee the development of stock market of each country. In our emerging stock market with the medium and small investors as the main participants, their rights and interests have been attached importance to by national legislation, but the protection of their rights and interests has just been at the initial stage both theoretically and practically for the national stock market developing merely for a short time and the weak protection mechanisms. In that case, what are the main problems on the protection of their rights and interests in our securities market? How the protection of their rights and interests can be perfected so as to guarantee the healthy, standard, and rapid development of the national stock market?This thesis begins with the introduction of stock market and the medium and small investors'rights and interests, analyses the relevant theories on stock market and the protection of investors, and illustrates their close relationships of mutual promotion and dependence. The second chapter illustrates the necessity of the guarantee of their rights and interests. In the third chapter the author summarizes and compares the legal systems on the protection of medium and small investors'rights and interests both in domestic and foreign stock markets, particularly analyses the legislation situations on this matter in America and Japan and some legal provisions on this kind of protection in the newly amended Company Law and Securities Law in China. And the fourth chapter, introducing the developing actualities of stock market, explores the deficiency in protection in terms of the analysis of the current interference of their rights and interests. Finally the author puts forward some suggestions on the perfection of the law on protection of the medium and small investors'rights and interests by drawing on the successful experience of some protection mechanisms for those investors in the foreign and domestic mature stock markets.