The Supervising Research On Protection Of Investors' Rights And Interests After Non-tradable Shares Reform

Investor protection is one of securities supervision goals, it is not only influences the value of listed companies, but also decides the sustainable development of capital market. So investor protection is more important.Along with the end of non-tradable shares reform, the capital market comes into speedup development era, and transits to mature one. However our capital market grows late, even in the transformation time, the economy mode of "emerging and transiting" decides the particularity of the securities business development, and maladjusted with international market. The reform of non-tradable shares re-conceive the basic of securities business, it deeply infects the listed companies and shareholders in conduct mode, supervising system and the work of market. So the investor protection should begin in the same time, that can keep capital market develop with health and order.However, we have never seen the stock entire circulation. This paper analyzes the change of our capital market after the reform of non-tradable shares, the change of controlling shareholders and major shareholders in part and idea action, under this circulation, enhancing the motivation of major shareholders' market manipulation, insider trading market manipulation may be more serious, and connect more tightly with market manipulation, interest transportation and illusive information disclosure; " insider controlling" will become serious, shares incentive will help short-term action and finance fraud of the senior manager; illusive information disclosure has new motivation, becomes larger, more complex and harder be discover. Gambling ,illusive and enmity merging will increase, and some anti-takeover measures maybe infract the company and other shareholders' interests. If not research timely in supervise, it will damage the immature investors at large, then infect reform process, and the development of capital market.So, under the stock entire circulation, this paper researches how to protect the investor in the supervising point of view. Under the ground of analysis the action change of controlling and major shareholders and listed companies, according to the action of listed companies and the correlative principal part, use public interests theory, supervising economics theory, law-finance supervise theory synthetically, this paper brings forward some measures of investor protection. These measure include five aspect: controlling and major shareholders, senior managers, information disclosure, corporate governance of listed companies, financing, merging and recombine. These measure are fit the new stock entire circulation, and should be enhanced, and should protect the investor effectively.