| Security analysts play an important role in the security market as an information transmission bridge between listed companies and investors. Recently, as the scandal of Merrill Lynch and Enron have become the truth, the securities analysts' conflicts of interest have been the focus around the world. There is little doubt that the securities analysts have made great contribution to the securities market. Their commitment in data collecting and analyzing largely enhance the efficiency in pricing in the market. The independence and objectivity of the securities analysts become the key to their effectiveness and efficiency. However, the independence and credit of the securities analysts are questioned by the market for the existence of conflicts of interest, which also easily makes the investors to lose their confidence. And it even damages the development of the securities market. As the supplement of the "Chinese Wall" and information exposure system, most countries' securities legislations also set up the civil liabilities of the securities analyst, which acts as the compensation to the investors' loss incurring from the swindle of the securities analyst. The civil liabilities of the securities analysts include the fake statement civil liabilities and internal trading civil liability.The first part of this text begins from recommending the security analyst. And concretes concept of the security analyst of our country by combining the foreign definition to the developing history of this industry in our country. Then takes the role acted by law in promoting the perfection of the market mechanism and the function of security analyzing industry in nowadays for examples to describe the important academic and realistic meaning in developing the industry. The second part has described two respects factor inside and outside restricting security analyzing industry's sound development in method of analyzing with the real example. Internal cause namely is various kinds of conflicts of interests met in analyst's operation course among them: related trading with the company where one stays; related trading with the companies analyzed; Influencing the honest fairness of one's analytical work because of involving one's own stocks held; Collude in big stockholders, etc. These conflicts of interests are the main reason of the analyst to release the false analysis report on purpose, mislead investors. The external cause is that the whole security market of our country is short of the norm and the legal control system.The third and fourth parts are the key of this text. The third part has discussed the question of legal structure to the unlawful practice of analyzing industry, Mainly with the clue of prevention in unlawful practice, what kind of responsibility should bear, how to investigate the analyst' responsibility. And I figure that the nature of the responsibility should be tort responsibility by regard of the responsibility foundation and the protection of investor's interests, etc. in this part I also give the corresponding view about the definition of third people and the principle by the responsibility. In order to make the rights and interests of investors suffered a loss compensated efficiently, and reduce the professional risk of the security analyzing industry, based on the above work, the last part of this text I give my own specific suggestions and measures to regulate the market behavior of China's security analysts in order to cut off these conflicts of interests through system designing and reduce the possibility of analyst to violate the rules and regulations. |
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