| After ten years development, Chinese securities market has improved greatly. During this time, a lot of state-owned enterprises make a recovery by collecting funds from securities market. But at the same time, various illegal activities happened in securities market, such as false appearance on market, inside transaction, false financial statement, and etc. The legal rights of many investors, especially medium and small investors can not be effectively protected. Many economist have begun to discuss the rights of the investors, but most of them only look at the surface of the problem rather than make a thorough study of the real rights. Vast numbers of investors are the cornerstone of the healthy development of securities market, whose rights directly related to their confidence in the securities market. As a research fellow of the field of securities market, I think it is necessary to conduct a thorough study of the investors' rights in China, after all, without investors, the market can't be a real one. This is why my paper entitled "The problem of the investors' rights during the development process of Chinese securities market". The paper adopts the way of deduction, contrast and induction, from theory analysis to case study, from case study to general conclusion, and finally, use it in the concrete practice of China. Consisting of four chapters, eleven sections in all, the paper theoretically looks into the relationship of the investor's rights and the securities market at the very beginning. Then it makes a concrete analysis of the investor' s rights in China, and induces the cause why the rights are violated. Finally, it gives the answer to the question of how to protect the investor's rights effectively. The main content of the paper is as follows: Chapter one analyzes theoretically the securities market and investors. Section one elaborates the conception of security and securities market. The connotation of security determines the whole rights owned by the shareholder (investor). Securities market is the place for security issuance and transaction. The investors realize their legal rights though securities market. The emergency and development of securities market is to meet the needs of economy, and its reasonable position promotes the effective allocation of social resources. Section two sets forth the relationship of investors and securities market. The two dependent mutually, and improved interactively. Therefore, it is obvious that the protection of the shareholder is of great importance. Section three introduces the effective protection of investors' rights in American securities market. In America, there are three main ways to protect medium and small investors: 1) High transparency of information, and help investors to make wise investment decisions. 2) Limitation of insider traction, and ban on market control. 3) Stimulate investment diversification, and regulate the market risks. It is the respect and protection of the investors' rights that boost the continuous development of the American securities market. Chapter two and chapter three analyze the investors' rights in Chinese securities development process from two different angles. Chapter two analyzes from the angle of the position of Chinese securities market. Section one mainly analyzes the reason of the emergency and development of the securities market, as well as the market position and the inside defect of it. Section two analyzes the display of the market position defect and its consequences of Chinese securities market. Section three analyzes the influence of investors' rights caused by institutional arrangement under incorrect position. Chapter three starts with numerous illegal behaviors in Chinese securities market, and discusses the invasion of the investors' rights. Section one illustrates the invasion of investors' rights caused by illegal behavior though three cases. Section two elaborates Chinese investors' rights and their realistic selection. Facing the invasi... |
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