Enterprise Law Securities Defined In The Research, Finance And Securities Law

This paper is divided into six chapters. In the first chapter, the paper introduces thecurrent situation and nature about the illegal fund-raising in the financial markets. Infact, most of the illegal fund-raising belong to direct financing and should begoverned by the Securities Law. However, due to the narrow definition of thesecurities in China's securities law, this kind of illegal fund-raising can not bestipulated by the Securities Law.In ChapterⅡ, the paper systematically introduces and analyzes the meaning ofsecurities from semantics academic view, review the legislation of Securities Law in1998 and the amendment of Securities Law in 2005, and explain the change ofsecurities' definition in Securities Law.In ChapterⅢ, the paper systematically introduces and analyzes the legislation andjuridical practice on the definition of the securities in Unites States and Japan, in orderto offer some experiences for our country's legislation.In ChapterⅣ, the paper compares the different securities' definition between Chinaand Unites States, analyses the different treatments on the same kind of fund-raisingin two countries, and then explains the reasons from the view of legislation history,legal system and supervision philosophy.In ChapterⅤ, guiding by securities law's purpose- protecting investors, the paperstates the significance of enlarging the definition of securities, discusses the generaldefinition of securities, and then analyses the common securities by the generaldefinition.In ChapterⅥ, with the generalization of securities definition, the supervisionphilosophy of China Securities Law should be changed ,and a new legislation logicshould be set up, that is: extensive definition of securities——all securities shall abidethe disclosure regulations——misrepresentation shall assume civil liability. Finally,the paper tries to put forward some suggestion for building concerning systems.