The Research On Investors’ Rights And Interests Protection Problem Of Small And Medium-sized Enterprises’ Private Bonds

The passion of investing middle and small companies is depending on the degree of protecting investors’ legal rights, so it can have an influence on the difficult or easy degrees of middle and small companies’ outer finance lease, as well as the perfect degrees of the inner administer. In addition, it can also affect the activeness of private placing investing market. Therefore, the research target of this thesis is the problems of protecting the legal rights of private placing investors in middle and small companies. The author hopes that through drawing lessons from experiences of developing high profit investing in America and regulation designs, the local improvements can be done to protect legal rights of investors’ in our country, making it can provide more comprehensive and systemic protection for investors’ legal rights. As a result, it can make the private placing investing market in our country more prosper.The thesis demonstrates the author’s own cognition for research problems through the concept definitions for small and medium-sized enterprises’ issuing private bonds and investors’ legal rights, which mainly include the definition, law attribute, and traits of middle and small companies’ private placing invest, as well as its differences with other private placing invests. What’s more, the author also introduces specific content and specialties of investors’ legal rights. The second part mainly shows the law situations and existing problems of private placing investors’ legal rights protection in our country nowadays. The current regulations that our country use mainly include private placing investor holding meeting rules, trustee rules, the debt security gold, restricting dividend distribution measures and credit enhancing measures appointed by both sides. But in recent years, there exist some problems. They are low grades of law efficiencies, unreasonable definition of qualified personal investors, imperfect information disclosure rules, credit grading rules and none totally play the role of the bond indenture. Then the author gives a specific introduction of the related regulations of protecting high profit investors’ legal rights in America. America is a successful country with high profit bond development. Nowadays, it has formed a relatively perfect protecting mechanism for investors’ legal rights. For example, it regulates the qualified personal investor rules, serious information disclosure rules, credit grading rules and many protecting items that agreed on by both sides in the bond indenture.In this paper, by comparing the small and medium-sized enterprises’ issuing private bonds and America high-yield debt in common to discuss the feasibility of the system for reference.At last, it also gives related suggestions about how to improve and perfect, which include setting a unified and regulatory law system, reasonably defining the requirements of qualified personal investors, perfecting the information disclosure regulations, regulating credit grading rules and rationally applying the bond indenture.