Research On Legal Issues Of Moderate Protection Of Investors In Private Offering Bonds By Small And Medium-sized Enterprises

On May 2012, Shanghai Stock Exchange and Shenzhen Stock Exchange have issued the business pilot approach for SME private bond and its corresponding guidelines, from that day on, the way of financing private placement bond by small and micro enterprises was officially launched. With the main purpose of protecting appropriate investors interests, the author has analyzed legislative conditions medium specification documents of issuing private bonds and hope to promote the development of SME private offering bonds, taking into account the interests of other subjects.The comparative analysis, case analysis normative research methods have been used to study this passage.There’re five chapters in this essay, the first part is an introduction, which describes the background, purpose and significance of this essay,at the same time,the author describe methods the major domestic and international research reviews;The second part describes the outline of appropriate protection to investors of SME private bonds, which notes that the core of moderate protection of investors is how to the specific provisions of the normative documents to grasp moderate "degree", and analyze the necessity of appropriate protection; And through the respects of issuing,transference and liability, the author describes the deficiency of the appropriate protection of investors;In the fourth chapter,the author have introduced the legislation practical experience on the protection of investors who have bought private bonds in the US, he has also told the Enlightenment to China; In the last chapter the author have introduced the measures to improve the moderate protection of accredited investors in China.The whole article has been focused on the deficiency of normative documents on appropriate protection of SME private placement bonds.At the same time,the author use the theory of "moderate protection" to do this research.The research on the deficiency of the moderate protection in current regulatory documents is the important part of the essay.According to the advanced experience of the United States,the author has given some proposals,in hope of "appropriate protection" concept being used throughout the private bond market widely.