Securities Market Regulation And Investor Protection

Securities market as an important branch of the financial system, it plays anessential role in the promotion of the development of the national economy. Securitiesmarket regulation can provide a guarantee for the stable operation of the securitiesmarket. Therefore, securities regulation is very important. Especially in recent years,so frequently the global and regional financial crises occurred that countries pay moreand more attention to securities market regulation.Our country is an emerging securities market,20years of its development, hasmade incalculable contributions for our economy. However, the frequent occurrenceof the stock market insider trading, market manipulation, fraudulent information,illegal occupation of property and other scandals flocked seriously disrupted themarket order, undermined investor confidence in the market and damaged theinterests of the investors. Therefore, under the background of overall optimizingresource allocation and the economic structure adjusting, focus on the quality of thesecurities market regulation is urgently needed.In this paper, based on the2004-2014for illegal punished listed companies, Iempirically analyzed the effect of law enforcement through the construction of lawenforcement efficiency and law enforcement effect indicators. Then, I evaluated thequality of our country securities market regulation. The study found that poorregulatory quality, low efficiency of law enforcement, poor law enforcementeffectiveness, the quality of securities regulation needs to be further improved. Inaddition, the writer also conducted depth analysis to the reasons of the poor securitiesregulation. Finally the writer found that the securities market position is dislocated,there are significant flaws securities regulatory mechanisms, laws and regulations areincomplete, political associations and local protectionism exists, the lack of contractspirit and credit mechanism in the securities market…All these problems make securities regulation cannot achieve the protection of investors and protection of thetarget market. At last, the writer puts forward several advice to further enhance thequality of securities regulation. Such as giving the correct positioning of the market,clearing the regulatory functions, improving laws and regulations of the securitiesmarket, completing securities market regulatory system by implement the regulatorysystem on the independence and authority, strengthen the law enforcement power,construction and improve the supervision of law and society, cultivating the spirit ofcontract in the securities markets, and building the market credit mechanism. It hastheoretical and practical significance to maintaining the stability of the securitiesmarket and protecting the interests of investors.