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Research On China Securities Investor Protection Policy From The Perspective Of Network Governance

Posted on:2016-05-21Degree:MasterType:Thesis
Country:ChinaCandidate:J N GuFull Text:PDF
GTID:2349330503494778Subject:Public management
Abstract/Summary:PDF Full Text Request
China's securities market and investors are growing rapidly in recent years. But most of the investors are still small individual investors. They are using “information” in the process of investment because of the lack of management skills. The small individual investors are not aware of the risk in the investment and often engaged in the high risk assets. They are not only in the risk of damage from fraud companies but also the large shareholders and institutional investors who use inside information, price manipulation to gain improper interests. Due to the short time of securities market development and the weak mechanism of investor protection, the interest of small investors are not protected effectively.To solve this problem, the government issued a series of regulations in the securities market reform process. December 27, 2013, the State Council issued “on the further strengthening of the capital market of small and medium investors' legitimate rights and interests protection work”. It proposed a sound Investors in the system, optimize the investment return mechanism to protect small investors the right to know, sound small investors voting mechanism to establish a diversified dispute settlement mechanism, improve the small investor compensation scheme, increased supervision and crackdown, strengthen small and medium investor education, improve investor protection system and other organizations nine comments. Beginning in the first half 2015, "2015 Law network CSRC special enforcement action" against a large number of stock market launched a special investigation of illegal activities. Thus, for investor protection supervisory authorities are increasingly aware of its importance for the development of China's securities market, in the future it will further improve relevant systems, improve law enforcement capacity.But for now, regulation of investor protection oriented mainly to government forces, agencies and industry self-regulatory organizations are not really participating in investor protection actions. The more serious situation is the audit agency and the sponsor institutions often conspire with the listed company, damaging the interests of investors. This is increasing the difficulty of investor protection regulation. For investor protection after the crisis, the international community has set off a trend to strengthen supervision, proposed to strengthen the supervision of intermediaries, make the investors included in the scope of financial consumers and increase public participation in efforts to build a multi-level investor protection mechanisms. As we can see, multi-investor protection regulation by governments, agencies, non-governmental organizations, the public as a whole has been a global trend. And it is also the direction of improving investor protection system of China.This paper aims to put forward their views from a network management perspective of the current legal and institutional measures to protect investors and some of the problems. Using “WAN FU SHENG KE” as a study case, we put forward policy recommendations to improve the investor protection.The first chapter is the introduction, mainly to explain the background and significance of the study. Then we list the research of foreign and domestic related literature of investor protection and network management. Finally, we put forward the research ideas and methods.The second chapter is the theoretical foundation. First, the theoretical basis of investor protection, mainly contract theory and legal theory; the second part is the theory of network management, including its main contents, the governance body and governance mechanisms.The third chapter is the regulatory status of investor protection. First, from both the legal and institutional aspects of the current regulatory system will be described. And then use the “WAN FU SHENG KE” fraud issue as an example, find its causes and the network subjects functions and trust mechanism in the network management, to provide a basis for system improvement.The fourth chapter is investor protection international reference. Comparing the investor protection system of the United States and analyzing some new ideas of post-crisis international trends, we want to find something we can learn from.The fifth chapter is policy recommendations. Such as building a multi-subject network, improving the trust mechanism, exploring multi-level investors relief system.
Keywords/Search Tags:investor protection, network management, investor relief
PDF Full Text Request
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