Research On The Advance Payment System

Investor protection in the securities market is an extremely important part of the securities market.Especially in recent years,fraudulent cases such as false statements in the securities market frequently occur.In the face of the vagaries of the securities market,traditional remedies are increasingly difficult to adapt to investor infringement claims due to their inefficiency,time and cost of money.Therefore,it is extremely important to seek a non-litigation dispute resolution mechanism to make up for the shortcomings of traditional judicial relief.At this time,the first-line payment system as a kind of novel system design that has achieved good results in practice has undoubtedly provided new ideas for investor protection.The first payment in the securities market is a kind of system design that is prior to theory.It is the development of the system driven by practice.It was born in the exploration and attempt of the investor protection mechanism in the domestic securities market.It will be introduced into the securities market in a system with a mature theoretical system in consumer protection,road traffic safety laws,etc.In recent years,with the increasing emphasis on investor protection in the country,a special chapter on investor protection has been added to the newly drafted securities law,and the advanced compensation system has been clearly pointed out in the article.The concept of the first payment system is also richer.The earliest practice of paying in China's securities market can be traced back to the Wanfusheng Branch false statement in 2013.In this case,Ping An Securities took the initiative to assume the responsibility for compensation for investor damage,set up a special advance payment fund to repay the injured investor in the case,and entrusted China Securities Industry Investor Protection Fund Co.,Ltd.as fund management,people.The Wanfushengke first payment case was a successful institutional attempt and achieved a good response.Since then,the Hailian News and Xintai Electric cases have also exposed some problems while achieving excellent results.Because the advance payment system is a system that uses theory to drive theory,there are many deficiencies in logic construction and theory,and there are also defects in the legislative level.Therefore,it is necessary to put forward practical and feasible countermeasures for the theoretical deficiency of the advance payment system and various problems in practice,in order to protect the market,and thus play its role in investor protection.Play a role in maintaining the stable development of the securities market.This paper will use literature research,case analysis,inductive method and other research methods,taking the three pre-payment cases in the current securities market as the research blueprint,and combining the research results in the field of securities law in China,research on many aspects of the first payment system.To clarify its concept and structure,to clarify the context of the development of the first-line payment system and its role in the investor protection system,to propose the shortcomings of the first-come compensation in theory and practice,and to propose in the system design and legislation.In the structure of the article,in the first chapter,this paper will analyze the theoretical construction of the first payment,clarify the theoretical basis of the first payment system,and the necessity of developing the first payment system.In the second chapter,we focus on the securities market in theory and practice,and the current pre-payment system has some problems and deficiencies.In the last chapter,I propose suggestions on institutional design and legislation on the issues and deficiencies previously raised.