Research On The System Of Prohibiting Entry Into China's Securities Market

Under the background of fully implementing the rule of law in our country,many improper trading behaviors such as illegal information disclosure,insider trading and market price manipulation in the securities market cannot be stopped.In particular,Zhao Wei's "Little Swallow" snake-swallow-elephant takeover caused a sensation all over the Internet.Due to the strong eye-catching effect of traffic stars,under the blind promotion of the media,investors paid great attention to and followed up the purchase.As a result,the purchase became a sign and then turned into withdrawal because of the insufficient capital preparation,resulting in a large fluctuation in the share price of the acquired company,which seriously disturbed the securities market.Order,eventually by the CSRC five years of market ban punishment.Through the elaboration and analysis of "Zhao Wei and Wanjia Culture Acquisition Case",this paper leads to the prohibition system of securities market,and makes a statistical analysis of the decision data of securities market prohibition issued by the CSRC over the years,listing the data statistics and illegal types of the prohibition cases in securities market in recent years.Then it elaborates the current situation of the prohibition system in China's securities market,analyses the shortcomings of the prohibition system in securities market,and puts forward the theoretical problems of nature orientation,substantive justice and efficiency value,as well as practical problems such as identification criteria,procedural norms and relief mechanism.This is very important to better grasp the implementation of the prohibition system.Finally,the paper puts forward some suggestions to improve the prohibition system of China's securities market,which should be changed at the level of rules,operation and relief.Legislation clarifies the nature and scope of the prohibition system of securities market;operation refines the operation content of the prohibition system of securities market,such as unification of the criteria fordetermining market prohibition and establishment of a whistleblower incentive system;relief channels for securities market prohibition are smoothed on relief level,such as safeguarding the relief rights of market prohibition counterparts,introducing the supervision mechanism of public opinion,and intensifying market audit and review.In the long run,it can not only ensure the security and fairness of securities trading,effectively improve the market purification rate,realize the benign and standardized operation of the securities market,but also reduce the probability of illegal and criminal acts from the source,improve the participation enthusiasm of investors,and realize the healthy and orderly development of the economy and society.