Study On Rights Protection Of Investors Of China Depository Receipts

Since 1927,depositary receipts have gradually become a negotiable financial instrument for mature cross-capital markets.Depositary receipts,also known as depositary receipts,refer to the transferable vouchers that are circulated in the securities market of a country and represent the securities of foreign companies.They are financial derivatives in the scope of corporate finance.At the beginning of its creation,its purpose was to circumvent the regulations prohibiting or restricting direct overseas investment or overseas financing in some countries,but it is now a mature method of cross-border financing.According to Citibank's statistics,the turnover of depositary receipts in 2017 reached 3.4 trillion US dollars,an increase of 126%.In 2018,China issued the "Several Opinions on Piloting the Issuance of Stocks or Depositary Receipts for Innovative Enterprises" and the "Administrative Measures on the Issuance and Transaction of Depositary Receipts(Trial)",officially kicking off the depositary receipts into China,but As a new type of financial asset,depositary receipts will impact China's existing system of protecting investors.Therefore,from the perspective of investor protection,this paper discusses how to effectively protect the legitimate rights and interests of investors based on the establishment of Chinese depositary receipts,and analyzes the depositary receipts and explores the basic rights of depositary receipt investors to analyze Chinese depositary receipts investment.How to relieve people's rights when they are infringed,and propose corresponding measures.The specific analysis is as follows:The first chapter mainly introduces the concept,characteristics,nature of depositary receipts and coordination between depository entities,and explores the relationship between investors and issuing companies and depository institutions to clarify the types of investor rights and investors.In those links,their rights are vulnerable.The second chapter is divided into two parts.The first part focuses on analyzing the types of rights owned by investors,and sums up the basic characteristics of rights.It sums up the similarities and differences between the rights of Chinese depositary receipt investors and other depositary receipt investors,and the rights.Has Chinese characteristics.The second part is to analyze the infringements that investors may suffer in all aspects of the operation of Chinese depositary receipts,mainly the right to know,the rights of shareholders,the transaction between depositary receipts and basic securities,and the relief rights of investors.To explore what kind of violations have been suffered in these areas.The third chapter focuses on the protection of investors in the information disclosure system,investor shareholder rights and jurisdiction,with the American depositary receipt as the core,and the system to protect the rights of investors.Learn from.The fourth chapter is based on the combination of the two chapters,and constructs the investor rights protection mechanism for the problems raised in the protection of investor rights.First,strictly regulate the issuing company from the standards of access and information disclosure.Enter the qualifications and behaviors of China's securities market to ensure that high-quality overseas issuing companies enter the Chinese market.The second is to build investor conferences and strengthen the strength of China's depositary receipts investors in voting rights,supervision rights and litigation relief.The third is the supervision of the CSRC,to strengthen the extraterritorial supervision of the China Securities Regulatory Commission to protect the investors,to penalize and enforce the violations of the issuing company,and to provide advice for the development of China's depositary receipts.