Research On The Advanced Payment System Of False Statements In The Securities Market

The advanced payment system is a characteristic system in China’s securities field.Its essence is a civil reconciliation system,and it is a way of bearing liability for tort liability in the securities field.The generation of the advanced payment system conforms to the background of difficulty of assigning civil liability for major illegal acts such as false statements in China’s securities market.It has strong practical significance for protecting investors’ interests and maintaining the stability of the securities market.This is mainly due to the lack of supporting implementation rules and related guarantees and incentives.In the settlement of civil liability disputes involving false statements,initiating advanced compensation is only the first step,and the procedures for formulating the advanced compensation agreement,determining the amount,object,time,and other factors and subsequent recovery of relevant responsible parties will affect the proper settlement of investor disputes.Therefore,the exploration of the advanced payment system should be analyzed in all aspects.This article is not only based on the perspective of investor protection,but also attempts to balance the interests of the parties in the advanced payment agreement as the purpose of analyzing the problems of the system.And make suggestions for improvement based on the above analysis.This article is mainly divided into four chapters:The first chapter introduces the background of the advanced payment system.This chapter is divided into two sections.The first section introduces the evolution of the advanced payment system,mainly the three practical cases and the legislative process of the advanced payment system.The second section mainly discusses the value of the advanced payment system,including strengthening the protection of investor interests,strengthening the supervision of information disclosure in the securities market and implementing civil liability for false statements.The second chapter analyzes the basic theory of the advanced payment system and distinguishes between the advanced payment system and related systems.This chapter is divided into two sections.The first section introduces the basic theory of the antecedent payment system,including the theory of information asymmetry,incomplete legal theory,and the theory of civil liability for false statements.The second section analyzes the antecedent payment system and the illegal behavior of securities market false statements.Relevant administrative supervision systems and civil relief systems,including the fraudulent issuance of stock repurchase systems,the system of forced delisting for major violations of law,and the litigation system for securities representatives.In Chapter Three,the problems of the advanced payment system are reflected from the theoretical and practical aspects.This chapter is divided into five sections.The first section is the basic theoretical issues of the advanced payment agreement.The second section is the problems existing in the formulation of the advanced payment agreement,mainly including the subject,the object and the standard for determining the amount of compensation.The third section is the advanced payment.The problems in the implementation of the agreement mainly include the lack of rigidity in the implementation time and the dispute over the positioning of the fund;the fourth section is the lack of protection of the interests of the advanced payers,mainly including the lack of recovery protection mechanisms and the risk of investors’ second claims;The fifth section is the lack of advanced payment incentives.This chapter is the "Ask Question" and "Analyze Question" sections of this article.The fourth chapter mainly puts forward perfect suggestions for the advanced compensation system in response to the problems in the third chapter.This chapter is divided into three sections.The first section provides suggestions from the perspective of the formulation and implementation of the antecedent payment agreement;the second section proposes from the perspective of the protection of the rights and interests of the antecedent payers;This chapter is the "Solving Problems" section of this article.