Research On Fraudulent Issuance And Investor Protection Of Listed Companies

The gem board was listed on shenzhen stock exchange on October 30,2009.After nine years of development,as of April 3,2018,gem has 722 listed companies in our country,the total issued capital of 330.9 billion shares,total value of 54.4932 trillion yuan,the total turnover of 129.8 billion yuan.Chinext has been developing rapidly for more than nine years,but there are many problems hidden in it.The securities market of our country takes small and medium investors as the main body,which is also the economic lifeline that they support the securities market.In order to achieve long-term and standardized development,the securities market must be centered on the legal rights and interests of small and medium investors.The degree of protection of small and medium investors determines the strength and extent of the development of securities market.In our country,although the protection of the rights and interests of small and medium-sized investors in the stock market in recent years has made many important achievements,but overall,because our country securities market development time is short,medium and small investors' rights and interests protection system construction is not perfect enough,market supervision system has some deficiencies,which leads to insufficient standard securities market operation and damage the interest of small and medium-sized investors events occur repeatedly,which seriously affected the healthy development of securities market in China.This paper adopts the case analysis method,and selects the pioneer board to force out the first shares of xintai electric.In xin tai electric events as the breakthrough point,on the basis of reading a large amount of literature,through to xin tai electric fraud and forced to retreat city comprehensive analysis of the incident,including xin tai electric IPO,compulsory delisting process,irregularities consequences,and fraud related behavior and motivation analysis description of the issue.Finally,the paper puts forward protection measures to improve the interests of small and medium investors from four aspects.It is in perfecting corporate governance,to optimize equity structure forming mechanism of checks and balances to perfect dong high independence,is the internal need to establish an effective internal control mechanism,mutual supervision,mutual restrict,prevent the occurrence of enterprise financial fraud;Second,in order to improve the legal protection of small and medium-sized investors,it is necessary to improve the systemof market withdrawal of the securities market,and to improve the compensation system of the sponsors.Third,in strengthening the market supervision,we should standardize the audit delegation,increase the punishment of the sponsors,and also pay attention to the role of media supervision.Four on is to strengthen the investors to protect themselves to enhance the consciousness of the investors' rights protection and supervision,enhance the transparency in information disclosure of listed companies,to establish small and medium-sized investors protection fund,perfect the compensation mechanism for litigation.