Research On The Protection Of Small And Medium-sized Investors In Listed Companies

With the continuous development of network information technology,people’s production and life have a profound impact,but also on the relationship between the main securities market has a revolutionary impact.The relationship among issuers,listed companies,securities dealers and investors has also undergone subtle changes with the continuous innovation and development of network information technology.At the same time,the combination of securities market and network information is more closely.The network information disclosure system has become an important way for small and medium investors to obtain information.For the securities market,the traditional hierarchical governance model has been difficult to play an effective regulatory role in the securities market.In order to further protect the interests of investors,the securities market governance model and regulatory model should be improved to effectively protect the interests of small and medium investors in listed companies.In this paper,from the perspective of public management network management,we take Wanfu Shengke IPO fraud as the research object,take the literature analysis method as the theoretical basis,provide the research basis for investor protection policy of SMEs in China,and put forward the specific implementation path.Firstly,this paper systematically introduces and analyzes contract theory and legal theory,and discusses the protection of small and medium investors from the perspective of network governance of public governance.On the basis of relevant theories,this paper systematically analyzes the fraud of Wanfu Shengke IPO,and summarizes the role of listed companies,investors,regulatory departments,intermediaries and compensation funds in this event.It also summarizes the problems in the supervision from the perspective of network governance,and draws lessons from foreign investment in small and medium-sized enterprises.Based on the protection experience,this paper puts forward a more reasonable diversified management system and a perfect network governance trust coordination mechanism,so as to put forward a better protection strategy for small and medium investors in listed companies.