Research On Advance Compensation System In Securities Market

In recent years,misrepresentation,fraudulent issuance and other infringement incidents have been common in the securities market.Due to the long time and high cost of the traditional relief model,it is increasingly difficult to meet the needs of investor protection.The application of the advance compensation system in the securities market makes up for this defect well.This system is a system in which practice precedes theory.Development continues to improve.The Wanfu Shengke case,the Hailianxun case and the Xintai Electric case set a precedent for the advance compensation system in the securities market.After the fraudulent issuance of quotation statements,a special fund was set up to make advance compensation,and good results were achieved.It is proved that the advance compensation system is conducive to protecting the interests of investors,promoting the diversified development of the settlement mechanism of civil disputes in the securities market,simplifying the compensation procedures,highlighting the value of efficiency,quickly stabilizing the market order,guiding the construction of market credit,and providing a way for investors to protect their rights.This paper is divided into five parts.The first part introduces the three existing advance compensation cases.By sorting out the three cases,it clarifies the application of the advance payment system in specific practice,and summarizes the problems in the practice process,for the following research.Provide clues;The second part introduces the basic content of the advance payment system,clarifies the connotation,nature,legal relationship and function of the advance payment system,and analyzes and discusses the controversial viewpoints in the academic circle;The third part introduces the theory of advance payment system Fundamentals,including investor protection theory,information asymmetry theory and civil liability theory for securities violations,and differentiate and analyze the advance compensation system from other related systems,highlighting the independent value of the advance compensation system;the fourth part introduces the legislation of the advance compensation system The current situation,and analyze and reflect on it,due to the generality and principle of the law on the advance compensation system,many implementation rules are not clear,there are still many shortcomings,such as the scope of the advance compensation subject is not comprehensive,the scope of compensation is not clear.The existence of problems such as clarity,lack of effective supervision of the advance compensation plan and lack of guarantee of the right of recourse for the advance compensation party proves that there is still much room for improvement in China's advance compensation system,which needs to be further improved to avoid disputes in practice;the fifth part aims at The questions raised in the previous part are based on the actual situation of China's securities market,and corresponding improvement suggestions are given,including expanding the scope of advance payment subjects,clarifying advance payment objects,strengthening the supervision of advance payment plans,and safeguarding advance payment.The right of recourse,etc.,Through the above measures,the advance compensation system will be further improved and the operability of the system will be improved.