我国证券市场中小投资者权益保护问题探析
摘 要
投资者是证券市场的主要组成部分，是证券市场存在及其发挥作用的根基。美国有句民言：保护中小投资者，就是保护华尔街。正是他们的积极参与，才会有证券市场的迅速发展。因此，保护投资者利益，稳定投资者对市场的信心，关系到证券市场能否健康、稳定和可持续发展。发达国家在中小投资者保护方面不余遗力，推动了发达资本市场的建立。而我国的证券市场中小投资者占了绝大部分，是市场资金的主要来源，因此，我国对投资者权益的保护，更应关注中小投资者，但是目前我国的中小投资者在证券市场上处于相对劣势，是“弱势群体”，他们的权益得不到充分的保证，受侵害的事件时有发生。本文正是从中小投资者权益的定义及保护中小投资者权益的重要性出发，在说明了我国中小投资者权益受损的现状的同时，又分别从上市公司层面、证券交易层面、中小投资者自身层面及其他层面分析了其权益受损的原因，通过借鉴国外的经验，提出进一步保护我国中小投资者权益的对策建议。因此在制定保护中小投资者权益的措施时，需从外部环境及投资者自身两方面同时着手。只有双管齐下才能切实有效的做好投资者权益的保护。
关键词：证券市场；中小投资者；权益保护；信息不对称
The Rights Protection of The Medium and Small Investors in The Chinese Securities Market
ABSTRACT
Investors is the main conponent of the stock market and is the foundation of the stock market which makes it play an important role. There is an idiom in United States said protect medium and small investors , is to protect Wall Street .Their active participation will contribute to the rapid development of securities market. Therefore,protecting the interests of investors and stabilize investors’ confidence will make an effect to the stock market if it can develop to be healthy, stable or sustainable. Developed countries spare no effort to protect small investors, promoting the establishment of a developed capital market. In China, the stock market is accounted for majority of small investors.They are the main source of funds in the market. Therefore, protecting the rights of investors, especially the small investors’ should be concerned about. But small and medium investors in the stock market are at a relative disadvantage, they are the "vulnerable groups". their interests can’t receive sufficient ensurance, sometimes result in the victimized events happened. This article bases on the definition of small and medium investors and the importance of protecting the interests of small investors, explaining the current status of the damage to the medium and small investors’ interes. It also analysis the cause of the damage from listed companies layer, securities transaction layer, medium and small investors themselves layer and other layer. By drawing on foreign experience, this article propose further suggestions to protect the interests of small and medium investors. Therefore, when developing measures to protect the rights and interests of small investors, it need to proceed from investors themselves and the external environment at the same time to. Only two-pronged approach can make effective protection of the interests of investors.
Key words：Stock market;Medium and small investors; Interests and Rights protection; Asymmetric information
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