中国证券市场发展过程中的投资者权益问题

【作者】 彭扶民；

【导师】 陈野华； 邓乐平；

【作者基本信息】 西南财经大学 ， 金融学， 2001， 硕士

【摘要】 中国证券市场经过十年的发展，取得了巨大的成就，在此期间，众多的国有企业通过证券市场筹集到大量资金，重新焕发了生机。但与此同时，证券市场上的各类违法、违规事件却时有发生，如虚假上市、内幕交易、大股东占用上市公司资金、虚假财务报表等等，广大投资者，尤其是中小投资者的合法权益得不到有效保护。对此已有众多的经济学者开始讨论投资者权益问题，但大多数是局限于一些表面上的问题，对投资者的现实权益状况以及产生的原因并没有做深入的分析。广大的投资者是证券市场健康发展的基石，其权益状况直接关系到投资者对证券市场的信心。作为证券市场方向的一名研究人员，我认为有必要对我国投资者的权益状况进行深入的分析，毕竟失去广大投资者参与的市场并不能成为一个真正的市场，这也就是本文选题为“中国证券市场发展过程中的投资者权益问题”的动因所在。 文章采用演绎、对比、归纳的研究方法，从理论分析到实证研究，从实证研究再到一般结论，最后将之用于我国的具体实践。全文包含四章，共十一节，首先对投资者权益与证券市场的关系进行了理论探讨，其次对我国投资者权益状况进行了具体分析，并归纳出权益受侵犯的原因，并回答了应该如何有效地保护投资者的权益等问题。 本文的主要内容归纳如下： 文章的第一部分是证券市场与投资者的理论分析。第一节阐述证券以及证券市场的概念。证券的内涵决定了其持有人即投资者所拥有的全部权益，证券市场是证券发行和交易的场所,是资本市场的核心, 投资者通过证券市场实现其合法权益；同时证券市场产生和发展，是适应经济的要求，其合理定位应是促进社会资源的有效配置。第二节阐述了投资者与证券市场的关系，二者相互促进，互为依靠，因此股东保护就显得尤为重要；第三节则介绍了美国证券市场对投资者权益的有效保护，美国保护中小投资者的三种主要方式：<WP=3>1）信息充分披露，帮助投资者进行有见识的投资和决策；2）限制内幕交易，禁止市场操纵；3）鼓励分散化投资，防范市场风险。正是对投资者权益的尊重和保护，推动了美国证券市场的不断发展。文章的第二、第三章是从两个不同的角度对我国证券市场发展过程中投资者权益状况进行的分析。第二章是从我国证券市场的定位缺陷的角度对投资者权益状况的分析。第一节主要分析了我国证券市场产生和发展的原因以及市场定位，同时分析了这种定位的缺陷；第二节分析了我国证券市场定位缺陷的表现及其带来的后果；第三节则分析了在我国证券市场不正确定位下的制度安排对投资者权益的影响。第三章是从我国证券市场上众多的违法违规现象谈起，论述了众多违法违规行为对投资者权益的侵犯。第一节通过三个案例的分析，来说明违法违规行为对投资者权益的侵害；第二节阐述了我国投资者权益状况及现实选择。面对市场行为主体的侵权行为，投资者只有选择以投机心态面对证券市场，这样就导致整个市场蕴涵着巨大的金融风险。第三节则通过对市场众多参与者的行为分析，归纳出投资者权益受证券市场行为主体侵犯的原因。 文章第四章是改革发展中国证券市场。通过前面的分析，我们可以看出投资者，尤其是中小投资者的正当权益并不能得到有效保护，因此正视投资者权益、改革发展中国证券市场就显得尤为重要。第一节重点阐述了如何改革和发展我国证券市场，即正确处理中国证券市场公平与效率的关系，重塑资源配置功能；第二节则阐述了加强证券市场制度建设，为投资者创造公平的市场环境，同时完善法律制度建设，用法律手段保护投资者权益。 本文观点归纳如下：1、 证券市场是投资者实现其权益的场所，投资者权益的实现与否直接关系到证券市场的有效性；2、 我国发展证券市场的初衷是为了解决国有企业债务问题，这种市场定位下的制度安排对投资者权益造成了伤害；3、 我国国有企业的特殊性决定了我国并不存在真正意义上的资本需求和资本提供者；4、 <WP=4>发展我国证券市场要正确处理公平和效率的关系，重塑证券市场资源配置的功能。 就本文而言，是一篇侧重于实际分析的文章，文章的重点并不是要选择出保护投资者权益的方法和模式，而是旨在通过对投资者权益受侵犯的历史及现实原因分析，从投资者权益状况的角度来说明我国证券市场存在的缺陷和不足。这是本文有别与其它论述保护投资者权益的文献关键所在，但本文只是在这方面的粗浅尝试，敬请各位老师不吝赐教。更多还原

【Abstract】 After ten years development, Chinese securities market has improved greatly. During this time, a lot of state-owned enterprises make a recovery by collecting funds from securities market. But at the same time, various illegal activities happened in securities market, such as false appearance on market, inside transaction, false financial statement, and etc. The legal rights of many investors, especially medium and small investors can not be effectively protected. Many economist have begun to discuss the rights of the investors, but most of them only look at the surface of the problem rather than make a thorough study of the real rights. Vast numbers of investors are the cornerstone of the healthy development of securities market, whose rights directly related to their confidence in the securities market. As a research fellow of the field of securities market, I think it is necessary to conduct a thorough study of the investors’ rights in China, after all, without investors, the market can’t be a real one. This is why my paper entitled "The problem of the investors’ rights during the development process of Chinese securities market". The paper adopts the way of deduction, contrast and induction, from theory analysis to case study, from case study to general conclusion, and finally, use it in the concrete practice of China. Consisting of four chapters, eleven sections in all, the paper theoretically looks into the relationship of the investor’s rights and the securities market at the very beginning. Then it makes a concrete analysis of the investor’ s rights in China, and induces the cause why the rights are violated. Finally, it gives the answer to the question of how to protect the investor’s rights effectively. The main content of the paper is as follows: <WP=6> Chapter one analyzes theoretically the securities market and investors. Section one elaborates the conception of security and securities market. The connotation of security determines the whole rights owned by the shareholder (investor). Securities market is the place for security issuance and transaction. The investors realize their legal rights though securities market. The emergency and development of securities market is to meet the needs of economy, and its reasonable position promotes the effective allocation of social resources. Section two sets forth the relationship of investors and securities market. The two dependent mutually, and improved interactively. Therefore, it is obvious that the protection of the shareholder is of great importance. Section three introduces the effective protection of investors’ rights in American securities market. In America, there are three main ways to protect medium and small investors: 1) High transparency of information, and help investors to make wise investment decisions. 2) Limitation of insider traction, and ban on market control. 3) Stimulate investment diversification, and regulate the market risks. It is the respect and protection of the investors’ rights that boost the continuous development of the American securities market. Chapter two and chapter three analyze the investors’ rights in Chinese securities development process from two different angles. Chapter two analyzes from the angle of the position of Chinese securities market. Section one mainly analyzes the reason of the emergency and development of the securities market, as well as the market position and the inside defect of it. Section two analyzes the display of the market position defect and its consequences of Chinese securities market. Section three analyzes the influence of investors’ rights caused by institutional arrangement under incorrect position. Chapter three starts with numerous illegal behaviors in Chinese securities market, and discusses the invasion of the investors’ rights. Section one illustrates the invasion of investors’ rights caused by <WP=7>illegal behavior though three cases. Section two elaborates Chinese investors’ rights and their realistic selection. Facing the invasi更多还原