Abstract
China has had a securities market for over 30 years. It has developed to a large scale, and it has become an important financing channel for Chinese businesses. Securities investors are the primary constituent elements of the stock market. Without investors, a market is out of the question. Thus, the confidence of investors is a prerequisite for the positive development of the stock market. Numerous theories and empirical studies show that investor protections are key elements for the sustainable and healthy development of the securities market: the better the protections, the healthier the securities market and the more confident the investor in the market, which is beneficial to the development of the capital market (Zhu Congjiu 2002). The International Organization of Securities Commissions (IOSC) lists protecting investors first among the three main goals of securities regulation (protecting investors, ensuring market fairness, and ensuring efficiency and transparency to reduce market risk). The IOSC states, “Investors should enjoy protections against being misled, manipulated, or deceived, including through insider trading, cutting in the transaction line, and misuse of customer funds.”
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Notes
- 1.
Source: “Baohu jijin gongsi 2013 nian 12 yue tongji yuebao [Protection Fund Company December 2013 Stastical Monthly Report].”
- 2.
Source: China Securities Investor Protection Website, “Implementing ‘Nine National Articles’ to Improve the Level of Investor Protection,” April 8, 2014.
- 3.
Source: China Securities Investor Protection Website, January 26, 2010.
- 4.
Source: China Securities Investor Protection Network Securities Education Work Summary, “Zhengquan touzizhe jiaoyu de guoji jingyan yu qushi zongshu.”
- 5.
Including securities registration and settlement institutions, securities companies, investment consultancies, financial consulting agencies, credit rating agencies, asset assessment agencies, auditors, and other organizations mainly engaged in securities services.
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He, D. (2016). Institutional Construction (3)—Securities Investor Protection System. In: Financial Security in China. Research Series on the Chinese Dream and China’s Development Path. Springer, Singapore. https://doi.org/10.1007/978-981-10-0969-3_10
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