(Xiao Gang, chairman of the China Securities Regulatory Commission)
Asymmetric information, return on investment mechanism is not perfect, listed companies of illegal behavior, poor access rights, have damaged the interests of small investors.
Increase the supply of top-level system. Protect small investors the right to know, the shareholders of listed companies and improve voting and voting mechanism, and improve the return on investment mechanism, establish a diversified dispute settlement mechanism, improve small investors compensation system.
Resolutely investigate and deal with the issue of fraud, illegal disclosure, insider trading, market manipulation, Rat and other illegal activities, illegal cost increase.
In the whole society to protect small investors a good atmosphere, so that small investors to enjoy the dividends of reform and development of capital markets, so that capital markets help achieve "China Dream."
Protect the legitimate rights and interests of small investors, not only is the inherent requirement of the healthy operation of capital markets, but also an effective way to maintain social fairness and justice. In the course of development of China's capital market, small investors play an irreplaceable role. Currently in Shanghai and Shenzhen Stock Exchange accounts for individual investors nearly 9,000 million, of which approximately 60% of stock exchange transactions total 500,000 yuan to complete the following investor. This is a Chinese capital market salient features of the capital market inherent quality, operating efficiency and market supervision so many new requirements, the urgent need to build a series of targeted institutional arrangements and policy measures.
First, small investors rights protection has become a prominent problem restricting the development of the capital market
The current system for the protection of the interests of investors special arrangements inadequate. Due to historical reasons, China's capital market has long been in the system design more emphasis on financing for small and medium investors rights protection seriously enough, less targeted institutional arrangements, the formation of a strong financiers and investors weak pattern of imbalance. Small general principles of investor protection rules and norms, the lack of operability, there are many obstacles to the exercise of rights, or even non-existent. Some listed companies and controlling shareholders, actual controllers in major decisions, and do not respect the views of small investors do not pay attention to their interests and legitimate aspirations. In "Capital Majority" principle, "dominance" is widespread, as the occupation of the interests of small and medium investors to provide the conditions and opportunities, leading to "tunnel effect", the major shareholder through a variety of "underground tunnel" put the interests of many small investors for himself. Thus, the real market to defend the principles of fairness and equality, we must clearly distinguish the protection of small investors. Protection of small investors is to protect the capital market, the protection of small investors is to protect all investors.
Information Asymmetry serious violations of the rights and interests of small investors. The capital market is based on market pricing information. Allow small investors to fully enjoy the right to equitable access to all the information should be disclosed, it is to safeguard their legitimate rights and interests of the basic premise. Since the securities issuer and its controlling shareholder, actual controller is to generate and control of securities information, the information in an absolutely dominant position occupied; securities institutions and other intermediary service organizations in close to get the relative dominance of information; medium and small investors are at a disadvantage in the most peripheral, coupled with lack of knowledge, experience and expertise, it is difficult to obtain true and accurate and timely information. This situation of asymmetric information, agents prone to integrity issues, misleading small investors.
Return on investment mechanism is not perfect cause is difficult to form long-term investment philosophy. In the high side of the risk-free rate of return of funds, the investment return on the capital market as a whole is low. According to statistics, from 2001 to 2011, cash dividends of listed companies accounted for net profit ratio of 25.3%, while overseas mature markets typically around 40%. Since 2006, listed companies in an average annualized dividend rate is only about 1%. Meanwhile, the return of listed companies a single way, or even the existence of the use of cash in the cash dividend. Since the return on investment mechanism is not perfect, it is difficult to form a stable return expectations of investors, fried new, small fry, fry and poor speculation the prevalence Kuaijinkuaichu widespread, which is an important reason for the loss of small investors.
Illegal acts directly against the vital interests of small investors. Small investors lack of risk identification and prevention capabilities, is easier for a variety of illegal acts against the object.
Information disclosure violations, leading to small investors by making the wrong investment decisions and losses. Illegal insider trading makes the reverse operation may be due to stock price volatility and investor losses. Market manipulators use of funds, holding, information superiority and other means to manipulate the trading price or trading volume, so a lot of small investors know the truth involved in the transaction have been misled, rights have been infringed.
Defenders channel is not easy to small investors to seek effective legal remedies. Market business entities complaint handling responsibilities are not clear, the capital market diversification dispute settlement mechanism is not perfect, professional mediation fledgling securities disputes, civil compensation litigation system needs to be improved, small investors prosecution, the burden of proof there are still many difficulties. Investor protection organization system is not perfect, many small investors is not strong awareness of their rights. Survey shows that 85% of small investors do not know what your rights are, and how to exercise rights, only 2% of small and medium investors to understand the financial information disclosed by listed companies; Internet voting shareholders nearly three years on average shareholders' meeting participation rate to 0.25%.
Second, build a comprehensive protection of small investors' legitimate rights and interests of the institutional system
Increase the supply of top-level system. Timely adjustments to increase the relevant systems to protect the interests of small investors, small investors to further clarify the rights and obligations, and improve economic compensation system, strengthen the legal responsibility to maintain the interests of small investors.
Protect small investors the right to know. Information disclosure of listed companies for investors to understand the main channel, but also the essential foundation for investment and financing functions. Disclosure must be comprehensive, accurate, timely, and do simple, easy to understand and practical. Establishment of restricted shares holdings planned pre-disclosure system, the relevant shareholder shall not transfer shares before the disclosure. Strengthen the supervision of listed companies' information disclosure, and strengthen the responsibilities and obligations related to market players. System of small investors to get a fair system of information norms, and improve the information disclosure violations accountability mechanisms.
Shareholders of listed companies and improve the mechanisms of voting and voting. Shareholders voting, voting results directly affect the effectiveness of small and medium investors to exercise the right to active participation. To exercise the right to participate in research specifically for small and medium investors, with the Classified Voting System with Chinese Characteristics. In the shareholders' meeting to refinance significant matters that may affect the interests of small investors profit distribution, we should pay attention to small investors the right to speak. Explore the establishment of a sound collection system of voting, the voting power of small and medium investors' convenience.
Improve the return on investment mechanism. To guide the listed companies to actively return to investors. According to the plate where the listed companies, industries in which listed age, stage of development, etc., to guide the company to develop differentiated dividend policy of sustained, stable cash dividend of the company, to explore the establishment of institutional arrangements appropriate support. Establish a diversified investor returns system, improve the share buy-back system, and guide the listed companies undertake to repurchase shares in the share price is lower than the net assets of the case. Rich way of dividend, dividend distribution of Listed Company by the shareholders to decide when selecting new shares or cash, preferred stock system introduced as soon as possible.
Investors in the sound system. Investors in the management of the implementation of effective measures to protect small investors, domestic and foreign markets is a system widely used in arrangements. At present, China's GEM, "three board", stock index futures, margin trading business implementation of appropriate institutional investors, but low-level system, the binding is not strong. According to the investment objectives, the amount of assets, investment experience, financial situation, risk appetite and credit records and other factors, a clear taxonomy of small investors and other investors. To implement product risk rating system, full disclosure of all types of information that may affect their rights, the establishment of sales practice standards and accountability mechanisms, appropriate products or services provided to the appropriate investors.
Rich investment channels and products. Capital market-related parties should establish a sense of service to small and medium investors. Development services to small and medium investors in the specialized agencies. Encourage innovation and development of small and medium investors for low-risk, relatively stable return products. In order to protect small investors as the core trial management mechanism for public financial products linked to the rate of product returns.
Establish a diversified dispute settlement mechanism. To further clarify the main market operators primary responsibility for complaint handling, improve complaint handling mechanism, according to public processes and the handling. Support for small and medium investors and market operators body negotiated settlement of the dispute. Promotion of professional mediation and arbitration of disputes, free dispute resolution service for small and medium investors. Enhanced legally binding mediation, establish and improve mediation and arbitration, litigation docking mechanism. Explore help small investors according to law litigation arrangements related systems, widening activist channels.
Perfection small investors compensation system. First established compensation system, the main responsibility for the initiative to urge the illegal compensation of small investors. To guide the market various types of business entities to establish the autonomy of investor relief mechanism, set up a special risk reserve funds to broaden the sources of compensation, small and medium investors to facilitate the full, timely and convenient access to compensation. Establishment of the company delisting risk management and compensation systems to market, reduce the losses of small investors may have caused.
Strengthening small and medium investor education. To clear responsibilities of all parties regulators, self-regulatory organization, market and other business entities, the role of the news media and networks, enhance risk awareness and awareness of the rights of small investors. Small investors should take the initiative to grasp the investment knowledge and relevant skills, establish a sense of rational investment, do not blindly follow the trend of frequent speculation, improve the ability to protect themselves.
Third, to protect the legitimate rights and interests of small investors through regulatory work always
Securities and futures supervision mission and responsibilities entrusted with the protection of small investors, in the face of new situation and new requirements, fundamentally change the concept of common understanding, to safeguard the legitimate interests of small investors through supervision always. Timely improve the regulatory system, strict implementation of laws and regulations. Overall strengthening regulatory cooperation, forming a protective work force. Improve communication mechanisms and small investors, in a timely manner to respond to the demands of small and medium investors. Resolutely investigate and deal with the issue of fraud, illegal disclosure, insider trading, market manipulation, Rat and other serious violations harm the interests of small investors, increase the cost of illegal. Strengthening effective convergence of administrative law enforcement and criminal law enforcement, criminal investigation cases improve the efficiency of securities and futures. Establish law cases of reward systems, smooth reporting channels, improve reporting queries, security measures, the effective protection of whistle-blowers. Sound performance appraisal system, safeguarding the legitimate rights and interests of small investors fulfillment of duties as an important basis to measure the effectiveness of supervision. Vigorously carry out regulatory enforcement advocacy, trustworthy benefit dishonesty disciplinary mechanism, strengthen the integrity of law-abiding awareness of market players.
Small Investor Protection Systems Engineering is involved in the whole society, to strengthen collaboration and cooperation with local departments to establish communication links normalization mechanism, strive to build a "legal protection, regulatory protection, self-protection, market protection, self-protection "protection system, and promote participation of all forces, the formation of a joint force. Covers the entire records of the database market integrity, to achieve inter-departmental information sharing. Listed companies, market operators to comply with the interests of small investors to maintain the system, promote business integrity and equity culture. Establish evaluation mechanisms to protect the interests of small investors, give full play to the role of social supervision, in the whole society to protect small investors a good atmosphere, so that small investors to enjoy the dividends of reform and development of capital markets, so that capital markets help achieve "China Dream."