上市公司违规风险监管与普通投资者保护研究

发布时间：2019-02-09 13:52

【摘要】：众所周知，证券市场各类风险“与生俱来”，对风险种类、规避和监管的研究学说也是流派纷呈。在经济法理论上，传统研究首先在目的性上比较单一，，主要从政府监管的角度分析法律风险，对从投资者特别是普通投资者的角度出发来研判和分析风险的研究尚不丰富，这也是相关部门监管被动，投资者利益难以得到维护的部分原因；对违规行为的论述上，多集中在虚假陈述、内幕交易、操控市场等方面，这种分析分类是建立在对行为的特征分类的基础之上，较少对固定的行为主体的分类进行分析，导致以往著作多聚焦证券公司、投资基金、控股股东等市场主体上面，而对上市公司这个市场中数量最多、影响力最大的市场主体的分析有所忽视。本文尝试进行以下研究，首先对市场的各类风险进行分析，指出传统观点不足和笔者的分类方法，然后，在对普通投资者的组成结构和投资行为特征进行分析的基础上，得出上市公司的违规风险已成为当前影响普通投资者利益的主要风险，进而用真实案例的实证分析来进行佐证。最后，指出政府相关部门监管之不足和法律之完善路径。本文正文除绪论外主要有四个部分：第一部分，对上市公司的违规风险进行系统分析。首先指出传统风险分类观点及其不足，由此引出上市公司违规风险，对这个定义进行阐述；随后在对A股市场普通投资者进行分析的基础上，指出上市公司的违规风险已经成为影响普通投资者的重要投资风险。第二部分，选出证券市场比较有时效性的真实案例，这些案例集中反映了上市公司在一些敏感领域的违规行为，通过对这些案例的实证分析，我们可以看出上市公司的违规行为对投资者特别是普通投资者来说具有巨大的不利影响，是一种投资风险，有力地佐证了笔者的论点。第三和第四部分，指出政府相关部门加强对上市公司监管的必要性和现阶段的监管不足之处，进而提出相关完善举措。
[Abstract]:As we all know, all kinds of risks in the securities market are "innate", and there are various schools of research on risk types, evading and supervision. In the theory of economic law, the traditional research is relatively simple in purpose, mainly from the angle of government supervision to analyze the legal risk, and the research on judging and analyzing the risk from the angle of investors, especially ordinary investors, is not rich. This is also the passive supervision of relevant departments, the interests of investors are difficult to maintain part of the reason; On the discussion of illegal behavior, it mainly focuses on false statements, insider trading, market manipulation and so on. This kind of analysis and classification is based on the classification of the characteristics of behavior, and less on the classification of fixed actors. As a result, previous works have focused on securities companies, investment funds, controlling shareholders and other market subjects, but the analysis of the largest number of listed companies in the market and the most influential market body has been ignored. This paper tries to carry out the following research: firstly, it analyzes all kinds of risks in the market, points out the insufficiency of the traditional viewpoint and the author's classification method, and then, on the basis of analyzing the composition structure and the investment behavior characteristics of the ordinary investors, It is concluded that the illegal risk of listed companies has become the main risk that affects the interests of ordinary investors at present, and then the empirical analysis of real cases is used to prove it. Finally, the author points out the deficiencies of the relevant government departments and the way to perfect the law. There are four main parts in the text except introduction: the first part is the systematic analysis of the listed company's violation risk. Firstly, the author points out the traditional view of risk classification and its deficiency, which leads to the risk of violation of the listed company, and expounds this definition; On the basis of the analysis of ordinary investors in A-share market, it is pointed out that the risk of violation of regulations of listed companies has become an important investment risk that affects ordinary investors. In the second part, we choose the real cases of stock market, which mainly reflect the violations of listed companies in some sensitive areas, through the empirical analysis of these cases, We can see that the illegal behavior of listed companies has a huge adverse impact on investors, especially ordinary investors, and it is a kind of investment risk, which strongly supports the author's argument. The third and fourth parts point out the necessity of strengthening the supervision of listed companies by relevant government departments and the deficiencies of supervision at the present stage, and then put forward the relevant improvement measures.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

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