“Listed companies must respect investors, return investors, and actively practice the equity culture. Listed companies and investors are the symbiotic co-prosperity of the market. Only listed companies that respect and reward investors will win market recognition and respect. Recently, the chairman of the China Securities Regulatory Commission announced that listed companies should "fear investors." The author believes that as the first leader of the China Securities Regulatory Commission's investor protection work leading group, the chairman of the China Securities Regulatory Commission, Yi Huiman, raised the "were investors" to raise the investor protection work to a new height.
Opening the website of the China Securities Regulatory Commission, in the most prominent position on the front page, “maintaining the legitimate rights and interests of investors, especially small and medium-sized investors” is in sight. This detail also proves the importance attached by the CSRC to investor protection work. “Fear investors "Not just talking about it." Because protecting the legitimate rights and interests of the majority of small and medium-sized investors is directly related to the vital interests of hundreds of millions of people, and is related to the healthy and stable operation of the capital market. It is the fundamental guarantee for the development of the capital market to serve the real economy. Therefore, to build a resilient capital market, we must first do a good job in investor protection.
In fact, many problems in the market are related to the lack of respect for investors. For example, some qualified listed companies do not pay dividends all the year round; some large shareholders use their own control to reach out to listed companies, and short-listed companies through illegal guarantees and capital occupation; some listed companies lack social responsibility. Illegal sewage disposal, production and marketing of counterfeit products, the impact of bad ... These acts infringe the interests of listed companies and investors, but also caused harm to the public interest, in fact, are not awesome to investors, and ultimately voted by investors "to vote" . This kind of behavior not only damages the company's reputation, but also is not conducive to the sustainable development of listed companies, and is not conducive to the healthy development of the capital market.
Therefore, it is of practical significance for the regulatory authorities to propose “awe-inspiring investors”. Only by respecting investors can we better protect investors. Protecting investors is to protect the stock market. Without a sound investor protection system, it is impossible for the stock market to develop healthily.
Because China's capital market is a market dominated by small and medium investors. As of the end of March this year, the number of investors in China's capital market has exceeded 150 million, natural person investors accounted for 99.46%, and 99.2% of natural person investors held stock market value below 3 million yuan. The majority of small and medium investors are still an important force in China's capital market. Highly dispersed small and medium-sized investors, as independent individuals in the securities market, are difficult to aggregate to form an overall force to protect their legitimate rights and interests. They have natural weaknesses in terms of professional knowledge, information acquisition, and risk tolerance.
Therefore, the China Securities Regulatory Commission has always attached great importance to the protection of investors, especially small and medium-sized investors, and launched a series of innovative measures to protect investors in terms of system construction, education services, and exercise of rights and rights. For example, on May 22 last year, the China Investor Network was officially opened, and investors in the capital market had their own websites. The website not only becomes the official platform for investors to provide information inquiry, but also becomes an important channel for investors to carry out online and offline shareholding exercise, dispute mediation, litigation and support litigation, and become a leading investor to fully understand power, actively exercise power, and legally An important platform for rights protection.
At present, the investor protection system of the “full chain” of China's capital market has basically taken shape. The “Integrated Two Wings” investment jointly established by the China Securities Regulatory Commission and the China Securities Investor Protection Fund Corporation (“Insured Funds”) and the China Securities Small and Medium Investor Service Center Co., Ltd. The protection system has played an active role in protecting investor rights. “One” is the China Securities Regulatory Commission Investor Protection Bureau, and the “two wings” are the insurance fund and the investment center. That is, the Investor Protection Bureau, on behalf of the CSRC, took the lead in coordinating the overall resources, coordinating and coordinating system resources, and relying on China Securities Investor Protection Fund Company and CSI Small and Medium Investor Service Center Co., Ltd. to carry out specific work. Practice has proved that such a "tower-shaped" investor protection system arrangement is effective for the protection of small and medium-sized investors, and has fulfilled its mission of protecting the legitimate rights and interests of investors.
"Fear investors", there are more words!
(Article source: Securities Daily)