中國證券市場投資者保護制度的發(fā)展和完善

1、1,2008-7-28,Education and Service, Supervision and Protection: Four-in-One to Vigorously Develop the Team of Qualified Investors,President of Shanghai Stock ExchangeZhang YujunJuly, 28th, 2008,2,2008-7-28,Introduction

2、: Brief Analysis of the Characteristics of Investors Conclusion,Contents,First, to enhance the investor education by innovating the approaches  Second, to develop the investor service based on t

3、he analysis of their demandsThird, to conduct the supervision over investors with fresh ideas  Fourth, to improve the investor protection by putting the system first,3,2008-7-28,Introduction: Brief Analysis of the

4、 Characteristics of Investors,4,2008-7-28,Characteristics of the structure and conducts of investors(1),The number of individual investors’ accounts has increased, while their proportion in total cap has declined every y

5、ear; The proportion of institutional investors’ accounts in total market cap has steadily increased year by year. Individual investors especially small-sized ones prefer small cap stocks and ST stocks; Institutional in

6、vestors prefer larger cap stocks.Although equipped with less investment experience, individual investors prefer high-risk securities that may bring huge profits.Individual investors prefer stocks with high P/E, neglect

7、ing the intrinsic value of stocks.,5,2008-7-28,Overall profitability of individual investors has increased with the enlargement of the investment scale, but is still lower than that of institutional investors at the sam

8、e period.The corresponding proportions of stocks with different up/down ratio in the portfolios of individual investors remain constant; For the institution investors, just the opposite. The institutional investors are

9、capable of picking the right stocks in a bull market.Individual investors trade actively with a turnover rate about 2-4 times that of institutional investors.Individual investors and institutional investors trade adver

10、sely.,Characteristics of the structure and conducts of investors(2),6,2008-7-28,Figure 1: Change of market cap held up by individual and institutional investors,,Individual investors prefer stocks with high P/E, neglecti

11、ng the intrinsic value of stocks.,7,2008-7-28,Figure 2: Percentage change of various periods of investment for the investment scale of less than 100,000 RMB,8,2008-7-28,Figure 3: Cash amount for net purchase of individua

12、l investors with an investment of less than 100,000 RMB or between 100,000 to 1 million RMB,9,2008-7-28,Figure 4: Cash amount for net purchase of investment funds or QFII members,Finding based on the comparison between

13、Figure 3 and Figure 4:Individual investors and institutional investors trade adversely. In the year of 2007 and 2008, individual investors were the net seller, while institutional investors were the net buyer in the m

14、arket.,10,2008-7-28,Figure 5: Individual vs. Institutional: Change of proportions of stocks with different up/down ratio in the portfolio(2005-2008),,Individual investors and institutional investors prefer stocks with di

15、fferent up/down ratio,11,2008-7-28,,Figure 6：Percentage change of stocks with low up/down ratio in the portfolios of individual investors,12,2008-7-28,Figure 7：Percentage change of stocks with high up/down ratio in the p

16、ortfolios of individual investors,,The corresponding proportions of stocks with different up/down ratio in the portfolios of individual investors remain constant; For the institution investors, just the opposite. The ins

17、titutional investors are capable of picking the right stocks in a bull market.,13,2008-7-28,Four-in-One to Vigorously Develop the Team of Qualified Investors,Education,,Service,Supervision,Investors,Protection,,14,2008-7

18、-28,What’s the signification of investor education?How to conduct investor education?What are the role and focus of SSE in investor education?,First, to enhance the investor education by innovating the approaches,15,

19、2008-7-28,Significance,Investors are the foundation of the marketThe maturing of investors is a driving force for the maturing of the market Investors’ maturity is an important indicator of the maturity of the market,T

20、he cultivation of rational and mature investors relies on the relentless efforts of various market participants to effectively conduct investor educationThis work is long-term, basic and routine.,16,2008-7-28,How to do?

21、,To understand the educational needs of investors and conduct investor education based on the classification of investorsTo popularize investor educationTo include investor education into the national education system

22、To strengthen the assessment of the education results,17,2008-7-28,The Investor Education of SSE (1),To sort out external relations, To understand market conditions, To perfect operational system, To integrate market re

23、sources, To make full use of our own advantages, to encourage members to conduct investor education, and start face-to-face education, in order to establish an information sharing mechanism to enhance cooperation with ot

24、her market participants as well as leading media.,Combine Investor Education with Institution buildingFrontline regulationMarket innovation Handling of investors’ complaints,Role,The Four Combinations,18,2008-7-28,Th

25、e Investor Education of SSE (2),Integrating the current dispersed resources, establishing and perfecting the investor education platform, making full use of our own advantages.With the launch of new products, conducting

26、 the investor education among ordinary investors, fully revealing the investment risks, making them fully aware of the principle of ‘Buyers Take the Risks’ .Strengthening the institution building: Appointing the contact

27、 points of members for investor education.Establishing the investor education messaging platform and urging members to remind the investors of the risks in a timely fashion.Developing relevant guidelines to discipline

28、individual investors.Developing and launching mock trading for ETFs, Warrants etc. Developing and promoting the mock testing and qualification assurance.,The newly established Investor Education Department has launched

29、 investor education featuring qualified investors regime recently.,19,2008-7-28,Why to promote investor service?How does SSE provide investor service?,Second, to develop the investor service based on the analysis of the

30、ir demands,20,2008-7-28,The service philosophy of SSE,Regulation？,Service？,,,Service creates the core value of SSE,Service Objects：Members and intermediariesListed and pre-listed companiesInvestors (Creating values fo

31、r them and protecting their interests),,21,2008-7-28,The Investor Service of SSE (1),Making transparent and dynamic service: publicizing the information and update it timely.Standardizing the service: Optimizing the ser

32、vice procedures and providing timely feedback for investors. Providing service with passion and sincerity.Defining the service contents: Setting out the procedures, contents, FAQs, and exemption clauses.Diversifying th

33、e service: Using both the electronic and non-electronic means to provide routine or targeted services.,22,2008-7-28,The Investor Service of SSE (2),23,2008-7-28,Why to supervise investors?How to supervise investors?How

34、 does SSE supervise the investors?,Third, to conduct the supervision over investors with fresh ideas,24,2008-7-28,Thinking,The logical support for investor supervisionMarket failure? Government failure?Discrepancies a

35、mong investors in funds, risk identification and investment decision-making. Even an open market may fail to provide fairness and equitability when the investors are irrational.,To exercise supervision based on the clas

36、sification of investors. Pursuit of value：order, efficiency and true fairness Classification criteria: net asset, knowledge, experience, etc.Dynamic Classification: Making adjustment according to specific circumstance

37、s and allowing certain exemptions from regulation in strict conditions.Pay attention to the protection of investors’ property right, privacy, the right of equality, liberty and so on.,25,2008-7-28,Supervision methods,Sp

38、ecial rules for products,According to different risks associated with products, setting up the specific entry requirements for investors as well as risk disclosure criteria accordingly.,Market entry,,Product entry,Invest

39、or entry,To establish core teams of investors for related products,,Individual investor vs. institutional investorsDomestic investors vs. foreign investorsMarket participants: Senior, intermediate, ordinary,Account mon

40、itoring,‘Black list’,Banishment from the market,Monitoring the accounts with unusual trading.,Including the accounts with unusual trading into the ‘black list’, freezing their accounts and restricting their transactions.

41、 The record can be a reference for qualification assurance.,The accounts with serious violations are banished from the market.,26,2008-7-28,How does SSE supervise the investors?,Lawfully conducting the front-line regulat

42、ion over investorsIntroducing the entry system for investors based on accurate analysis of the characteristics of investors and the national conditions. Carrying out classified investor management based on keen obser

43、vation of investors’ risk managements abilities.Strengthening the supervision over trading activities and the punishment mechanism. Adopting such measures as ‘Black List’ and ‘Banishment from market’.,27,2008-7-28,Fou

44、rth, to improve the investor protection by putting the system first,What are the investor’s rights and interests?How to build the institutions related to investor protection?How to protect the investor’s rights and in

45、terests?How does SSE protect its investors?,28,2008-7-28,Investor’s rights and Interests,29,2008-7-28,Institutional guarantee,Market entry mechanism for securities offering Fixed-price offering mechanismRisk insu

46、lation mechanism of securities companiesThird-party depository mechanism,Information disclose systemCorporate Governance of listed companiesCredit rating of listed companies and intermediaries,Securities Investor Comp

47、ensation Fund System Shareholder derivative litigation, securities class action Bankruptcy reconciliation, re-organization system Social supervision,30,2008-7-28,Protection of rights,‘Rule of Law’—To improve the rele

48、vant legal system to protect the rights and interests of investors and to highlight INTEGRITY.,Methods,Effect,,Public protection,Self-protection,Administrative decisions, litigation Increase the costs for violations of

49、the law,Negotiation, mediation, appeals, arbitration, etc. Adopt legal means,The investor’s interests can be safeguarded when violations are punished. The execution of civil judgment of compensation helps to ensure just

50、ness in the market thus maintaining social order.,31,2008-7-28,How does SSE protect its investors?,Establishing SSE as the market organizer and front-line regulator. Effectively combining the education, service, supervis

51、ion and protection of investors.Further strengthening the information disclosure of listed companies. Intensifying the management of members. Establishing the system of prudent qualified investors.Promoting the mecha

52、nism of investors’ self-protection. Providing related rules for products and transaction data, etc to help defend their rights.,32,2008-7-28,Conclusion:　　Education and Service, Supervision and Protection: Four-in-one, t