The Research On Investor Protection And The Regulatory Efficiency Of Securities Based On The Law And Finance Theory

Finance plays a crucial different role in economic development, then what is the root cause of financial development? In 1990s the rise of Law and Finance Theory holds that all countries and financial development is key to the differences between the different orgins of legal systems. At present, Law and Finance Theory becomes an international financial theory on the most cutting-edge research in one direction. This article will research on China's legal system, protection of investors, security market regulatory efficiency based on Law and Finance Theory. If uses the China's data, this article will find that there is a link between the legal system and legislation to investor protection, and there is a link between the efficiency of regulation and enforcement on investor protection. So while that for a country in the development of the security market is important, the legal system of protection for investors and securities regulation and legal rules enforcement efficiency of the security market's development have an impact on the path, so as to strengthen the rule of law in China's legal system to be such a improve the financial system to be the development of the emerging developing countries, has a practical significance.Chapter one introduces paper's research object, writing background and significance of topics.Chapter two introduces the analysis framework of investor protection based on Law and Financial Theory.Chapter three examines China's Present situation and major problems of investor protection and security market regulation.Chapter four analyzes the links between the to legal investor protection ahd the security market's development under the different origin of legal rules. At first it analyzes the legal system to protect the rights of investors under the different legal systems. Then it draws the conclusion which countries whose legal rules originate in the common law tradition tend to protect investors considerably more than do the countries whose laws originate in the civil law, and China's legal system gives investors a greater protection with rights of rulls. Then the paper compares the security market development level under the different legal systems. Also it draws the conclusion that security market's development is better in common law courtry than in civil law courtry. But China's better-legal rules do not promote the development of security markets. Since the legal investor protection can not explain the point of view, then chapter five analyzes the security market's regulation and enforcement efficiency. After the introduces and analyses of the efficiency indexs of the security market's regulation and enforcement, this paper finds that China's efficiency of legal rules enforcement supervision behind the international average, in the efficiency of legal rules enforcement, information disclosure and insider trading and other areas to be strengthened.Chapter six put forward countermeasures to strengthen the security market supervision.