Research On The Protection Of Rights And Interests Of Investors Under IPO Registration System

With the development of our society and the evolution of stock starting system from the original approval system,channel system and transition to today’s approval of sponsor system, every system represents the change of China’s securities market change and mature.In May 2014,first put forward in the public documents of the State Council to promote the IPO registration, so applying the IPO registration system in China’s capital market will be an important work in recent years of Government.Investors are the main participants of the securities market,and fully protecting their investment interests is the foundation of social stability,therefore, talking about the protecting of the rights and interests of investors under IPO registration system provides ideas and suggestions for the future,hasing a theoretical and practical significance.First,this paper summaries and reviews the research of the protection on the rights and interests of investors under IPO registration system at home and abroad literature;Second,IPO registration system as research background,participants of the securities market behavior mechanism to do qualitative analysis of the rights and interests of investors;Again,build s the IPO registered under the revenue function expression of the regulators,issuers and investors t hrough the game relationship between the regulator and the issuer,analyzes the behavior choice the effects on the rights and interests of investors,and under the game equilibrium,analysis the main factors influencing the rights and interests of investors;Finally,put forward under the IPO registration system,strengthen the policy and suggestions to protect the rights and interests of investors.Study shows that the game of regulators and the issuer of the level of supervision and punishment as well as information disclosure strategy are essential to the protection of the rights and interests of investors,the game is balanced,rights and interests of investors by the issuer of the information disclosure strategies,regulators,penalties and regulatory level,laws and regulations as well as the perfect degree of the regulatory regime,investors their rights caused by the issuer illegal divulgence be punished by the extent of the influence factors and the quality of their own investors.Through improving the system of issuing regulatory investors,improving the quality of information disclosure,improving their own quality,establishing and the securities market laws and regulations to developing the protection of the rights and interests of investors under IPO registration system.