Functional Orientation And System Construction Of Class Action In The Field Of Securities Law

With the development of China's securities market,the market is expanding,participants have continued to increase,has developed into the world's second largest after the US stock market.However,China's securities market growing appearing in insider trading,securities fraud,false statements and other phenomenon,a huge number of small and medium shareholders caused serious violations,but also seriously hindered the healthy development of China's securities market.China's securities disputes for a wide number of features,each person's loss is not easy to assess.China in the field of securities existing administrative,civil,criminal means can not effectively resolve such disputes,in order to further the development of China's securities market,it is necessary to think with introduce the Group Securities LitigationClass action through the "collective fiction plaintiff,sued on behalf of the agent,can be divided into favor,against no losses," the system design,incentive plaintiffs and lawyers involved in litigation filed or,in the maintenance of collective personal interests,safeguard the interests of society to achieve the objective effects,which make up the "no public effort to implement","implement without private power" of insufficiency.With rich Chinese securities fraud enforcement experience,the establishment of securities class action system to protect the vital interests of small investors will play its unique role.Application of historical analysis,comparative analysis and other methods were extended,from history to reality,combining theoretical and empirical securities class action research.Through literature and empirical data collection,collation,researchstatus of securities fraud infringement proceedings,and then discover the problem.The difference of securities fraud litigation in civil,administrative,criminal conduct comparison between the two countries,in order to seek the inadequacies of the current system of investor protection,to build China's securities class action system to provide theoretical reference and help,Law and economics approach to the use of class action mechanisms were analyzed and compared in order to obtain comparative advantages of class action.