Research On The Legal Issues Of The Protection Of Small And Medium Investors Under The IPO Registration System

The transition of China’s IPO audit system to the registration system is the highlight of the reform of the stock review system,and it is also the only way for China’s securities capital market to gradually mature.In China,small and medium-sized investors account for a large proportion of the IPO investor structure.As an indispensable part of the IPO market,they are also an important factor in promoting the healthy development of the securities market.Therefore,the protection of the rights and interests of small and medium investors has always been the top priority of securities supervision and management.The separation of ownership and management rights in China’s capital market can be said to be the norm,and the resulting asymmetry of capital market information,coupled with small and medium-sized investors in terms of financial strength,risk judgment,information access channels,etc.Investors have obvious gaps,making it impossible for small and medium-sized investors to grasp the information of the capital market in a true,complete and timely manner.Therefore,the Chinese securities market must have its own style for the special problems of IPO small and medium investors protection,and it is also a realistic issue that regulators need to solve.This paper attempts to explore the protection of investor rights system when the future IPO registration system is officially implemented.Starting from theoretical analysis,the contract theory and legal theory,principal-agent relationship theory,effective capital market theory,game theory,information asymmetry theory and public The combination of interest theory analyzes the impact of IPO registration on investor protection from the perspective of regulators,issuers and investors,discusses the importance of protecting small and medium investors and the status of investor protection,combined with the United States and The thinking of Japan’s research status,and then explore the impact of the quality of regulators,issuers and investors on investor rights under the IPO registration system,and propose relevant legislation to improve the protection of small and medium-sized investors in IPOs and establish effective supervision.Institutions,supplements and non-litigation mechanisms are used to ensure the rights and interests of small and medium-sized investors in IPOs.The key points for the protection of small and medium-sized investors are:(1)improving and perfecting the securities legal system,and uniformly arranging the protection of IPO investors into the Securities Law;(2)rational allocation by the government,the China Securities Regulatory Commission,and the stock exchange.Regulatory power,division of labor and cooperation;(3)attach importance to improving the information disclosure system;(4)improve the quality of small and medium investors themselves.