Research On The Protection Of Common Investors Under The Compulsory Delisting System

Delisting system of listed companies is an important basic system of China’s capital market,which plays an important role in improving the quality of listed companies,promoting the survival of the fittest,optimizing the allocation of resources and protecting the legitimate rights and interests of investors.At present,China’s capital market delisting system is mainly divided into voluntary delisting and compulsory delisting.Medium and small investors because of its own knowledge structure level,access to information,securities held by the value judgment method and trading rules familiarity,investment strategy and so on various aspects are weak,and common-sized investors,wide distribution,large characteristics of organizational make its independence,and limited ability to maintain their own rights and interests under the compulsory delisting system caused by unbalanced investment,once the stocks held by the compulsory delisting,the contingency and sudden on the value of the shares held by the common-sized investors and direct loss caused by liquidity.Therefore,under the compulsory delisting system,it is necessary to pay attention to the protection of the rights and interests of common-sized investors.Otherwise,common-sized investors will become the main obstacle to the implementation of the compulsory delisting system because their rights and interests are damaged.Meanwhile,it will also undermine the confidence of common-sized investors to participate in the securities market,which is not conducive to the healthy and stable development of China’s capital market.The purpose of this study is compulsory delisting system,analysis of China’s current compulsory delisting system policy evolution and the effects on the common-sized investors,using the behavioral finance theory combined with A broker under this system of medium and small investors’ rights and interests protection work practice,put forward from the perspective of brokerage,medium and small investors’ rights and interests protection work of the corresponding problems and perfecting measures.Based on the marxist methodology of combining theory with practice and combining qualitative and quantitative analysis,this paper firstly introduces the research background and research purpose,and puts forward the research problem of protecting the rights and interests of common-sized investors from the perspective of the micro perspective of securities firms in combination with the compulsory delisting system and its influence.Secondly,by empirical analysis of the public information of shenzhen stock exchange and Shanghai stock exchange,data on the protection system of rights and interests of common-sized investors of A securities firm are collected,and information on the compulsory delisting of small investors in its investor education system and appropriate management work is consulted.At the same time,using the basis of the behavioral finance theory cognition irrational and irrational decision-making,design for happened holding compulsory delisting of the common-sized investors survey statistics,and according to the data analysis,combined with the brokers under compulsory delisting system of common-sized investors to protect the interests of the status quo to find a key link in the process of protection,put forward under the brokers view of protecting minority investors’ interests in the mandatory system of practical problems.Based on the current brokers in the problem of the existing commonness and shortcomings,effective analysis and put forward targeted countermeasures.The following conclusions are drawn: as for the compulsory delisting of securities firms,the current investment and education system is universal,the investment and education channels are single,and the phenomenon of part-time job is serious.It is suggested to build a targeted investor education and protection system.The implementation of appropriate management for common-sized investors is not good and the level is low.Therefore,the protection effect of appropriate management in advance should be highlighted in key business nodes.The customer service system is not well integrated with the protection of common investors.