Research On The Optimization Of China’s Depositary Receipt Investors’ Damage Compensation System

Depositary receipts are an important way for China’s securities market to connect with international markets。As an emerging financial instrument,it is necessary to pay attention to investor protection issues when issuing transactions。Due to the short period of time and lack of reference cases,the research on the protection of investors in national depositary receipts is mainly focused on the areas of ex ante prevention,that is,the supervision of depositary receipts,and there is little consideration in the post-relief perspective。Therefore,this article will be based on the post-aid relief level of the depositary receipt investors,starting from damage compensation,and making feasible optimization based on the existing compensation system。This article is divided into six chapters。On the whole,the author takes the optimization of China’s depositary receipts damage compensation system as the core,and uses various compensation theories in law and economics to compare horizontally the practice of extraterritorial depositary receipts damage compensation。The shortcomings of the damages compensation system with depositary receipts are given,and scientific and reasonable amendment suggestions are given。Finally,the optimal compensation theory is used to explore the damage compensation method suitable for China’s national conditions。Specifically,the main contents of each part of the article are as follows:Chapter one:Introduction。Summarize existing depository receipt research and doctrine at home and abroad,the reasons for the need to optimize the depositary receipts damage compensation system and the proposed solutions are given。Chapter two:Theoretical Basis of Depositary Receipt Compensation。Compare the differences between formalism and realism in law and economics respectively.。From the perspective of sanction rules and compensation methods,choose the faction that is more suitable for the depositary certificate damage compensation system。Chapter three:Comparative Analysis of Chinese and Foreign Depository Receipt Investor Damage Compensation Systems。Summarize existing depositary receipt damage compensation regulations and other relevant rules,and critically draw on mature depositary receipt damage compensation rules from outside the region。Chapter four:Obstacles to the Localization of the Depositary Receipt Damage Compensation System。From the two aspects of system defects and practical problems,the system problems of damages of depositary receipts are summarized.Among them,the system defects are that the plaintiff’s qualifications are narrow and the compensation standards are unreasonable。The actual problem is the lack of cross-border conversion mechanism of depositary receipts。Chapter five:The concept of optimizing the damages compensation system of China’s depositary receipts。Optimize the specific system from three aspects:the determination of damages to the depositary receipts,the compensation method,and the replacement of the cross-border conversion mechanism。The identification standard is based on the plaintiff’s eligibility,the principle of imputation,and the burden of proof。The compensation method is classified and discussed according to the differences between the primary and secondary markets。Finally,based on the applicable prerequisites and methods,the damage compensation right is designed as a replacement mechanism。Chapter six:Conclusion。It points out the significance of optimizing the damages compensation system for depositary receipts:First,it will help promote the development of the securities damages compensation system,and then it can meet the expectations of the public for fairness and efficiency。The optimization of China’s depositary receipts damage compensation system will help reverse the situation of inadequate investor protection。At the same time,the superior damage compensation system also helps to increase the confidence of investors in the transaction of depositary receipts,pave the way for the implementation of the new Securities Law,and effectively maintain the freedom and order of depositary receipts market transactions。...