Research On The Legal Issues Of Investor Protection Of Chinese Depository Receipts

Chinese depository receipts refer to securities issued by depositors,issued on the basis of overseas securities in China and representing the rights and interests of overseas underlying securities.Under the background of our country’s current development of new economy,the introduction of depository receipts is of great practical significance to the further opening of our capital market.Based on domestic legislation and practice,this paper explores the effective ways of protecting investors of chinese depository receipts by drawing lessons from the beneficial experience of protecting depository receipts investors abroadThe paper is divided into introduction,body and conclusion.The body is divided into four chapters.The first chapter is an overview of the theory of protection of Chinese depository receipts investors.This chapter introduces the emergence of depository receipts and the development in China,and combine the information asymmetry theory,agency theory analysis found that investors have special protection needs in the transaction.The second chapter analyzes the status quo and the special problems existing in the protection of chinese depository receipts investors.Based on the existing legislation and practice status of chinese depositary receipts investors,this part summarizes the existing experience and shortcomings,and expounds that chinese depositary receipts investors have some special problems such as vague definition of legal relationship,information disadvantage of investors,complex issuing and trading mechanism and conflict of jurisdiction.The third chapter mainly introduces the premise of the protection of Chinese depository receipts investors,that is,correctly define the legal relationship of depository receipts.On the basis of analyzing the viewpoints,this paper analyzes the issues such as the issuer of chinese depository receipts,the legal nature of the depository agreement and the legal status of investors in chinese depository receipts.The fourth chapter is the construction of the perfect path of the investor protection system of Chinese depository receipts.In order to coordinate the interests of the issuers of overseas underlying securities,domestic depositors and investors,and to prevent the investors in the weak position of trading from being infringed upon by improper securities,It is necessary to improve the investor protection system in both two aspects of prevention and relief of depository receipts in China.