未雨绸缪抑或亡羊补牢:证券市场国际板投资者权益保护法律机制研究

Take Precautions before It is too Late or Take Precautions after Suffering a Loss——The research of legal mechanism for protecting the interests of the securities investors in the international board

国际板登陆沪市是利弊权衡与博弈的理性选择。由于早已存在的中国证券市场结构性问题以及国际板的特殊性和复杂性,在此讨论投资者风险及保护与其说是未雨绸缪,倒不如言之为旧有漏洞的亡羊补牢。因此,分析风险形成原因并且借鉴域外金融发达国家和地区对跨境融资、上市发行等行为的法律监管制度和投资者保护经验,从中国国情出发,立足于立法规制、机构监管、诉讼保障等方面,构建国际板投资者保护的法律机制是必要而又任重而道远的。

It is a rational choice to render the international board land on shanghai after weighing the advantages and disadvantages and game playing.Because of the sustaining structural problems have existed in the Chinese securities market and the extraordinary nature or complexity in the international board,discussing the risks and protections of the investors is really a taking precautions after suffering a loss rather than a take precautions before it is too late.So it is better to analyze the reason of forming risks and then to borrow ideas from legal regulatory system and the experiences about protecting the investors in terms of cross-border funding and IPO in the developed countries and regions with advanced finance.All along from Chinese national conditions,our road based on the legislation rele,control mechanism and procedural safeguards will be long and tortuous.