对投资者权益保护的监管问题研究——基于行为法经济学的视角

Research on regulation to investor rights and interests protection——based on behavioral law and economics

在社会主义市场经济体系中,中小投资者与经营者和控股股东相比处于弱势地位,需要对其权益进行保护,在法律不完备与不健全的背景下,投资者权益的保护在很大程度上依赖于行政监管的有效性。文章引入行为经济学的观点,认为只有认识到中小投资者和监管者存在的诸如过度自信,反应不足等行为偏差,并且在经济活动中进行有效纠正才可能更好地保护投资者权益,同时提出了应加强对投资者的教育以及改善行政监管的有效措施。

Small investors are weaker than managers and control investors in the socialism market system. Their rights and interests need be protected. When legal system is incomplete, investor protection largely depend on regulating efficient. The paper introduces the view of behavioral law and economics,argues that investor protection need understand some behavioral biases such as over self-confidence and under reaction, and in economic activities an effective remedy can protects the interests of investors better.In the end this paper argues some measures such as strengthening investors education and improving regulation.