浅述我国创业板市场之投资者保护

An Analysis of Investor protection in the Growth Enterprise Market

投资者是证券市场的重要参与者,良好的投资者保护是证券市场繁荣发展的保证。我国创业板市场建立时间不长,表现出诸多不成熟之处,上市公司高发行价、高市盈率、高风险,超募资金用途堪忧。要改变此种状况,保护投资者权益,应该完善发审制度、明确保荐人责任、培育信息披露中介机构、建立退市机制。

Investors are important participants in the securities market,and investor protection is the guarantee of prosperity and development of securities markets.Growth Enterprise Market has been established only for a short time in China,showing many immature aspects,such as high issue price,high price-earnings ratio,high risk,and nonrational utilization of the capital.To change this situation and protect the interests of investors,we should improve the system for examining and verifying the issuance of securities,clear the responsibility of the sponsor,nurture intermediaries to disclose information,and establish the delisting provision.