中国证券市场投资者保护制度的发展和完善 - 中国证券投资者保护基金.ppt

2021-7-28Education and Service,Supervision and Education and Service,Supervision and Protection:Four-in-One to Vigorously Protection:Four-in-One to Vigorously Develop the Team of Qualified InvestorsDevelop the Team of Qualified InvestorsPresidentofShanghaiStockExchangeZhangYujunJuly,28th,20212021-7-28Introduction:BriefAnalysisoftheCharacteristicsofInvestors ConclusionContentsFirst,toenhancetheinvestoreducationbyinnovatingtheapproachesSecond,todeveloptheinvestorservicebasedontheanalysisoftheirdemandsThird,toconductthesupervisionoverinvestorswithfreshideasFourth,toimprovetheinvestorprotectionbyputtingthesystemfirst2021-7-28Introduction:BriefAnalysisoftheCharacteristicsofInvestors2021-7-28Characteristicsofthestructureandconductsofinvestors(1)1.Thenumberofindividualinvestorsaccountshasincreased,whiletheirproportionintotalcaphasdeclinedeveryyear;Theproportionofinstitutionalinvestorsaccountsintotalmarketcaphassteadilyincreasedyearbyyear.2.Individualinvestorsespeciallysmall-sizedonesprefersmallcapstocksandSTstocks;Institutionalinvestorspreferlargercapstocks.3.Althoughequippedwithlessinvestmentexperience,individualinvestorspreferhigh-risksecuritiesthatmaybringhugeprofits.4.IndividualinvestorspreferstockswithhighP/E,neglectingtheintrinsicvalueofstocks.2021-7-285.Overallprofitabilityofindividualinvestorshasincreasedwiththeenlargementoftheinvestmentscale,butisstilllowerthanthatofinstitutionalinvestorsatthesameperiod.6.Thecorrespondingproportionsofstockswithdifferentup/downratiointheportfoliosofindividualinvestorsremainconstant;Fortheinstitutioninvestors,justtheopposite.Theinstitutionalinvestorsarecapableofpickingtherightstocksinabullmarket.7.Individualinvestorstradeactivelywithaturnoverrateabout2-4timesthatofinstitutionalinvestors.8.Individualinvestorsandinstitutionalinvestorstradeadversely.Characteristicsofthestructureandconductsofinvestors(2)2021-7-28Figure1:ChangeofmarketcapheldupbyindividualandinstitutionalinvestorsIndividualinvestorspreferstockswithhighP/E,neglectingtheintrinsicvalueofstocks.2021-7-28Figure2:Percentagechangeofvariousperiodsofinvestmentfortheinvestmentscaleoflessthan100,000RMB2021-7-28Figure3:Cashamountfornetpurchaseofindividualinvestorswithaninvestmentoflessthan100,000RMBorbetween100,000to1millionRMB2021-7-28Figure4:CashamountfornetpurchaseofinvestmentfundsorQFIImembersFinding based on the comparison between Figure 3 and Figure 4:Individual investors and institutional investors trade adversely.In the year of 2007 and 2021,individual investors were the net seller,while institutional investors were the net buyer in the market.2021-7-28Figure5:Individualvs.Institutional:Changeofproportionsofstockswithdifferentup/downratiointheportfolio(2005-2021)Individualinvestorsandinstitutionalinvestorspreferstockswithdifferentup/downratio2021-7-28Figure6：Percentagechangeofstockswithlowup/downratiointheportfoliosofindividualinvestors2021-7-28Figure7：Percentagechangeofstockswithhighup/downratiointheportfoliosofindividualinvestorsThecorrespondingproportionsofstockswithdifferentup/downratiointheportfoliosofindividualinvestorsremainconstant;Fortheinstitutioninvestors,justtheopposite.Theinstitutionalinvestorsarecapableofpickingtherightstocksinabullmarket.2021-7-28Four-in-OnetoVigorouslyDeveloptheTeamofQualifiedInvestorsEducationServiceSupervisionInvestorsProtection2021-7-28Whatsthesignificationofinvestoreducation?Howtoconductinvestoreducation?WhataretheroleandfocusofSSEininvestoreducation?First,toenhancetheinvestoreducationbyinnovatingtheapproaches2021-7-28SignificanceInvestorsarethefoundationofthemarketThematuringofinvestorsisadrivingforceforthematuringofthemarketInvestorsmaturityisanimportantindicatorofthematurityofthemarketThecultivationofrationalandmatureinvestorsreliesontherelentlesseffortsofvariousmarketparticipantstoeffectivelyconductinvestoreducationThisworkislong-term,basicandroutine.2021-7-28Howtodo?TargetContentApproachToimprovetheinvestorsriskidentificationanddecisionmakingabilities;Tostrengthentheirself-protection,soastodevelopRational,Mature,andQualifiedinvestors.Tofocusontheinvestorsrighttoknow.Todefinetheirrightsandobligationsinthesecuritiesinvestmentactivities.ToMakethemknowthelegalsystemrelatedtothesecuritiesmarket,tradingrules,proceduresandsoon.Toinformthemoftherisksofsecuritiesproductsandfinancialderivatives.Exploitingnewformsandchannels,suchastheInternet,SMS,simulatedtrainingandsoontostimulatetheinvestorsenthusiasm.TounderstandtheeducationalneedsofinvestorsandconductinvestoreducationbasedontheclassificationofinvestorsTopopularizeinvestoreducationToincludeinvestoreducationintothenationaleducationsystemTostrengthentheassessmentoftheeducationresults2021-7-28TheInvestorEducationofSSE(1)Tosortoutexternalrelations,Tounderstandmarketconditions,Toperfectoperationalsystem,Tointegratemarketresources,Tomakefulluseofourownadvantages,toencouragememberstoconductinvestoreducation,andstartface-to-faceeducation,inordertoestablishaninformationsharingmechanismtoenhancecooperationwithothermarketparticipantsaswellasleadingmedia.CombineInvestorEducationwithInstitutionbuildingFrontlineregulationMarketinnovationHandlingofinvestorscomplaintsRoleTheFourCombinations2021-7-28TheInvestorEducationofSSE(2)Integratingthecurrentdispersedresources,establishingandperfectingtheinvestoreducationplatform,makingfulluseofourownadvantages.Withthelaunchofnewproducts,conductingtheinvestoreducationamongordinaryinvestors,fullyrevealingtheinvestmentrisks,makingthemfullyawareoftheprincipleofBuyersTaketheRisks.Strengtheningtheinstitutionbuilding:Appointingthecontactpointsofmembersforinvestoreducation.Establishingtheinvestoreducationmessagingplatformandurgingmemberstoremindtheinvestorsoftherisksinatimelyfashion.Developingrelevantguidelinestodisciplineindividualinvestors.DevelopingandlaunchingmocktradingforETFs,Warrantsetc.Developingandpromotingthemocktestingandqualificationassurance.ThenewlyestablishedInvestorEducationDepartmenthaslaunchedinvestoreducationfeaturingqualifiedinvestorsregimerecently.2021-7-28Whytopromoteinvestorservice?HowdoesSSEprovideinvestorservice?Second,todeveloptheinvestorservicebasedontheanalysisoftheirdemands2021-7-28TheservicephilosophyofSSERegulation？Service？ServicecreatesthecorevalueofSSEServiceObjects：MembersandintermediariesListedandpre-listedcompaniesInvestors(Creatingvaluesforthemandprotectingtheirinterests)2021-7-28TheInvestorServiceofSSE(1)TenetPrincipleApproach“ServingthemarketwithourwholeheartToprotecttheirinterestsusingmulti-level,multi-forminvestorservices,makethemawareoftheinvestmentrisksandtheirlegitimaterightssoastonurturequalityinvestors.Adoptthedirectandindirectservices.Ontheonehand,doingourownserviceswell,ontheotherhand,encouragingmemberstoservebetter.Makingtransparentanddynamicservice:publicizingtheinformationandupdateittimely.Standardizingtheservice:Optimizingtheserviceproceduresandprovidingtimelyfeedbackforinvestors.Providingservicewithpassionandsincerity.Definingtheservicecontents:Settingouttheprocedures,contents,FAQs,andexemptionclauses.Diversifyingtheservice:Usingboththeelectronicandnon-electronicmeanstoprovideroutineortargetedservices.2021-7-28TheInvestorServiceofSSE(2)Quality criteriaMaking service procedures scientific,standardized and enforceable and setting investors satisfaction as one important criterion for service quality assessment.Amending the service outline and formulating the service plan at the beginning of the year.Advocating the principle of who answers first,who assumes the responsibility.ContentsGuiding members in optimizing client management system and providing the service based on scientific classification.Formulating the Guidelines on the Securities Trading Activities of Investors based on the analysis of the current status of investors and their conducts.Providing information via our official website and investor education site.Optimizing the public advisory service hotlineand properly handling the letters and visits.SupervisionEstablishing investor service group with group responsibility mechanism.Establishing regular meeting system.Implementing service quality assessment system and conducting surveys on investor satisfaction.Establishing the supervision mechanism and putting in place the hotline for complaints.2021-7-28Whytosuperviseinvestors?Howtosuperviseinvestors?HowdoesSSEsupervisetheinvestors?Third,toconductthesupervisionoverinvestorswithfreshideas2021-7-28ThinkingThelogicalsupportforinvestorsupervisionMarketfailure?Governmentfailure?Discrepanciesamonginvestorsinfunds,riskidentificationandinvestmentdecision-making.Evenanopenmarketmayfailtoprovidefairnessandequitabilitywhentheinvestorsareirrational.Toexercisesupervisionbasedontheclassificationofinvestors.Pursuitofvalue：order,efficiencyandtruefairnessClassificationcriteria:netasset,knowledge,experience,etc.DynamicClassification:Makingadjustmentaccordingtospecificcircumstancesandallowingcertainexemptionsfromregulationinstrictconditions.Payattentiontotheprotectionofinvestorspropertyright,privacy,therightofequality,libertyandsoon.2021-7-28SupervisionmethodsSpecialrulesforproductsAccording to different risks associated with products,setting up the specific entry requirements for investors as well as risk disclosure criteria accordingly.MarketentryProductentryInvestorentryToestablishcoreteamsofinvestorsforrelatedproductsIndividualinvestorvs.institutionalinvestorsDomesticinvestorsvs.foreigninvestorsMarketparticipants:Senior,intermediate,ordinaryAccountmonitoringBlacklistBanishmentfromthemarketMonitoringtheaccountswithunusualtrading.Including the accounts with unusual trading into the black list,freezing their accounts and restricting their transactions.The record can be a reference for qualification assurance.Theaccountswithseriousviolationsarebanishedfromthemarket.2021-7-28HowdoesSSEsupervisetheinvestors?Lawfullyconductingthefront-lineregulationoverinvestorsIntroducingtheentrysystemforinvestorsbasedonaccurateanalysisofthecharacteristicsofinvestorsandthenationalconditions.Carryingoutclassifiedinvestormanagementbasedonkeenobservationofinvestorsriskmanagementsabilities.Strengtheningthesupervisionovertradingactivitiesandthepunishmentmechanism.AdoptingsuchmeasuresasBlack ListandBanishment from market.2021-7-28Fourth,toimprovetheinvestorprotectionbyputtingthesystemfirstWhataretheinvestorsrightsandinterests?Howtobuildtheinstitutionsrelatedtoinvestorprotection?Howtoprotecttheinvestorsrightsandinterests?HowdoesSSEprotectitsinvestors?2021-7-28InvestorsrightsandInterestsrolerightsShareholderoflistedcompaniesRight to know the disclosed informationRight to share the proceedsRight to voteRight to supervise the companySecuritiesTradingParticipantsRight to trade fairly and voluntarily Right to secure the assetsClientsRight to participate in the pricing in share offeringCivilsubjectsRight to report something to related apartment and lodge complaintsRight to request mediationRight to initiate arbitration Right to sue and to win the lawsuit2021-7-28InstitutionalguaranteeMarketentrymechanismforsecuritiesofferingFixed-priceofferingmechanismRiskinsulationmechanismofsecuritiescompaniesThird-partydepositorymechanismInformationdisclosesystemCorporateGovernanceoflistedcompaniesCreditratingoflistedcompaniesandintermediariesSecuritiesInvestorCompensationFundSystemShareholderderivativelitigation,securitiesclassactionBankruptcyreconciliation,re-organizationsystemSocialsupervision2021-7-28ProtectionofrightsRule of LawRule of LawTo improve the relevant legal system to protect the rights and interests of investors and to highlight INTEGRITY.MethodsEffectPublicprotectionSelf-protectionAdministrativedecisions,litigationIncreasethecostsforviolationsofthelawNegotiation,mediation,appeals,arbitration,etc.AdoptlegalmeansTheinvestorsinterestscanbesafeguardedwhenviolationsarepunished.Theexecutionofciviljudgmentofcompensationhelpstoensurejustnessinthemarketthusmaintainingsocialorder.2021-7-28HowdoesSSEprotectitsinvestors?EstablishingSSEasthemarketorganizerandfront-lineregulator.Effectivelycombiningtheeducation,service,supervisionandprotectionofinvestors.Furtherstrengtheningtheinformationdisclosureoflistedcompanies.Intensifyingthemanagementofmembers.Establishingthesystemofprudentqualifiedinvestors.Promotingthemechanismofinvestorsself-protection.Providingrelatedrulesforproductsandtransactiondata,etctohelpdefendtheirrights.2021-7-28Conclusion:EducationandService,SupervisionandEducationandService,SupervisionandProtection:Four-in-one,tovigorouslyProtection:Four-in-one,tovigorouslyDeveloptheTeamofQualifiedInvestorsDeveloptheTeamofQualifiedInvestorsThank you!