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

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1、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-

2、28Introduction:BriefAnalysisoftheCharacteristicsofInvestors ConclusionContentsFirst,toenhancetheinvestoreducationbyinnovatingtheapproachesSecond,todeveloptheinvestorservicebasedontheanalysisoftheirdemandsThird,toconductthesupervisionoverinvestorswithfreshideasFourth,toimprovetheinvestorprotectionbyp

3、uttingthesystemfirst2021-7-28Introduction:BriefAnalysisoftheCharacteristicsofInvestors2021-7-28Characteristicsofthestructureandconductsofinvestors(1)1.Thenumberofindividualinvestorsaccountshasincreased,whiletheirproportionintotalcaphasdeclinedeveryyear;Theproportionofinstitutionalinvestorsaccountsin

4、totalmarketcaphassteadilyincreasedyearbyyear.2.Individualinvestorsespeciallysmall-sizedonesprefersmallcapstocksandSTstocks;Institutionalinvestorspreferlargercapstocks.3.Althoughequippedwithlessinvestmentexperience,individualinvestorspreferhigh-risksecuritiesthatmaybringhugeprofits.4.Individualinvest

5、orspreferstockswithhighP/E,neglectingtheintrinsicvalueofstocks.2021-7-285.Overallprofitabilityofindividualinvestorshasincreasedwiththeenlargementoftheinvestmentscale,butisstilllowerthanthatofinstitutionalinvestorsatthesameperiod.6.Thecorrespondingproportionsofstockswithdifferentup/downratiointheport

6、foliosofindividualinvestorsremainconstant;Fortheinstitutioninvestors,justtheopposite.Theinstitutionalinvestorsarecapableofpickingtherightstocksinabullmarket.7.Individualinvestorstradeactivelywithaturnoverrateabout2-4timesthatofinstitutionalinvestors.8.Individualinvestorsandinstitutionalinvestorstrad

7、eadversely.Characteristicsofthestructureandconductsofinvestors(2)2021-7-28Figure1:ChangeofmarketcapheldupbyindividualandinstitutionalinvestorsIndividualinvestorspreferstockswithhighP/E,neglectingtheintrinsicvalueofstocks.2021-7-28Figure2:Percentagechangeofvariousperiodsofinvestmentfortheinvestmentsc

8、aleoflessthan100,000RMB2021-7-28Figure3:Cashamountfornetpurchaseofindividualinvestorswithaninvestmentoflessthan100,000RMBorbetween100,000to1millionRMB2021-7-28Figure4:CashamountfornetpurchaseofinvestmentfundsorQFIImembersFinding based on the comparison between Figure 3 and Figure 4:Individual invest

9、ors 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(2005-202

10、1)Individualinvestorsandinstitutionalinvestorspreferstockswithdifferentup/downratio2021-7-28Figure6：Percentagechangeofstockswithlowup/downratiointheportfoliosofindividualinvestors2021-7-28Figure7：Percentagechangeofstockswithhighup/downratiointheportfoliosofindividualinvestorsThecorrespondingproporti

11、onsofstockswithdifferentup/downratiointheportfoliosofindividualinvestorsremainconstant;Fortheinstitutioninvestors,justtheopposite.Theinstitutionalinvestorsarecapableofpickingtherightstocksinabullmarket.2021-7-28Four-in-OnetoVigorouslyDeveloptheTeamofQualifiedInvestorsEducationServiceSupervisionInves

12、torsProtection2021-7-28Whatsthesignificationofinvestoreducation?Howtoconductinvestoreducation?WhataretheroleandfocusofSSEininvestoreducation?First,toenhancetheinvestoreducationbyinnovatingtheapproaches2021-7-28SignificanceInvestorsarethefoundationofthemarketThematuringofinvestorsisadrivingforceforth

13、ematuringofthemarketInvestorsmaturityisanimportantindicatorofthematurityofthemarketThecultivationofrationalandmatureinvestorsreliesontherelentlesseffortsofvariousmarketparticipantstoeffectivelyconductinvestoreducationThisworkislong-term,basicandroutine.2021-7-28Howtodo?TargetContentApproachToimprove

14、theinvestorsriskidentificationanddecisionmakingabilities;Tostrengthentheirself-protection,soastodevelopRational,Mature,andQualifiedinvestors.Tofocusontheinvestorsrighttoknow.Todefinetheirrightsandobligationsinthesecuritiesinvestmentactivities.ToMakethemknowthelegalsystemrelatedtothesecuritiesmarket,

15、tradingrules,proceduresandsoon.Toinformthemoftherisksofsecuritiesproductsandfinancialderivatives.Exploitingnewformsandchannels,suchastheInternet,SMS,simulatedtrainingandsoontostimulatetheinvestorsenthusiasm.Tounderstandtheeducationalneedsofinvestorsandconductinvestoreducationbasedontheclassification

16、ofinvestorsTopopularizeinvestoreducationToincludeinvestoreducationintothenationaleducationsystemTostrengthentheassessmentoftheeducationresults2021-7-28TheInvestorEducationofSSE(1)Tosortoutexternalrelations,Tounderstandmarketconditions,Toperfectoperationalsystem,Tointegratemarketresources,Tomakefullu

17、seofourownadvantages,toencouragememberstoconductinvestoreducation,andstartface-to-faceeducation,inordertoestablishaninformationsharingmechanismtoenhancecooperationwithothermarketparticipantsaswellasleadingmedia.CombineInvestorEducationwithInstitutionbuildingFrontlineregulationMarketinnovationHandlin

18、gofinvestorscomplaintsRoleTheFourCombinations2021-7-28TheInvestorEducationofSSE(2)Integratingthecurrentdispersedresources,establishingandperfectingtheinvestoreducationplatform,makingfulluseofourownadvantages.Withthelaunchofnewproducts,conductingtheinvestoreducationamongordinaryinvestors,fullyreveali

19、ngtheinvestmentrisks,makingthemfullyawareoftheprincipleofBuyersTaketheRisks.Strengtheningtheinstitutionbuilding:Appointingthecontactpointsofmembersforinvestoreducation.Establishingtheinvestoreducationmessagingplatformandurgingmemberstoremindtheinvestorsoftherisksinatimelyfashion.Developingrelevantgu

20、idelinestodisciplineindividualinvestors.DevelopingandlaunchingmocktradingforETFs,Warrantsetc.Developingandpromotingthemocktestingandqualificationassurance.ThenewlyestablishedInvestorEducationDepartmenthaslaunchedinvestoreducationfeaturingqualifiedinvestorsregimerecently.2021-7-28Whytopromoteinvestor

21、service?HowdoesSSEprovideinvestorservice?Second,todeveloptheinvestorservicebasedontheanalysisoftheirdemands2021-7-28TheservicephilosophyofSSERegulation？Service？ServicecreatesthecorevalueofSSEServiceObjects：MembersandintermediariesListedandpre-listedcompaniesInvestors(Creatingvaluesforthemandprotecti

22、ngtheirinterests)2021-7-28TheInvestorServiceofSSE(1)TenetPrincipleApproach“ServingthemarketwithourwholeheartToprotecttheirinterestsusingmulti-level,multi-forminvestorservices,makethemawareoftheinvestmentrisksandtheirlegitimaterightssoastonurturequalityinvestors.Adoptthedirectandindirectservices.Onth

23、eonehand,doingourownserviceswell,ontheotherhand,encouragingmemberstoservebetter.Makingtransparentanddynamicservice:publicizingtheinformationandupdateittimely.Standardizingtheservice:Optimizingtheserviceproceduresandprovidingtimelyfeedbackforinvestors.Providingservicewithpassionandsincerity.Definingt

24、heservicecontents:Settingouttheprocedures,contents,FAQs,andexemptionclauses.Diversifyingtheservice:Usingboththeelectronicandnon-electronicmeanstoprovideroutineortargetedservices.2021-7-28TheInvestorServiceofSSE(2)Quality criteriaMaking service procedures scientific,standardized and enforceable and s

25、etting 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

26、 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 educati

27、on 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

28、satisfaction.Establishing the supervision mechanism and putting in place the hotline for complaints.2021-7-28Whytosuperviseinvestors?Howtosuperviseinvestors?HowdoesSSEsupervisetheinvestors?Third,toconductthesupervisionoverinvestorswithfreshideas2021-7-28ThinkingThelogicalsupportforinvestorsupervisio

29、nMarketfailure?Governmentfailure?Discrepanciesamonginvestorsinfunds,riskidentificationandinvestmentdecision-making.Evenanopenmarketmayfailtoprovidefairnessandequitabilitywhentheinvestorsareirrational.Toexercisesupervisionbasedontheclassificationofinvestors.Pursuitofvalue：order,efficiencyandtruefairn

30、essClassificationcriteria:netasset,knowledge,experience,etc.DynamicClassification:Makingadjustmentaccordingtospecificcircumstancesandallowingcertainexemptionsfromregulationinstrictconditions.Payattentiontotheprotectionofinvestorspropertyright,privacy,therightofequality,libertyandsoon.2021-7-28Superv

31、isionmethodsSpecialrulesforproductsAccording to different risks associated with products,setting up the specific entry requirements for investors as well as risk disclosure criteria accordingly.MarketentryProductentryInvestorentryToestablishcoreteamsofinvestorsforrelatedproductsIndividualinvestorvs.

32、institutionalinvestorsDomesticinvestorsvs.foreigninvestorsMarketparticipants:Senior,intermediate,ordinaryAccountmonitoringBlacklistBanishmentfromthemarketMonitoringtheaccountswithunusualtrading.Including the accounts with unusual trading into the black list,freezing their accounts and restricting th

33、eir transactions.The record can be a reference for qualification assurance.Theaccountswithseriousviolationsarebanishedfromthemarket.2021-7-28HowdoesSSEsupervisetheinvestors?Lawfullyconductingthefront-lineregulationoverinvestorsIntroducingtheentrysystemforinvestorsbasedonaccurateanalysisofthecharacte

34、risticsofinvestorsandthenationalconditions.Carryingoutclassifiedinvestormanagementbasedonkeenobservationofinvestorsriskmanagementsabilities.Strengtheningthesupervisionovertradingactivitiesandthepunishmentmechanism.AdoptingsuchmeasuresasBlack ListandBanishment from market.2021-7-28Fourth,toimprovethe

35、investorprotectionbyputtingthesystemfirstWhataretheinvestorsrightsandinterests?Howtobuildtheinstitutionsrelatedtoinvestorprotection?Howtoprotecttheinvestorsrightsandinterests?HowdoesSSEprotectitsinvestors?2021-7-28InvestorsrightsandInterestsrolerightsShareholderoflistedcompaniesRight to know the dis

36、closed 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

37、 and lodge complaintsRight to request mediationRight to initiate arbitration Right to sue and to win the lawsuit2021-7-28InstitutionalguaranteeMarketentrymechanismforsecuritiesofferingFixed-priceofferingmechanismRiskinsulationmechanismofsecuritiescompaniesThird-partydepositorymechanismInformationdis

38、closesystemCorporateGovernanceoflistedcompaniesCreditratingoflistedcompaniesandintermediariesSecuritiesInvestorCompensationFundSystemShareholderderivativelitigation,securitiesclassactionBankruptcyreconciliation,re-organizationsystemSocialsupervision2021-7-28ProtectionofrightsRule of LawRule of LawTo

39、 improve the relevant legal system to protect the rights and interests of investors and to highlight INTEGRITY.MethodsEffectPublicprotectionSelf-protectionAdministrativedecisions,litigationIncreasethecostsforviolationsofthelawNegotiation,mediation,appeals,arbitration,etc.AdoptlegalmeansTheinvestorsi

40、nterestscanbesafeguardedwhenviolationsarepunished.Theexecutionofciviljudgmentofcompensationhelpstoensurejustnessinthemarketthusmaintainingsocialorder.2021-7-28HowdoesSSEprotectitsinvestors?EstablishingSSEasthemarketorganizerandfront-lineregulator.Effectivelycombiningtheeducation,service,supervisiona

41、ndprotectionofinvestors.Furtherstrengtheningtheinformationdisclosureoflistedcompanies.Intensifyingthemanagementofmembers.Establishingthesystemofprudentqualifiedinvestors.Promotingthemechanismofinvestorsself-protection.Providingrelatedrulesforproductsandtransactiondata,etctohelpdefendtheirrights.2021-7-28Conclusion:EducationandService,SupervisionandEducationandService,SupervisionandProtection:Four-in-one,tovigorouslyProtection:Four-in-one,tovigorouslyDeveloptheTeamofQualifiedInvestorsDeveloptheTeamofQualifiedInvestorsThank you!