As of the end of March, the total number of investors in the securities market exceeded 163 million-

　　Investor protection, no shortage or offside

　　Our reporter Zhou Lin

　　To better protect investors, it is necessary to strengthen the principle of governing the market according to law, which is neither missing nor offside. For those suspected of deception, fraud, insider trading, we must strengthen supervision and punishment. In addition, it is necessary to establish investors' confidence in the A-share market through strict law enforcement and fair law enforcement.

　　The new "Securities Law" officially implemented on March 1 is about to expire for two months. In addition to the investor protection chapter that has attracted much attention, the new law has brought richer measures to improve investment protection, especially in the State Council Finance Under the framework of the meeting of the Stability Development Committee (referred to as the "Financial Commission"), "Combating all kinds of fraud and fraud" and "Strengthening investor protection according to law" were repeatedly mentioned, revealing the importance attached to the majority of small and medium investors.

　　According to the latest case disclosed by the China Securities Investor Protection Fund, when investing in stocks, investor Zhang found that a certain small-cap stock had recently risen significantly, and he quickly made additional investments. After being dubbed hundreds of thousands of yuan, he had to "cut meat" to stop the loss. Zhang had never dreamed that some people were "digging holes" behind the usual ups and downs. It turned out that Gao Moumou was suspected of manipulating the market through the "illegal settlement" model.

　　“Gao Moumou ’s behavior violated relevant laws. In the past, the result of the punishment may have been the confiscation of illegal gains and fines.” The head of the relevant department of the China Securities Investor Protection Fund said that the new “Securities Law” has expanded the types of actions to manipulate the securities market The penalties for manipulating the securities market have further strengthened the protection of investors.

　　According to the latest data released by China Securities Depository and Clearing Corporation, as of the end of March, the total number of investors in the A-share market exceeded 163 million, of which more than 95% were small and medium investors.

　　Liu Feng, chief economist of China Galaxy Securities, believes that to better protect investors, it is necessary to strengthen the principle of governing the market according to law, neither missing nor offside. For those suspected of deception, fraud, insider trading, we must strengthen supervision and punishment. In addition, it is necessary to establish investors' confidence in the A-share market through strict law enforcement and fair law enforcement. In the process of information disclosure and transaction, listed companies should be punished in accordance with the law and in violation of laws and regulations and financial order.

　　Protecting investors in accordance with the law is not a matter of self-talk in a fixed sector or "circle", but involves all areas of the financial market. Whether it is to improve the quality of listed companies or to better utilize the function of capital market resource allocation, in the eyes of many industry experts, the purpose is to protect investors.

　　From 2010 to 2017, the operation of a listed company with A shares was not good. In order to maintain the company's image, the company reduced the cost of carrying on the main business by 2 billion yuan by forging or falsifying financial data, and eventually accumulated a total of 20% 100 million yuan, between 2010 and 2016, the loss was repeatedly disclosed as profit.

　　According to the relevant laws of the past, the most likely punishment result of the listed company is to give a warning and a fine of 600,000 yuan, and the relevant responsible person shall be fined 30,000 to 300,000 yuan respectively. However, under the new "Securities Law", the amount of punishment will be greatly increased.

　　Xun Yugen, deputy director of the Haitong Securities Research Institute, believes that from the perspective of investors, the capital market needs to continue to flow to increase its activity, so it is important to protect the legitimate rights and interests of investors. From the perspective of listed companies, improving the quality and information disclosure of listed companies actually protects investors from the perspective of listed companies. Only when the listed companies keep surviving the fittest will the investment attractiveness of the capital market increase.

　　"Protecting investors, bottom line thinking is indispensable." Yang Wanchang, chief economist of Shenwan Hongyuan Securities Research Institute, said that to strengthen risk prevention in the domestic financial market and increase investor protection, the focus should be on three aspects. One is to strengthen information disclosure and increase the frequency, comprehensiveness and pertinence of information disclosure. Affected by the epidemic situation, the industrial chain of some listed companies will be affected recently, and business performance fluctuations and revenue declines are normal phenomena. Listed companies cannot hide, and must disclose relevant information to the market in a timely manner, so that investors are psychologically prepared.

　　The second is to strengthen the risk early warning mechanism. Under the current circumstances, some companies may have difficulty in capital turnover. Individual liability items or products may also fail to perform as originally expected. It is necessary to strengthen risk early warning and actively take measures to deal with individual "thunderstorms".

　　The third is to increase the stress test on financial markets to withstand risks. At present, global financial market volatility may have an impact on the domestic financial market, and some domestic industries will not be able to resume production in the short term due to the impact of the epidemic. There are still certain risks in the domestic financial market. Therefore, the domestic financial market must conduct risk stress tests and prepare various response plans.

　　Ma Tao, chief strategy analyst of Bank of Communications Schroder Fund, said that A-share listed companies have successively disclosed the key nodes of the 2020 quarterly report. The regulatory authorities have repeatedly emphasized the importance of investor protection, adding confidence to investors. Only by fully protecting the interests of various investors in the capital market can we guide financial “living water” into the real economy, especially the majority of SMEs.

　　Zhou Lin