论中小投资者保护组织

我国证券投资者保护存在的问题主要是中小投资者难以形成合力,缺乏有力的代言人。近年来,以NPO方式出现的投资者保护组织为投资者保护提供了新思路。这些保护组织以国内或地区内现行法律制度为依托,对减少变革成本,缓冲变革压力有积极作用。投资者保护组织存在三种模式。它们对弥补投资者保护的公共产品供给不足起到补充作用。在三种模式下,投资者保护组织的发展程度与中小投资者保护的公共产品供给呈反比。我国急需建立中小投资者保护组织。

On protecting organization of minority investors

The primary problem of negotiable securities investors' protection in China is that it is hard for minority investors to overcome collective action dilemma, and the lack of their powerful prolocutor. The investors protecting organizations which are appeared as NPO patterns give us a new approach to investors' protection. These investors protecting organizations rely on the current legal system of their countries or their regions, and they play an active role in reducing transform cost and relaxing transform press. There are three modes of investors protecting organization in the world. They supply on the shortage of public goods of investor protection. There is inverse ratio between the developmental degree of investors protecting organization and the supply of public goods of investors' protection. It is urgent for us to build up the protecting organization of minority investors in China.