증권시장에서 투자자 보호에 관한 연구

Abstract

In order to foster and develop the securities market, it is more important to protect investors from the harmful effects of information asymmetry. Information asymmetry occurs in the securities market, the efficiency of the securities market will deteriorate as the allocation of assets among the participants will be distorted, which will ultimately lead to the market failure, which will cause huge damage to the investors, especially the small investors. Therefore, in the empirical analysis of this study with respect to the Lock-up system and index ELS in the securities market, if it is found asymmetry between insiders and external investors or institutional investors and individual investors, then this study also provides some policy alternatives to reduce information asymmetry.; 증권시장을 건전하게 육성・발전시키기 위해서는 정보의 비대칭성의 폐해로부터 투자자를 보호하는 것이 무엇보다도 중요하다. 이는 증권시장에서 정보의 비대칭 현상이 발생한다면 참가자간의 자산 배분이 왜곡되는 등 증권시장의 효율성이 저하되어 결국 시장의 실패로 이어져 투자자 특히 소액투자자에게 막대한 손해를 끼치게 될 것이기 때문이다. 본 연구의 목적은 의무보호예수제도와 지수형ELS에 관련된 내부자와 외부투자자 또는 기관투자자와 일반투자자 사이에서 정보의 비대칭 현상을 확인하고 이를 해소하기 위한 바람직한 정책적 대안을 제시하는 것이다.|In order to foster and develop the securities market, it is more important to protect investors from the harmful effects of information asymmetry. Information asymmetry occurs in the securities market, the efficiency of the securities market will deteriorate as the allocation of assets among the participants will be distorted, which will ultimately lead to the market failure, which will cause huge damage to the investors, especially the small investors. Therefore, in the empirical analysis of this study with respect to the Lock-up system and index ELS in the securities market, if it is found asymmetry between insiders and external investors or institutional investors and individual investors, then this study also provides some policy alternatives to reduce information asymmetry.