On the Legal Relationship between Securities Companies and Investors

To clarify the legal relationship between securities companies and investors is beneficial to the protection of the legal rights of investors and is also necessary to establish scientific legal system of securities, to accelerate securities trade and to stabilize the order of securities market. The author of the paper holds that the legal relationship between securites companies and securities investors in China's securities market are as follows:(1)the brokerage relationship, which is established when securities companies conduct trading of securities for investors;(2) the intermediation relationship, which is established when securities companies act as intermediates; (3) the trust and sales relationship, which is established when the securities companies practise the role of operating finance on behalf of investors. And in addition, when securities companies conduct the securities trade in the course of self-management, the relationship between securities companies and ivestors is a kind of trading relationship.