债券市场的投资者权益保护制度，是经济学界和法学界历来都非常引以为重的问题。随着金融市场的快速发展，各种金融产品层出不穷，金融市场日趋复杂，投资者权益保护的问题日益突出。小微企业专项金融债作为2011年国家扶持小型微型企业发展的重要金融措施之一，其从产生到发行都受到了发行人和投资者的密切关注，而小微企业专项金融债的特殊属性和银行间债券市场的主体决定了发行小微企业专项金融债的商业银行集发行者和投资者的双重身份于一身，其风险承担超过了以往银行间债券市场的投资者。所以，完善小微企业专项金融债投资者权益保护的立法建设，既有利于保障投资者的合法权益，又可以促进银行间债券市场的稳定性，防范各种风险于未然，避免投资者的权益遭受巨大损失。相关立法措施的研究与分析，不仅对法学界完善投资者权益保护制度有重大意义，并且对债券市场深刻理解小微企业专项金融债具有重大实践意义。本文介绍了小微企业专项金融债的产生和发展，研究分析了其投资者风险的主要来源，比较分析我国银行间债券市场投资者权益保护与英、美两国债券市场投资者保护问题的立法改革和实践，总结了适合我国银行间债券市场投资者权益保护的立法经验，结合小微企业专项金融债的特征，从法律角度提出完善小微企业专项金融债投资者权益保护的建议。本文分为五个部分。第一部分，分析了小微金融债的法律特征，包括我国现行法律法规中适用小微金融债发展的法律制度、小微金融债的法律结构和其与普通金融债的区别，其中重点介绍了小微金融债的发债主体、交易主体、各主体之间的法律关系、发行条件和审批程序等，特别将其与一般金融债券的法律性质比较，为下文的研究奠定基础。第二部分是本文的重点，研究分析了小微金融债投资者风险的主要来源，特殊说明了商业银行既是发行者也是投资者的特殊性导致其个体风险极易转化为系统风险，如信息不对称的风险、放款模式集中于联保联贷模式的风险和改变专款专用规定的风险。第三部分，研究分析目前我国银行间债券市场投资者权益保护的现状，并与英、美两国债券市场投资者保护法律制度相比较，从中得出适合我国银行间债券市场投资者权益保护的立法措施和实践经验。第四部分，从法律角度对小微企业专项金融债投资者权益保护提出建议，主要包括完善信息披露制度，在宽松的监管政策下加强风险防范措施和保证债券资金专款专用的资金流向。第五部分，对全文进行概括总结，再次强调小微企业专项金融债投资者权益保护的重要性，并重点指出银行间债券市场信息披露制度的关键作用，望引起经济学界和法学界的强烈关注。

Investor protection of stock market is an important problem in economic circles and jurisprudence, causes widespread concern. With the rapid development of financial markets, endless varieties of financial products appear, financial markets become increasingly complex, then the protection of investors ‘rights and interests become increasingly prominent problem. As one of the important financial measures of state support for the development of small and micro enterprises in 2011, small and micro enterprises special financial bonds caused close attention of issuers and investor from generation to developments. Perfecting the legislative building for investors’ rights and interest protection of small and micro enterprises special financial bonds is good for protecting investors’ legitimate rights and interests. At the same time, it is good for maintaining the stability of the inter-bank bond market and prevention all kinds of risks in the first place, and then avoids the interests of investors suffered huge losses. Legislative measures not only have great significance for jurisprudence on the protection of the interests of investors, but also help the inter-bank bond market get deeper understanding of small micro-enterprise special financial bonds. This article describes the emergence and development of small and micro enterprises special financial bonds, studies and analyzes the main source of investor risk, Compares the legislative reform and practice of the United States and England in the investor protection issues, sums up Legislative experience for China's inter-bank bond market, and then Combined with the characteristics of small micro-enterprise special financial bonds, puts forward recommendations to improve the small micro-financial bonds protect the interests of investors from a legal point of view.This article includes five parts. The first part introduces the legal characteristics of the small micro-enterprise special financial bonds, including the generation and development, market reaction after the advent, as well as the difference with ordinary financial. The second part analyzes the major sources of risk for small micro-enterprise special financial bonds investors. To illustrate the essence of the investors bear the risk weighting and risk arising mainly from the risk of information policies and regulations, as well as product itself. The third part compares foreign legislative reform and practical experience in investor protection. Take the United States and England as examples, introduces legislative reforms made by the three different areas of protection for the interests of investors, including the creation of new institutions, the redistribution of power, responsibility and punishment mechanism, Compares the status quo of China's inter-bank bond market investors ‘protection with three regions, analysis of blank areas in China's legislation on the protection of investors, then can learn from the experience. The fourth part recommendations from a legal point of view for a small micro-enterprise special financial bond investor protection issues, mainly includes the principle of mandatory disclosure, false disclosure commitment to civil and administrative responsibilities, penalty of intending to cause a significant loss of investors. The fifth part sums up the full-text, re-emphasized the importance of the special financial bonds protection of investors' interests in small and micro enterprises，and highlighted the key role of information disclosure，wish to cause strong concern in economic circles and the legal community.