A Study On The Registration System Reform In China Stock Issue

The study aims at exploring the process and mechanics of reform of registration system in Chinese public stock issue verifying system based on economic theory, historic analysis and International comparison, which is very important and valuable study field. To begin with, the article discusses some of key definitions which have not be made clear such as public stock issue, securities listing, verifying system of public stock issue, public stock exchange approve system and public stock exchange registration system. Then, the paper put emphasis on introducing the research methods tackled by the paper, named the quantum deceision measures and multigroup layering analysis, which is mirrored from quantum physics and is powerful tools to explore the economic prombles under uncertain condition. The next, the paper introduces the previous studies which have been done at home and aboard till now on approve system and registration system of public stock issue, and point it out that there are few researches explore the mechanics of approve and registration system at sort of all around vision, on the contrary, most of papers focus itself on a particular point in this field. However, the on-going reform of Chinese public stock issue system need a kind of integral theory frame to explain and guide, so, the article attempt to make breakthrough in this aspect. In third part,the article has build the basic theories system that is the compound of he theory of supervision of security market, mechanic design theory, authorize-angency theory, which construct a framework to explain the reaction and influence of the relative group of the reform. The fourth part of the study is about the necessity and feasibility of the reform. In this part, we analyze the history of development of the Chinese stock exchange verifying system and observe that the root of problems of Chinese stock market has not been removed yet although the market has been reform several times. To the worse, the problems not only become more and more seriously, but also trigger some new problems such as "SanGao" problem, to get listing qualification by false information. The dissertation believes that it is necessary for our stock market to make complete reform of stock issue system in order to get rid of those problems. On the other hand, it also point out that it is impracticable to bring the registration system down to our stock market at once because we still have not made full preparation, especially, we have not clear idea of the nature of registration system that is the separation between supervision and examination, so, the reform need some years to be transitional period to make things better step by step.The fifth part of the dissertation puts emphasis on doing compare research on some developed registration system such as America, Hongkong and Chinese TaiBei and so on to dig out some useful experience which can be learned by Chinese registration system reform. In this part, we think that our stock market reform should mainly transplant the model of Chinese TaiBei, Which use 16-year transitional period to change Approval system to registration system gratefully in its stock market. As to America registration system, our reform should learn its relative laws and how to work. The sixth part of the study is about the optimal object, and the ways of the reform. The part analyzes the difficulties faced with the reform which force us to choose a strategy of transitional period. In this part, we,based on the analysis of quanta decision method, find out that a kind of Approval-registration system based on present Approval system in transitional period is helpful to build registration system eventually. In the seventh part, we discuss how to design and bodify a practable mechanism and the steps of the way to ensure the reform to come to the object. In order to their practable, we also use quanta decision method to test them. The eighth part deeply explores risks of Chinese Registration system reform and how to tackle it. The last part of the dissertation is a summary. The dissertation has some contributions as follow:1. The dissertation make some key definitions clear, which have be misunderstood and misuse before. It benefits follow-up relative studies to avoid to falling into unnecessary debate and put full energy in really important field.2. The dissertation builds a comprehensive economics theory frame to explain Chinese registration system reform of public stock issue based on series economics theories for example security market supervision theory, mechanics design theory, public administration theory. It is useful to follow-up research.3. The dissertation design a kind of Approval-registration system based on Chinese present Approval system to help to compete the reform of registration system of Chinese stock market smoothly through a transitional period. It is importance for the practice of Chinese registration system reform.The dissertation still has some below aspect can be improved:1. The economics theory frame build by the dissertation is not comprehensive enough, which has strong explain power to the act of stock market superiors and legislator, but lack of explain power to the act of other market involves. It should be modified.2. The dissertation mainly discusses the registration system of America, HongKong and Chinese TaiBei, missing up some important public stock issue system such an Iapan,German and Singpore. The further research need to study those nation’s.3. Some suggestions should be more embody and practicable.