Stock Issuance Regulatory System Research

IPO (Initial Public Offering) is that stock companies raise funds with help of intermediaries. IPO is the beginning of stock market. The efficiency of IPO not only directly influences the efficiency of stock market, but also influences the efficiency of the allocation of whole society. A sound regulation institution on IPO is the foundation of keeping stock market fair, high-efficiency, and high-liquidity. Regulation institution on IPO is the primary of stock market system. Improving regulation institution on IPO can help perfect stock market system of China.Chinese stock market developed rapidly in the past more than 10 years, but it was criminated by small and medium-size investors and public, it lost credit which was the fundamentality of securities market. This phenomenon not only made investors lose confidence but also discouraged the public to trust the regulator any more. Lack of trust in stock market not only influenced the existence and development of stock market but also accumulated social risk.During the process of IPO, many interest groups arose, such as regulators, intermediaries, and investors. Because China is an emerging and transiting country, stronger interest groups exploited weaker interest groups in stock market, they manipulated market, broke law and rules, harmed the small and medium-sized investors seriously, and gave birth to bad social impact, at the same time, left hidden troubles for stock market. Rebuilding the idea that restraining stronger interest groups and protecting weaker interest groups is the crucial approach for building harmonious stock market.Based on the theories of interest groups and credit, this doctoral dissertation tries to analyze regulation institution on IPO of China, and brings forward some proposals for optimizing regulation institution on IPO of China.The detailed content of dissertation is as following: Chapter 1.explains the background of choosing topic, significance, study thinking, study way and novelties. Chapter2, expatiates the theories about regulation institution on IPO and reviews thepapers about regulation on finance, securities and stock home and abroad. Chapter3, briefly reviews the history of China' securities market and regulation institution on IPO. Chaper4, briefly reviews the securities history of advanced countries, introduces regulation institution on IPO of advanced and emerging countries, and then compared them with regulation institution on IPO of China. Chaper5, introduces the theory of interest group and analyzes institutional change of regulation on IPO of China using interest group and game theory. Chapter6, introduces the theory of trust and analyzes the institutional change of regulation on IPO of China using Sztompka' social becoming model of trust. Chapter 7, expatiates the meaning of optimizing regulation institution on IPO for developing China' capital market. Chapter8, based on the study of former chapters, advocates that need reshape idea of regulation institution on IPO of China and then brings forward material proposals for optimizing regulation institution on IPO of China.