Original And Changes Of China Stock Unseasoned Issuance

As the basic system, stock unseasoned issuance system is not only the determinate factor influencing our national security market, but also the cause that results in the systematic and structural problems of market. Based on the institutional change theory of new institutional economics, the dissertation focuses on the change of stock unseasoned issuance system of China, summarizes the regular rules of stock unseasoned issuance system, analyzes the reasons of change of stock unseasoned issuance system, and thereby proposes a theoretical hypothesis of stock unseasoned issuance system of our nation, System Related Organizational Change Hypothesis (SROCH) There are two purposes. One is to offer a theoretic explanation for the market-oriented process of stock unseasoned issuance system, the other is to guild the reform of stock unseasoned issuance system. In the meantime, after comparing and studying the changes of stock unseasoned issuance system of main international stock markets, the dissertation tries to depict a picture of basic structure of future stock unseasoned issuance system of our nation, and brings forward the suggestion of relative system arrangement.In chapter one, according to the definitions, features and elements of institutional change theory, change of stock unseasoned issuance system, the paper states the basic content of change theory of stock unseasoned issuance system. Then it analyzes partial equilibrium, dynamic non-equilibrium and general equilibrium of stock unseasoned issuance system, and therefore works out the condition and the change way of equilibrium status of stock unseasoned issuance system under different market economies. Chapter one intends to provide a basic theoretic framework of change way of stock unseasoned issuance system.From chapter two to four, it focuses the origin and change way of stock unseasoned issuance system, effective factors and ways of stock unseasoned issuance system change.Origin of our national stock unseasoned issuance systemThe study of system origin is combined with the analysis of background, conditions and reasons of system origin. With the background of stock company's trial and reform, the conditions of stock unseasoned issuance system can be attributed to the relationship among the government, enterprises, agencies and investors during the stock unseasoned issuing and the establishing process of relative social institution and regulation adaptive to this relationship. Furthermore the root reason of substantial improving system has a close connection with the economy environment, market structure and governmental will.Change process of our national stock unseasoned issuance systemAccording to effect of primary organizational roles in our national stock unseasoned issuance system, stock unseasoned issuance system change consists of three periods: authorizing period led by the government (1993-1999), approving period led by the government and agencies (1999-2003) and sponsoring period led by stake holders (2003-present). In a summery, our national stock unseasoned issuance system change is featured with characteristics of compulsion ,slowness and partialness.Influencing factors of our national stock unseasoned issuance system changeReviewing the process of our national stock unseasoned issuance system change, we could say that the apparently internal reasons of system change are systematic constraints of issuance market development, internal flaws of the system, and low efficiency in stock unseasoned issuing. But the inefficient supply of stock unseasoned issuance system, which is defined as the discrepancy between the regulation and practice, is the real root cause of stock unseasoned issuance system change. The inefficient supply of stock unseasoned issuance system is revealed in three aspects. Firstly, market financing does not meet the demands on financing of the government. Secondly, the system fund is allocated distortedly. Thirdly, investors invest in an unreasonable way. The inefficiency in supply of stock unseasoned issuance system basically resulted from system change led compulsively by the government .in the beginning of our national security market. With the analysis of stock unseasoned issuance system change, the dissertation shows the internal conflict of stock unseasoned issuance system becomes the leading factor influencing system change after the improving system is executed.The way of our national stock unseasoned issuance system changeThe debate about our national 4 kinds of the way of stock unseasoned issuance system change reveals that research in this field must combine the analysis on the features and the roles of system change. The System Related Organizational Change Hypothesis (SROCH) is proposed, the main of which is from the authorizing system to the improving system there are different roles in every system change that take different impact on stock unseasoned issuance. Hereby in the process of stock unseasoned issuance change, different system change roles vary and shift. The shift of role means organization related system varies towards system change attitude and does in the aspect of the function, place, and behavior in the time and dimension of system change. Among variables of change way efficiency of stock unseasoned issuance it is the paramount external variable. The organization changes from the demanders to the suppliers. The intermediaries including security companies, accountants and lawyers, the ones changing the fast and noticeably, play more and more important roles in the communication between the government's (China Security Regulatory Commission,CSRC) system wishs and the system demanders'system innovation requirements, who make the different organization related system agreeable under the original stock unseasoned issuance system.The case of Chengdu Xuguang Electronics stock company's IPO examines the presumption that the shift of organization to some extent solves the problem about the inefficient providing of stock unseasoned issuance system.Role of organization shift influences stock unseasoned issuance system change as follows. Firstly, government changes the way of stock unseasoned issuance using authorizing control to improving issuance, as government's role changes. Secondly, the change of intermediaries'roles enables the improving system more efficient, innovative and market-oriented. Thirdly, the stock issuers take consistent steps with the improved system.Fourthly, investors may begin to learn to protect them as stockholders.However, the scope of research on system change should not be confined to our nation. Chapter 5 studies the law basis, organizations'roles of system change, influencing factors of system change, system change way and system change efficiency in the range of oversea main security markets. Impact of stock unseasoned issuance system change on country's economy performance is analyzed under system change comparison theory, from which we can learn some lessons to improve the marketing reform of stock unseasoned issuance system. Among those it is the most important to build the sense of law and self-control in the whole society and to form the path of self-improving of stock unseasoned issuance system. In order to realize the path, good conditions need to be made to form the free innovation system, including improving law systems, reforming performance evaluation index for officers, heightening civil sense of law and self-control and promoting innovation measures of agencies.The research on system change is also itself a kind of system innovation. The purpose is not only to study in root tracking, reason probing, process analyzing and lessons summarizing, but also to form system innovation. Chapter 7 makes a research on innovation of our national stock unseasoned issuance system change, proposes the historic and realistic significance for the stock market development, forms the strategy of future stock unseasoned issuance system and basic framework of it, and at last brings forward the two basic system measurements to improve stock unseasoned issuance system reform.The innovations are in three aspects as followings.First of all, based on the basic model- game equilibrium of stock unseasoned issuance under the assumption of complete marketing economy, Modifying the basic game equilibrium model, my dissertation constructs a partial equilibrium model by incorporating the features of the incomplete marketing economy. Reviewing the reasons of partial equilibrium changes, the author analyses the evolution process and path of stock unseasoned issuance system from partial equilibrium to general equilibrium and achieves the equilibrium analysis of stock unseasoned issuance in two marketing economies. It is proposed that, considering incomplete information and complete marketing economy, stock unseasoned issuance system is the exclusive separate equilibrium subject to constraints of the different levels of information disclosure chosen by different kinds of enterprises. Given incomplete information and incomplete marketing economy, stock unseasoned issuance system equilibrium is a mix equilibrium subject to constraints of efforts to get approve of China Security Regulatory Commission (CSRC) by different enterprises. The condition of system equilibrium is CSRC's approving standard.Second, the dissertation compares the Chinese and the foreign theories of stock unseasoned issuance system change and then advances System Related Organizational Change Hypothesis (SROCH) with the combination of analysis of organization roles in our national primary market. The shift of organization roles in the process of system change is the paramount external variable of determinants affecting stock unseasoned issuance efficiency. The shift of organization roles significantly changes the demand and supply profile of the primary market system. Intermediaries, who convert most quickly and efficiently, become an incentive to help shifts between demanders and suppliers to makes an agreement on a new stock unseasoned issuance system. The hypothesis challenges the traditional views believing that the way of our national stock unseasoned issuance change is purely top-down compulsive.Third, differentiating research subjects and methodologies from other researchers, the dissertation initially proposes the comparison study both on the elements of law basis and system evolution worldwidely. It also analyses the effect of stock unseasoned issuance on the economic performance of countries'security markets.