A Study On The System Of Issuing Market

A Study on the System of Issuing MarketZhao WenAbstract: Study the developping course of stock market, we find the market strictly controlled by our government. There are many problems for our government has not a whole idea about the market development. It is time for us to make a whole study on it and do a long-term plan for Chinese stock market future.Although there have so many articles about how to supervise the stock issue, how to reveal the information to investors and how to get a rational price of the stock, we still can't get a overall idea about the reformation of issuing market for those articles only studied the institution segments. This article try to study the formation of the issuing market institutions from a all-round view, and use the experience which are fulfilling a useful function on abroad issuing market and put forward some suggestions for reference.There are four parts excluding the preface:Part I Analyzing the three stages of the institution evolution of issuing market, we can get some conclusions: First, the formation of the issuing institution be influenced by some history events, the developing direction of the issuing institution has been decided by some history conditions; Second, although the issuing market has been controlled strictly by our government, It has its own trend to be more unrestrained; Third, Itffiuseful to make a foresight study on the long-term development on the issuing market.Part II Introducing the abroad issuing institutions which include U.S.A, England, Germany and H.K. we can know the reforming directions.Part III Studying the feasibility which use The abroad experience for reference, we can get a clear conclusion that the ratification system is mot an intermediate institution of the registration system and the competiting-price is not suit for our issuing market.Part IV putting some suggestions for the issuing market reformation The reasonable reforming order is to introduce the registration system after information and price system have become perfect.This article bring forth some new ideas, First, it is the first time to study the evolution of Chinese issuing market; Second, it gets some useful conclusions including that the ratification system is not an intermediate institution of the registration system; and that the competing-price is not suit for our issuing market.