Research On The Evolution Of The Examining And Verifying System Of The Stock Issue In China

Based on the theories of institution change of New Institution Economics, this thesis gives a systematic analysis of the evolution of stock issuing system in China. To begin with, this thesis reviews the evolution of stock issuing system, represents its features and also explores the causes of these features. The thesis points out that the evolution of stock issuing system in China is a compelled institutional change oriented by the government, which is determined by the special functions of China's stock market, the strong government and the contradictions of different market bodies.The thesis then analyses the cost and revenue of the institutional change of the examining and verifying system of stock issue from the angle of the government, and points out that only when the expected revenue exceeds the cost, will the government push forward the institution change.Furthermore, this thesis appraises the effects of the compelling institutional change oriented by the government. This way of institutional change has many positive effects. For example, it strengthens the risk management, orientates the stock market, and lays the foundation of the stock market. But there are also some negative effects, which are manifested in the non-efficiency of the institution supply and execution mechanism.Lastly, the thesis proposes some countermeasures on how to improve the examining and verifying system of stock issue. The thesis suggests that we should establish environment of fair game, amend and supplement the existing system, cultivate the conception of honesty and trust, and adopt the registered system when conditions permit.