The Analysis Of The Sponsor System

China securities regulatory commission (SCRS) has published new Rules For Sponsor in China Stock Market, which is the improvement of the entire establishment of Sponsor System since 2004. The new Rules For Sponsor in China Stock Market has refined the certification of the sponsor, qualified executives, the professional intermediary institution, and setted up more severe punishment mechanism of non-good faith and non-due care and skills. It is common knowledge that Growth Enterprise Board is a market desinged primarily for emerging or smaller companies to which a higher investment risk,which is generated from the fiction, orientation, the prerequistite of listing and investing. It has huge difference from the main board of stock market. It is the melicration that the professional intermediary institutions are granted authorities to control the market risk. Sponsor System is legal system which is uesd in the Growth Enterprise Board in most foreign countries, but our country leads this legal system into Main Board. However, compared with advanced aboard Sponsor System, it is more sense to sumount the macroscopical and microscopical difficulties in our captical market.In macrocosm, there is an original disadvantage for the development of the Sponsor system, due to the Rules For Sponsor in China Stock Market lower legal force and deficiency of registration basis captical market environment. So, as to me, we would perfer to enhance a status of the Rules For Sponsor legal force, which needs the amendment of law of securities, and to accelerate transformation of the mode of registration basis. In microcosm, the disproportion of Sponsor's responsibility and legal rights impede the evolution of Chinese Sponsor system and maximization of the system effect, which is mainly in the Sponsor's overloaded duties ,absent relative rights, and the short-term presidency. So, as to me, it is more important to distinguish the relationship among the involved subjectives, to define the relevant responsibility's range,to grant the Sponsor erbitux of investigating and considering the suitablity of each director and efficiency of the board as a whole, and to extend the term of presidency.Apart from the preface and the conclusion, this paper consists of three parties, whose concrete contents are as follows:Chapter One is about that, general situation of the development of Sponsor system clarifies the Sponsor System's definition,elements as well as its essence.At the same time,the thesis also give a brief introduction to the sponsor system in America, Britain and so on.Then the thesis introduced the evolution of the issuing auditing system and the development of the system in our country.Chapter Two is mainly about the status quo and issues of Chinese Sponsor system.Chapter Three is mainly about improvement of sponsor system in Chinese share market. It discusses the legal foundations of sponsor system such as law and bylaw system and accessory systems.Meanwhile,it is indispensable to further the reform of securities issuing system and the issuing auditing committee system.It will be a long-lasting system of the sponsor system in our country's Share Market.