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An Empirical Study On The System Of Examining And Verifying The Equity Issuance W

Posted on:2012-09-13Degree:MasterType:Thesis
Country:ChinaCandidate:Z S WangFull Text:PDF
GTID:2166330335488445Subject:Economic Law
Abstract/Summary:PDF Full Text Request
The arrangement of the system of examining and verifying the equity issuance ("System") is complex, including finance, accounting, management, law and many other aspects, which is like the first protective barrier for the capital market. The method of empirical research was used to analyze the System and discuss the rationality of the existence of the System from different perspectives of law and economics in this paper. The key viewpoint of this paper is that the System regulated the equity issuance of capital market from both macro and micro-aspects. It performs an important function of conducting monetary policies and industrial policies and adjusting market liquidity in macro-aspect and regulating corporate governance and improving the effectiveness of the internal mechanism in micro-aspect.This paper is divided into four chapters:Chapter one is a phenomenon description: the status of the System in China. First, a brief introduction of the history, review procedure and legal framework. Meanwhile, by accessing to the prospectus, news media reports, commission announcements and etc., the author have collected some basic information of the System during 2007-2009, such as the number of companies which applied the examination and which got the approvals, the pass rate and the main problem of the companies. After analyzing these empirical data, the author concluded that the System has the characteristics of stable pass rate, emphasis on issue scope and profitability, uncertainty of passing. Chapter two is the macroeconomic control: the macro aspect of the System. The author analyzed the System in an aspect of the operation of macro-economy. The author considered that the primary stock market plays a significant role in the national macro control and the System performs a function of macro control of conducting monetary policies and industrial policies, adjusting market liquidity and industry structure, which is bound up with the path dependence of our securities supervision system.Chapter three is corporate governance: the micro aspect of the System. Case study was used to analyze the System in the perspective of corporate governance in this chapter. In allusion to the typical rejected cases, the author analyzed the legal problems of the statute of subjects, independence, standardized operation, finance and accounting, the using of proceeds of the companies. In conclusion, the System plays an important role in regulating corporate operation, improving internal system and correcting potential illegal action.Chapter four is the analysis of economics of law: the interdisciplinary perspective of the System. The research of economics of law was used to discuss the theoretical basis of the System. The author concluded that the System does not achieve the purpose of reducing the nonsymmetry of market information and transaction costs. On the contrary, regulators become the biggest beneficiaries of the information, and investors will have to bear the extra macro-control costs. However, compared with judicial relief, administrative supervision is more efficient and the justice only plays the role of a final"relief".
Keywords/Search Tags:Examining and verifying the issuance of securities, Securities supervision commission, Securities supervision, Not approved, Corporate governance, Macroeconomic control
PDF Full Text Request
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