A Comparative Study On Securities Issue Systems Between China And The USA

With the establishment of Chinese securities market, especially the establishment of Shanghai Stock Exchange in Dec.1990, Chinese securities market is developing with a great speed. However, when we affirm much progress we have made in the passing days, we have to admit that Chinese securities market is immature compared with western securities markets, and there still remain many problems that must be solved in the near future by the improvement of Securities Law of China progressively, including the laws and rules of securities issue. As a younger securities market, we have taken much legislative experience of other countries and areas for reference. As representative of the most developed and mature securities markets, the securities market of America owns a perfect system of strict market supervision and system innovation. The history of the development and function of its system with its own characteristics shows us the particularities of securities market supervision of America and basic rule and essence of securities market supervision as well. Therefore, it is an important and meaningful task for us to study the laws and rules of securities issue of America. There is no doubt that we will benefit from this task both in theory and in reality.This paper mainly adopts the study in five parts on the securities issue systems. In the first part, the histories of security market of China and America are given retrospect in brief.The second part indicates that registration system and auditing...