On Legal Regulation Of Sponsor System

The establishment of sponsor system is a milestone of development of China's securities market, and it hands a sound marketable framework to capital market of China. Sponsor system is a legal system which is used in the Growth Enterprise Board in most foreign countries, but our country leads this legal system into Main Board, so there are some difficulties in the processes of localization of sponsor system. The implementation of this system in our country also didn't reach the expected effect. There are reasons about the legal environment of the capital market of China, also involves the way which we used to implement this system. Focuses on how to improve the legal system of sponsorship in our country, this article has five parts:The first part is about the origination of the sponsor system.The second part of the article introduces the background of the establishment of the sponsor system by analyzing the development of the China's securities issuance system.The third part introduces many different sponsor systems in foreign countries, all these should be reference for the perfection of China's sponsor system.The fourth part introduces the present sponsor system in China. It focuses on tow main responsibilities of sponsors: responsible recommendation and responsible sustainable maintaining.The last part of the thesis is the most important part. It makes a deep research on real situation of China's securities market, in which the assistant system has not been established, and the trust system dose not come into being, then gives the final conclusion that our sponsor system should be improved in several aspects, and I also apply some suggestions on how to solve those problems.