Perfecting Sponsor System Of China's Securities Market

The security sponsor system is an important part of China's security regulatory system for issuing and listing of securities, The security sponsor is in charge of guidance and recommendations for the securities issuers, to verify the distribution files and the authenticity, accuracy and completeness of listing documents, to help publishers to establish strict information disclosure system, to persistently supervise of the issuer to fulfill relevant obligations within a specified time after listing of securities; and to assume responsibility for assurance and recommendance to the investor, stock exchanges, securities regulatory institutions.The main part of the thesis is divided into four parts:The first part explained the system of securities theoretical foundation sponsors, including the asymmetric information theory, theory of social trust, agency theory and the Market Regulation theory, expounded the Securities Sponsors internal principle;The second part introduced the China Securities Sponsors' establishment and its main contents, and compared part of the sponsorship system with the outside to provides a reference object for improving the sponsor of China's Securities System;The third part pointed out the China Securities Sponsors problems and analyzed in detail, including the legal status of the sponsor locating ambiguity, Securities Sponsors qualification's flaws, not clear responsibility lines between the sponsor and the sponsor representative, sponsor liability punishment is too light, over interference from the authority over the issuance of securities, too short of the securities supervision of the sponsor continuing period;Part IV put forward corresponding improvement recommendations for the above problems.