| On October 23rd ,2009, China Securities Regulatory Commission (the "Commission") held an opening ceremony for the GEM to announce the official launch of GEM. The first 28 companies went public On October 30th. Currently more than 40 global GEM around the world, in which the Nasdaq and the UK AIM have been particularly successful. they bring SMEs and high-tech industries which have high knowledge content and high growth potential with new significance of finance. Extradinarily, there are still many GEM are not optimistic, such as ECM, USM shut down in succession in 1995, 1996, Australia has closed the Growth Enterprise Market and so on. Thus, if the risks of GEM are not given sufficient attention, it could go against the original intention of starting the GEM. Facing Growth Enterprise Market with strong market liquidity, the insiders generally believe that the sponsor determines the survival of the GEM. In early stage of starting GEM, in order to urge the supervise agency to recommend in accordance with "selecting the best" principle, to ensure the quality of listed companies on GEM, also to avoid of market risk of excessive recommending companies, sponsorship system of main board is equally applied in the Growth Enterprise Market listing audit , two sponsor representatives take charge of sponsor work of one issuer. However, because of the special features of GEM, GEM sponsors keep the same characteristics to adapt to the development of GEM. In view of this, the paper chooses China's GEM listing sponsor System as topic, aimed at coming up with strategies and recommendations to perfect the sponsor system through the comparing between sponsor system and relative system on main board , and laying foundation for the release of the GEM Listing Sponsor System .Firstly, the paper explains the background and significance of the paper in introduction part, makes literature review about relative basic concepts, describes the thought track and the innovation of research.Secondly , the paper examines the theories basis and composition of listing GEM sponsor system, analyzes the problems and main reasons of sponsor system: there is no specific sponsor system, the sponsor and the sponsor object right are unclear, the responsibility is unknown, difference between sponsors and other securities services right is unknown, the sponsor has close contact with securities regulators . China applies double sponsor system, the sponsor system is imperfect, and standards of due diligence sponsors are difficult to determine.Thirdly, this paper compares the sponsor system on GEM with corresponding system on main board I macro system. Comparison is mainly from four aspects: First, analyzes the specificity through comparison of listed company's assets, type, and size and governance structure. Second, analyzes the special requirements of tutorial sponsors. Third, summaries rights and obligations of sponsors to find the deficiencies in practice. Fourth, discusses liability of the GEM sponsors.Fourthly, the paper comes up with sound proposals for examination of sponsor system. There are four main aspects: First, perfects a sound legal system, adjusts executive regulatory and constructs self-regulatory organizations of sponsor on macro system. Second, adjusts structure of GEM sponsors composition on micro-system, perfects sponsors and sponsor representatives qualifications, suggests to import the appropriate mode of liability insurance and to extend the sponsorship period to strengthen its independence. Third, further improves the rights and obligations of GEM sponsor system, that is, to clarify the sponsor and the sponsor representatives, relationship among the sponsor and the sponsor object and other securities services institutions. Fourth, suggests to perfect legal liabilities, including the strengthening of administrative responsibilities, improving ways of the civil remedies and criminal indictments.Fifthly, this paper summarizes the paper in the end, and shows the inadequacies of the article. |
PDF Full Text Request