Circulation Under The Securities Market Regulation In China Study

The split share structure reform of Listed Companies, as the most complicated and significant structural innovation in stock market, reforging Chinese securities market institutionally and realizing the full circulation of securities market, is considered to be the milestone of Chinese securities market development. However, full circulation brings about conflicts and challenges as well as developing opportunities. Under the ever changing situation, it has been a new subject, which urgently needs to be deeply researched, to renovate supervision conception, innovate the system design and operation mechanism , reinforce securities supervision pertinently, and create harmonious stock market.Based on the existing research achievements, and under the new circumstance, the thesis lays an emphasis on the methods of reinforce the stock market supervision, with the methods as comparative analysis, induction and deduction. Starting with securities market supervision theory, the thesis discusses great achievements and deficiency since the foundation of securities market, analyzes the new opportunities we are facing under a new circumstance, discloses the conflicts and challenges, submits some policy suggestions for reinforcing the securities market supervision , including renovate supervision conception, innovate the system design and operation mechanism, reinforce securities supervision pertinently. It is thought in the essay, to reinforce securities market supervision in the background of full circulation, it is necessary to form a comprehensive supervision system with functions of government, market and media, which is oriented by market and based on legislation. Meanwhile, to maintain the principles of "openness, fairness and justness", it is better to face the challenges positively and reinforce securities supervision in some key areas pertinently. Finally, it comes to a conclusion: under the full circulation, realizing the following three transitions as: from "Chinese characteristics" to "international practice" , from "all-round supervision" to "transparent supervision", and from "funds-raising function" to "integrated function of funds-raising, resource allocation and price determination", could the securities market develop continuously, steadily and harmoniously.