China's Securities Issuance Sponsor System

On December 28, 2003, China Securities Regulatory Commission issued the "sponsorship system for the issuance of securities listed Interim Procedures," and others in the February 1, 2004 onwards, under this has been a long time brewing marked the sponsorship system in China's Securities market officially started. Sponsors system from the earliest London Stock Exchange in 1995, in its new second board market in the formal introduction, the United States, Canada, Germany, Italy, and China's Hong Kong and other countries and regions have their own in the GEM market in varying degrees use of the system. The Essence of sponsorship is through strengthening the sponsors listed in the issue of the responsibility to the sponsors of listed companies and other professional intermediaries' mandatory external supervision and verification, thereby enhancing the quality of listed companies and the effectiveness of the securities market.This paper makes use of the knowledge of many academics, carrying on a study towards sponsor's core problem. The full text is divided into five parts.The first part mainly analyzes the legal value of the sponsorship system, including the foundation theories, the legal characteristics and the basic principles of the system. And then, I analyze the role of the sponsorship system, using the economics and law-related knowledge.The second part mainly analyzes and tallies up offshore recommend fulfillment experience of sponsorship system. Seeing from the development of offshore stock market, sponsorship system conduct and actions is a count for much system, the result shows very in the aspects of raising quality of listed company and protecting investor legal rights etc...Many nations and region established to sponsorship system according to the characteristic of oneself, "life long "of British AIM, "connect dint" of Malaysia MESDAQ and a generalization of Hong Kong stock market to sponsorship system all each have special features. The experience of offshore sponsorship system is important to perfect our country sponsorship system.The third part from sponsorship system to really sign to begin in our country, compared to discuss systematically our country the contents of sponsorship system. And then discuss its impact of securities market.The fourth part analyzes the shortage of our country sponsorship system. Mainly include the following: Sponsor accreditation unreasonable, sponsors 'responsibility unclear, lack of sponsor' s rights, Sponsor illegal responsibility lower cost.The fifth part provides some suggestions. Include the following: extend the Sponsors period, do a good job with the sponsor system interface civil compensation system, set up sponsors' risk funds, weakening the substantive audit of CSRC, Sponsors system to a system of registration for the goal. Thus to improve the sponsorship system.