Construction Of China's Securities Market Standardization Study

Chinese Securities Market (CSM) has made great progress through high speed development after China established Shanghai and Shengzhen stock exchange. Just as Premier Zhu Rongji said in press conference "Chinese Securities Market develops very fast, but it is not normal". With the development of CSM, How to make our CSM normalization has been of our critical problem that must be solved as soon as possible. This paper studies the development and achievement of CSM, the detailed performance and reason of non-normalization in CSM, the measures of solving the problem, and how to make CSM enter into international market. It analyzes the non- normalization from several aspects:the diversification of stock property power;corporation management structure; securities market system;institutional buyer; law and supervisory system .The reason of these problems is very complex,to solve it will take a long time. Combined with the recent development of CSM, this paper gives the idea and suggestions on the normalization in CSM for the supervisor and investors. After analyzing the reason of non-normalization in CSM, this paper gives the count-measures on how to solve it. We should try to transfer part of state-owned and corporation-owned stock, improve limited company's achievement,develop institutional buyer and investment funds,establish second-board market,strengthen the law control. It also discusses several focus problems that represent the direction of revolution in CSM. At last, this paper gives some useful suggestion on how to make CSM enter into international market, It is the goal of normalization in CSM. By analysizing the condition and the problems of CSM, the measures of solving the problems, this paper try to construct a frame of normalization in CSM. I hope it is valuable and helpful on normalization and development for CSM.