The Sponsor System In The Growth Enterprise Market In China Run

Synthetically using the study methodology of comparative and historical analysis, the thesis investigates the Sponsor system of such overseas markets such as the Hong Kong Growth Enterprise Market, from the perspective of law, economics and sociology. It also makes a deep research on the application of the sponsor system in the coming Growth Enterprise Market of China based on our country's actual situation of securities market. The main purpose of this thesis to discuss the sponsor system under the environment of the Growth Enterprise Market is not to compare with the system under the main board, but to give emphasis to the important effects of it on controlling the special risks in the Growth Enterprise Market. The main body of the thesis consists of five chapters. The introduction part presents the necessity of supervising the sponsor system in the coming Growth Enterprise Market by revealing the problems emerged in the operation of the system in the Small and Medium Enterprise Board. Chapter One "The General Situation of the Development of Sponsor System "clarifies the Sponsor System 's definition ,elements as well as its essence. Because the sponsor system originated from England and developed in Hong Kong, we use a lot of the Hong Kong experience for reference when introduced the system into our market. And the thesis emphasized particularly on the evolution and drew a lot of lessons of the system in Hong Kong. At the same time, the thesis also give a brief introduction to the sponsor system in America, England and so on. Then the thesis introduced the evolution of the issuing auditing system and the development of the system in our country. Chapter Two "The Risks of the Growth Enterprise Market and the Effects of Sponsor System in Controlling the Risks"elaborates the definition, orientation, function and significance of the Growth Enterprise Market and its development in both China and aboard when pointing out the differences and relations between the Small and Medium Enterprise Board and the Growth Enterprise Market. The thesis sets forth the special risks aroused by the act of opportunism and the significance of sponsor system on controlling the risks in the Growth Enterprise Market. The author brings forward the point that the combination of sponsor system and information disclosure system will better control the risks in the Growth Enterprise Market. Chapter Three "The Rights and Obligations of Sponsor"expounds the two legal relations focused on sponsor and proposes to clarifying sponsor's obligation by legal system and realizing the marketization of sponsor's rights by contracts. The thesis analyzes the sponsoring contract, the rights of sponsor and focuses on the characters, content compartmentalization and remedies of sponsor's obligation. The author proposes that it is important to establish a system of double sponsoring focused on stockjobbers. The thesis pays special emphasis on the information disclosure and secret-keeping obligation of sponsors in the Growth Enterprise Market. Chapter Four "The Supervisory System of Sponsor"discusses our country's registration and maintenance system of sponsor. The author puts forward own opinion and advice on the management of sponsor and the representatives. With regard to the Growth Enterprise Market, the author proposes using the ISO service enterprises quality controlling standard to regulate the sponsors. Chapter Five "Improvement of sponsor system in the Growth Enterprise Market"discusses the legal foundations of sponsor system such as law and bylaw system and accessory systems. The author proposes that we should establish self-discipline organization to supervise by itself and build sponsor fund to form investors'compensative system. Meanwhile, it is indispensable to further the reform of securities issuing system and the issuing auditing committee system. It will be a long-lasting system of the sponsor system in our country's Growth Enterprise Market.