Reflections On The Issuance Of Securities Regulatory Reform In China

In this thesis, I discussed the current situation and revolution about China's security issuance supervision. China's security issuance supervision system is moving towards marketization, but there are still many problems. How to improve further China's security issuance supervision has become a hot topic. I firstly introduced the security supervision theory, then I discussed the operation and core of the security issuing supervision system, based on these theories, I analyzed the current situation and revolution direction of the issuing supervision. This paper includes three parts, the first one is the theory frame, the second one is the analysis on the reform history, current situation and problems of China's security issuance supervision, and the last part is about the reform proposals. In chapter one, I introduced the theory basis of security supervision. Firstly, I introduced the concept, objective, and aim of security supervision. Then I explained the necessity of the supervision—one is to overcome and fetch up the limitation of the market , the other is to advance the efficiency of the market. Then I introduce the theories about the failure and the cost of supervision, On the basis of these theories I discuss the question about how to play the role of governments properly. Next I analyzed the merit and flaw of specific supervision regulations, rules and policies. Lastly I discussed three supervision modes, which are represented by UK, Germany and France, and America. And I analyze the tendency of the supervision regulations ,that is the dominant status of the government supervision has been strengthened ;systemic security legislation and concentrate supervision regulations have been adopted by more and more countries;self-descipline has also been emphasized ,but at the same time ,it approaches the model of centralizing regulation; and the different modes have become more and more closer. In chapter tow, I addressed the operation and core of security issuing supervision. The system consist of three parts, i.e. issuing authorizing system, issuing pricing system and information disclosure system. Issuing authorizing system reflect the value favor of security issuance supervision system; the function of market value deciding and resources collocating depend on issuing pricing system ; information disclosure system is the basis of the security market .To improve the issuing supervision system, we must combine the three systems as an integral system according to the development stage and the information asymmetry of the security market. Based on these theory basis, I analyzed the problems of the supervision from the perspective of system design, China's practice and international compare. At the end of this chapter, I analyzed the evolution history, current situation, and the features about the supervision system of China. Chapter three is the emphases of this paper, in this part, I analyzed the problems of China's security issuing supervision. The problems include, the supervisors are over-powered, functions of supervision organization are dissimilated, the micro principal part governance is not reasonable, the law making and carrying out are weak, the assistance from self-regulation is not performed well, the use of intermediary is low. Then I made some proposals. The first is to shape correct concept about supervision—the object of security issuance supervision is to protect the investors; the principle is publicity, equality, moderation and efficiency ;the action director is to improve the efficiency of collocating resources .And all of these innovations must based on the realization of China's security market. The second is to improve the manner of security issuing supervision—the supervisor department must play its role suitably ;the construction of legal system and the execution of the law should be strengthen ;establish excessive levels of inspection ;constitute and consummate the punish proceeding; self-discipline organizationsshould exert their assistant function. The third is to consumma...