On The System Of Chinese Securities Private

This dissertation mainly focuses on the regulatory scheme of theprivate placement in China. It analyzes the regulation by comparing thedifferences between China and America and aims to perfect theregulatory scheme of the private placement in China. Besides the prefaceand the epilogue, the dissertation consists of four parts. The preface introduces the motivation, meaning, methods and realmof the research. Part one starts the research from the basic theories of the regulatoryscheme of private security. It also covers three parts: first, the origin anddevelopment of the private security;second, the conception andcharacteristics of the private security;third, the intrinsic and extrinsicvalue of the private security. Part two study the regulations of American private placement throughthe Securities Act of 1933 Sec. 4(b), SEC v. Ralston Purina Co.,Regulation D, Rule144 and Rule 144A which form the regulatory schemeof that country. Part three introduce the meaning and actuality of the regulatoryscheme of the private placement in China. It leads to the conclusion that aperfect regulatory scheme of the private placement could add moreinvestment approach to investors, offer more efficient financing methodsto enterprises and optimize the organization of enterprises. Anotherconclusion is that it is necessary to regulate the nonstandard conduct ofprivate placement in China. And after comparing the articles of oldCompany Law and Securities Law to the current ones which related to theprivate placement, the conclusion can be reached that China has formed aframe of regulatory scheme of the private placement.Part four discusses some deficiency of the current Company Law andSecurities Law of China, and proposes some workable suggestions to itsperfection.The epilogue is a summary of the whole dissertation. It emphasizesthe importance of the standardization and lawfulness of private placementand suggested China should pay more attention to enforce the legislationin this area.