Sponsor Regime Is A Comparative Study

The article is consisted of three parts including the foreword, the straight matter and the conclusion. The main contents of the straight matter are as follows:First chapter is to study definition of the sponsor system, and the legal nature and the characteristic of the sponsor. Firstly, the chapter is to analyze definition and the characteristic of the sponsor system and the sponsor. Secondly, the chapter is to compare the characteristic of the sponsor, the guarantor in the civil law and adviser. Thirdly,the chapter is to study and analyze the legal merits and the legal principle of the sponsor system. The chapter is to analyze fairness value, secure value and efficiency value of he sponsor system. Fourthly, the chapter is to analyze the legal principle of the sponsor system.Second chapter is to compare the foreign sponsor system of the stock market such as the AIM of U.K, the NASDAQ of U.S.A, and the MESDAQ of Malaysia as well as to sum up their common characteristic and analyze difference character.Chapter three focuses on comparative research and provides some suggestions.It is composed of two sections. The first section makes a comparison on the difference between the institution in Hong Kong and in Mainland. Only by comparative method can we find the deficiency in an institutional arrangement. From comparison we see: loopholes in the sponsorship system make it hard to crack down on the transgressor. Blur of the power boundary helps the CSRC abuse its power. Section two provides some suggestions on how to improve the sponsorship system, it includes making a clear definition on the legal status of CSRC, making relative system coordinate smoothly with sponsorship system, defining the responsibility of relevant intermediate organization, and instituting an efficient credit recording system.