The Issuance Of Securities Listed On The Sponsor System

On December 28, 2003 Chinese stock certificate direct management the committee release "the stock certificate issue appear on market to sponsorship the system temporary way" combine on February 1, 2004 since formal implement. It's the set of with temporary way's turn to is for the sake of the better norm stock certificate issue appear on market behavior, raise listed company quality and stock certificate to conduct organization to keep industry level, the legal rights of protection -investor, promote the healthy development of stock market. Take effect on January 1 in 2006 of, paying attention to, hoping extensively for social public already a long time new "stock certificate method" the first time ushered in stock certificate issue to appear on market to sponsorship system to carry on confirmation to the our country by the form of law, going to this to symbolize our country the stock certificate issue appear on market system to adopt to sponsorship system formally. Recommending the system is a kind of success of the oversea stock market of medium lie organization system, our country's ushering in that system is to turn issue system to reform deeply of the graveness raise, is also the important quest which appears on market establishment market to control a mechanism to the stock certificate issue. Promote to sponsorship system, to exaltation our country stock market circulate efficiency, grow a market investment principle, push a market trustworthiness construction, the perfect market is quasi- into the mechanism, improvement the listed company manage structure and push forward a coupon a company to invest bank business integration etc. aspect, have important meaning. However, appear on market and sponsorship theories research and speech of the system for the stock certificate issue, although abroad and Hong Kong region, that system already drive extensive adoption, haven't become a set of theories system of system, the theories field's research toward this system also is placed in a beginning stage, up to the present study to that system particularly is little and little, just have accidentally in the stock certificate method learn the teaching material and bring up, was 1 to once take basically. But our country is being placed in to apply should institutional entry-level stage, all exist the deviation of with certain degree to comprehension and usages that should be institutional, add of my state-to-state outside stock certificate issue the difference of with market existence, have more at the time of drawing lessons from necessity combine our country of actual, carry on necessary theory quest and innovation.Owing to this, the writer tries to appear on market general law theories of recommending the system to set out from the stock certificate issue, passing current recommend to all countries in the fulfillment system of more analytical, according to have already had of theories research result, carried on that system from the basic theories problem of the concept, contents, characteristic..etc. to elaborate definitely. Theories and fulfillment are complement each other, can be adopted extensively in the fulfillment mostly and rise the system of positive effect should attain certain height theoretically by all means, carry on to the theories in the meantime systematize, the system turn of the integration will have benefit to the fulfillment by all means. The writer passes to should be institutional of thorough analysis, research our country the present condition of the stock market to argument should system of maneuverability, pass analysis that system to exist in the meantime of limit to put forward a series perfect should system of the rationalization suggestion promote the stock certificate publish the steady movement of market. In aiming at to be applicable to our country capital market operating of appearing on market and recommending system design, the writer tries to analyze from the theories to that system up convert concrete usage process of law theories quest, pass to study to combine to the system our country the present condition of the stock market because the ground system applies that properly institutional study, expectation ability to should system of the theories research have benefit, to stock certificate issue market of the movement have a help.