Securities Public Offering Legal System

From non-public securities offering to public securities offering is a kind of social progress, it gives many medium and small investors more investment opportunities. But at the same time, in the public securities offering system, the asymmetry of securities market information is more evident. Without self-contained legislation on public securities offering system, the great financial losses will be not only come to investors, the enterprises, but also to the country. It will affect the country's stability and the development of the securities market. This article systematic studies the legal system of public securities offering. Based on the research of the theory of public securities offering system, the article gives a well-defined to public securities offering system, and it has also researched the systems which closely associated with the public securities offering system, such as the information exposure system, the sponsorship system and so on. The article is of great significance to China's securities market. It could not only help the inventor to mitigate investment risks, optimize the investment information and resource allocation but also help the corporate to improve governance.