Sponsor Regime Legal Issues

The purpose of sponsor system is to reduce the pressure of regularity of securities department, improve regulatory efficiency, enhance the quality of listed companies, stabilize and prosper the securities market, protect the interests of investors. Our sponsor system was based on the sponsor system of Hong Kong and implemented in 2004.After that, Hong Kong carried out a series of reform policies of the system, this causes the lag of our sponsor system from the beginning. Sponsor system and the Growth Enterprise Market appeared at the same time. The sponsor system in most countries and regions in the world is implemented in the Growth Enterprise Market, because the high risks of the Growth Enterprise Market need to be protected by the sponsor system. This article describes the content of sponsor system ,the basic factors of the value and the legal characteristics .By the contrast of the sponsor system of other countries and regions, we can reveal the flaw and insufficiency of our current system and attempt to propose the sponsor system's countermeasure, by further we can unearth the value of sponsor system in our country's securities market. At present, our country starts the Growth Enterprise Market and perfects the sponsor system in the aspects of theory and practice, this benefits to the healthy and stable development of our the Growth Enterprise Market.