Studying The Sponsor System's Effectiveness Of China's Securities Market

This paper mainly based on information economics, with China securities issuance sponsor system history evolution and background, sponsor system of theoretical study and performance testing of key research object, and will the information economics theory and China securities issuance market combined, constructing the information economics theory in the basic model of securities issuance market, in foreign investors about the issuer and asymmetric information, combined on the basis of study of Chinese characteristic, publisher and regulators the information asymmetry between the theory expounded, from the Angle of supervisory punishment mechanism on the importance of play sponsor system effectiveness, thus theoretically the sponsor the root causes of the system produces the value and system, sponsor the effectiveness of mechanism play sponsor system were discussed. And on this basis, they build evaluation sponsor system are effective performance evaluation system to sponsor system, which make an objective performance testing and evaluation.This article from the macro and micro comprehensive, objective evaluation of the effectiveness of the system, sponsorship with empirical proof sponsor system of securities issuance since the implementation of a significant market plays the positive role, played a urged recommend excellent enterprise listing, urged the issuer disclosure real and effective information, eliminate the publisher and investors, securities information asymmetry effect, reached the sponsor system construction goal and the expected effect.