The Research Of Sponsors System

February1,2004implementation of sponsor system for listed securities issued Interim Measures", marks the sponsor system is started formally in our country, in2006, the newly revised" law of the people’s Republic of China negotiable securities law" and in the form of law for its recognition, in December1,2008," the issuance of securities listing sponsors business management approach" to pursue a more perfect me the sponsor system.The establishment of sponsor system aims to improve the quality of listed companies, to reduce risk to investors, securities market more perfect. Sponsor system since the implementation, in improving the quality of listed companies, strengthen the listed company after the level of management and standardized operation, improve the securities market credibility plays an important role. But, on the other hand, sponsors not to due diligence, even with the issuer collusive fraud, fraud of Listed Companies in the company after the listing or not due to the steering, the investors in securities trading in impaired do occur from time to time. This explains the sponsor system also has disadvantages, need to be further improved, the purpose of this paper is trying to discuss the deficiency of the system, put forward my opinion, perfect system.The article carries on the elaboration from four parts:The first part mainly elaborates the concept and function of the sponsor system, and part of foreign national sponsor system brief introduction;The second part introduces the recommender system theoretical basis and legal status;The third part introduces the current situation of China sponsor system;The fourth part focuses on the analysis of China sponsor system exists some defects and puts forward the related proposal.Such as:strengthen the sponsor qualification supervision; clearly the responsibility of sponsors boundary; sound of sponsors and the issuer of the illegal punishment system, in this paper, different recommendation secured with civil law guarantee, we should strengthen the sponsor guarantee illegal punishment; for economic punishment, the law should not be a fixed amount of fine regulation, should be implemented by to determine the proportion of the amount of the fine measures; finally proposed our country" criminal law" should be made to sponsor illegal criminal responsibility rules, rather than simply using administrative punishment.