Sponsor System In China Situation And Solutions

Study of sponsor system in China originated in the1990s,1990s to thebeginning of this century, our county’s securities issue system has experiencedthe Administrative System and Authorization Deeds.After several years ofpractice,Administrative System and Authorization Deeds have been replaced bythe Sponsor System in China’s securities market. Administrative System due tothe political color is too thick, deeds of securities market intervention isoverweight, resulting in wasted resources and unreasonable allocation, hinderedthe development of the securities market.Channel System is the core ofAuthorization.Implement The Channel System for most of the securities businessinstitutions share the benefits.because basically each securities company willreceive a certain number of channels, the securities business institutions marketseem normal. Channel System Seems to be fair has caused a substantial injustice,good quality companies may be due to the lack of channels to be listed. SponsorSystem has solved a lot of problems in the administrative system and the ChannelSystem.Like other countries and regions which implement the sponsor system,our country’s securities market develops actively.This paper includes the following four parts:One, the meaning of the Sponsor System and the significance of selectingthis article topic, mainly introduce from the theoretical and practical significanceaspects.Two, The Sponsor System of several countries, mainly introduces the AIM,sponsor system, the "mixed" sponsor system, MASDAQ sponsor system inMalaysia and Hong Kong gem sponsor system.Through introducing severalcountries and regions’ Sponsor System provide improvement Suggestions to ourSponsor System.Three, the current situation and problems of the current sponsor system inChina. Mainly from the current sponsor system of sponsor qualification,sponsors’ tenure and the responsibilities of the sponsor, the sponsor workingprocess, and the legal responsibility.Focusing on "there is good reason to believethat"" working paper of sponsor system""sponsor supervision system" severalaspects. Pointing out the problem of guarantor’s qualifications and the civil liability in China.Four, combine the experience of overseas sponsor system, aiming at theexisting problem of sponsor system in China, making suggestions to improvedefects of sponsor system. Tabling proposals:optimizing sponsor representativeselection, qualification, extension the maturity of sponsor and to clarify the threepairs of main body responsibility, improve the civil liability and litigationmechanism, build system of sponsor insurance.