Research On The Legal Issue Of The Sponsor System In Listing Securities Of Our Country

The sponsorship system, which was formally introduced to the mainland of china in2004, is regarded as an important system and plays a pivotal role in the stability of thestock market. The sponsor is a bridge between the company and the stock market and isthe main channel of communication for listed companies and the Exchange. The sponsorsponsors the sponsored enterprises on the basis of fully understand and bears legalliabilities for this. Thus, the role of the risk prevention, the role of the supervision and therole of inspection and the role of keeping china’s stock market stable are strengthened, soas to protect the interests of investors and to create a healthy and orderly stock market.However, mainland sponsor system was an "import", due to lack of experience, there area series of issues that must be improved and perfected, among which are many importantlegal issues, such as the responsibility of the sponsor,the supervision of the sponsorsystem, the division of rights and obligations between the sponsor agencies and thesponsor etc. Therefore, this paper attempts to analyze the sponsor system for Chinesestock issuance from a legal point of view.The paper is divided into four parts. The first part is the analysis of the sponsorsystem from a theoretical point of view. First, it introduces the origin and thedevelopment of the sponsor system, and then it expounds the nature and characteristics ofit. Last, it comes to the legal value of the sponsor system and basic principles of thesponsor system combining with the actual situation of our country.The second part gives a comparative analysis of the sponsor system of differentstock market. After a comprehensive introduction of the AIM sponsor system of England,United States NASDAQ sponsor system, Malaysia "relay" sponsor system and the HongKong Stock Exchange, it summarizes the legal characteristics of the sponsor system ofdifferent stock market. The third chapter analyzes the main content of the Chinese sponsor system from alegal point of view. It gives an in-depth analysis for sponsor eligibility criteria, duties andliabilities respectively and at the same time it points out the deficiencies.The fourth part, based on the comprehensive introduction and analysis of thesponsor system in above text, proposes measures to the problems existing in Chinesesponsor system.