| With the publication of "The Interim Measures for the Stock Issuance and Listing Recommendation System" by the China Securities Regulatory Commission on December28th,2003,which was brought into force on January1st2004, the application of Sponsor System in China had confirmed. The implementation of Sponsor System in China between2003and2014has played a positive role in improving the efficiency of IPO, cultivating related talents, and decreasing the risks of investors. However, the process of carrying out the Sponsor System has met a series of difficulties. The appearance of stock market scandals, such as "Jiangsu Qionghua Events","Jingsheng Shanhe Events", and "Lv Dadi Events" made the investors to question the Sponsor System. With the aspiration of investors to reform the Sponsor System has got stronger, the China Securities Regulatory Commission decided to reform the stock offering system as well, and consider the way to transform from Approval System to Registration System. In the above background, how to improve the Sponsor System of China to adapt to the environment of China Stock Market and further improve the quality of the stocks and decrease the risks of investors has become an urgent task.This paper put forward the suggestions of reforming the Sponsor System through related analysis. First of all, this paper introduces the related theories about Sponsor System, and then summarizes the typical Sponsor Systems abroad. On this basis, the analysis of the China Sponsor Systems is followed. This part is consisted of the history, content, function and shortcomings of the China Sponsor Systems. Finally, this paper brings forward some suggestions to improve the China Sponsor Systems, which including the optimization of the selection method of sponsor representatives, the improvement the violation cost of sponsor institutions and sponsor representatives, the clarification of the responsibility boundaries of sponsor representatives and related institutions, the separation of sponsor business and underwriting business, the extension of Sponsor deadline and paying the continuous supervision fees by instalments, and the improvement of professionalization of sponsor. This paper attempts to make contribution to the perfection of the China Sponsor System. |
