Research On The Reform Of IPO Registration System In China

The stock market of our country has been developing for more than 30 years since it was founded. It has made great progress. But there is always the market vitality is not enough, the market mechanism is weak and can not effectively meet the needs of the development of the real economy. Today, the development of China’s real economy is still dependent on bank credit as the representative of indirect financing. The inadequate development of securities market often attracted criticism, especially in the IPO audit system is the most criticized. Since the establishment of the securities market, the IPO audit system has experienced several reforms. From the examination and approval system to the approval system, channel system to the sponsor system. Reform is extremely rare. This shows that people are generally aware of the problems so that the adjustment in constant from one aspect, on the other hand also shows that the effect of each reform. In the third Plenary Session of the 18 th CPC Central Committee, the party put forward to promote the reform of the stock issue registration system.Multiple channels to promote equity financing, develop and standardize the bond market and increase the proportion of direct financing. At the 2014 national securities and futures regulatory work conference held in the country, Xiao Gang,the chairman of the Commission further pointed out that although the basic conditions for the transition to the registration system, However, there is still a distance from the specific implementation, and the first of the "Securities Law" to amend the corresponding. May 8, 2014, The State Council issued the opinions on further promoting the healthy development of the capital market. Opinions pointed out that we should actively and steadily push forward the reform of the stock issue registration system, establish and improve the information disclosure system as the center of the stock issue. In this context, the Commission issued a new round of new shares issued by the reform of the system to carry out the reform of the registration system to carry out.The main research object of this paper is the reform of stock issue registration system in China. The main use of theoretical analysis and comparative law research methods to expand the topic. Firstly, this paper introduces the basic theory of IPO audit system, and the IPO audit system of the two forms of registration and approval system for comparative analysis. Secondly, the development process of the IPO audit system in China is analyzed, and points out the problems existing in the current IPO audit system in our country. Then points out the necessity of the reform of IPO registration system in our country. By introducing the IPO registration system in the United States, summarize the experience of successful implementation. At last, combining the experience of foreign mature market and the existing problems in our country, put forward the relevant policy suggestions for the transition to the registration system of our country.At this stage, China is in the transition period of economy. The development mode of the crude form has previously been difficult to continue. Only fully mobilize the positive factors of the market, play a decisive role in the market in the allocation of resources in order to maintain a healthy and stable economy. And IPO registration system reform is in line with this goal, so it has great practical significance to study it.