The Research On The Legal Issue For The Admittance System Of Growth Enterprise Market In China

This thesis sets the admittance system of China’s Growth Enterprise Market (?)arcn project. First of all,it summarizes the current situation and problems (?)China’s GEM admittance system. Then,it discusses the admittance system of American NASDAQ market and Britain’s AIM market(which run successful in the world), and gets some experience. Finally,the thesis provides some suggestions for the improvement of China’s GEM admittance system.The Article can be divided into four parts.The first part introduces the basic theory of the GEM admittance system. Firstly,it is an overview of the GEM and what GEM admittance system is, what the characteristics of the system are. Next,it is the tortuous process of the establishment of GEM and four original intention of the GEM establishment. Finally,it is the relevant content of the GEM admittance system, including the issuance system, listing requirements, the sponsor system, information disclosure system and the system of restricted shares.The second part is the analysis of practical problems,basing on the basic theory. China’s GEM faces two kinds of practical operational issues,one is part of the current system violate the establishment intention,the other is the practical problems arising from the current system.These system which violate the establishment intention include high listing threshold and the approval system. The admittance system brought four actual problems:the "rent-seeking" in the issuance, the changing of company performance after listing, executives cashing their shares by resignation,and high issue price,high price-earnings ratio, superb raise rates phenomenon.The reason why there are so many problems is that our sponsor system, information disclosure system, system of restricted shares and the IPO pricing system have various defects. The last part of the second chapter describes these defects in detail.The third part of the article is to compare our system with the typical GEM admittance system in the world,such as the United States and the United Kingdom.At first,it introduces the characteristics of the U.S NASDAQ admittance system, including the registration system,the lower listing threshold, flexible listing standards and developed information disclosure system. Then it introduces UK Alternative Investment Market access system and its main featuresrthe autonomous registration system,loose listing standards and lifelong sponsor system.In the last part,the chapter compare us with United States and Britain and obtain some experience.The fourth part is the reflections on the improvement of the GEM admittance system.In the last three chapters we have studied the basic theory of the GEM admittance system, the problems and the comparison with foreign countries,on the basis of the content, the fourth part of the article presents some proposal about how to improve the GEM access system:the appliance of registration system, lowering listing threshold, setting up a Multi-level listing standards, improving the sponsor system, improving the information disclosure system and strengthen restrictions on holdings of major shareholders.