Approach On The Risks And Reform Ways Of The Implementation Of Stock Issuing Registration System

With the development of capital market capitalization continues to improve, the implementati on of stock issuing registration system is a kind of historical trend. The current audit system of sto ck issuing a series of problems exist in the current market environment, the drawbacks of expose d to the current capital market does not fully play its role of resource allocation, system reform t o solve the current problems through the implementation of stock issuing registration, when forme r securities market reform theme, a pressing matter of the moment is to smooth out the stock issua nce examination system transition to the registration system to. From our country’s securities issua nce system history, we can see that, subject to the prevailing market conditions, we have carried out the stock issuance examination and approval system and examination system, but from the vie w of the world, most developed countries have mature market implementation are stock issuing reg istration system. Comparative analysis of system characteristics and the market environment of the mature markets of the developed countries, to summarize what kind of market environment and supporting system for the registration system, considering the current supervision system of the sec urities market of our country is not perfect, investor protection mechanism is not perfect and great market risk characteristics, we found our current market environment and system construction sit uation, the implementation of the registration system can only be a gradual process, do not accom plish at one stroke, it should choose a gradual reform path, from the audit system gradually transiti on to the registration system. In view of the existing market environment and legal system perfec tion degree, advance registration system reform should be in every legal and market environment g radually laying the groundwork, the need for a series of institutional reform: change the SFC functi on; revising laws and regulations "wide", "meticulous" regulations, perfect the legal system of secur ities supervision; strengthen the information disclosure quality, the establishment of accountability m echanisms; increased regulation of resources of the securities market investment, enhance the abilit y of afterwards supervision; gradually improve the delisting system, attempts to construct the mark et short mechanism, control market risk.