| Because of its strong sense of administrative control,long queuing time,inadequate information disclosure and other reasons,the securities market has been widely criticized about our stock issuance system, particularly whether a company can issue stocks not depends on the stock market but depends on the the regulate organization who select the issuers by judging they have sustained profitability or not,that judgment is not belong to the security market.the regulators always set various conditions as a beauty pageant, which made some quality enterprises can not raise funds by issuing stocks. In recent years, with the maturity of the primary market of stock issuance market and the growth of the capital environment. The demands of registration system reform are increasing, to establishment the registration system which information disclosure as the core has become the focus of policy and the dual market.This paper compares the longitudinal evolution of China’s stock issuance system, analyzes the drawbacks of Examination and Approval System and Ratification System; while horizontal comparison of the differences between China and the United States stock issuance information disclosure and the advantage of American information disclosure system, by the comparison and the analysis of the data,we can objectively find that there are still many problems in our current disclosure of information, the regulators are more likely to verify that the compliance issues of historical information of the issuer, the issuer of the information received less attention in the future; the issuers themselves do not realize complete and timely disclosure of information is helpful in the long term to reduce its financing costs, and therefore lower compared to the illegal issuance and listing costs and possible once high profit obtained by fraud listed situation occur frequently; and because of secondary market investors based mainly in the small and medium investors, limited its ability to analyze and judge the ability of the issuer to disclose the information,investors often submerged in burdensome information without obtaining theintended, which we need to improve and perfect expression of information, as we can learn from the US approach, try not to use technical terms, with more graphically intuitive means of expression and so strengthen investors’ judgment and analysis capability information, to avoid blindly follow the trend investments;moreover establish and improve the information disclosure system is not the lack of adequate supervision and punishment mechanism, China’s current penalties for illegal disclosure smaller as key regulators of the Commission administrative enforcement powers is too small, in the absence of effective deterrence the case is difficult to form an orderly disclosure of environmental information, thus enhancing the Commission’s administrative enforcement capacity also is particularly urgent.Information disclosure system to establish and perfect the supporting system is inseparable from the establishment, the establishment of an effective class action mechanism to help protect the interests of investors in the case of the issuer information disclosure of illegal or fraudulent listing, the establishment of mechanisms and mandatory short delisting mechanism can give the issuer the external and internal dual supervision, once they are found to fraud will face serious consequences, which are conducive to the issuer conscientiously fulfill disclosure obligations. In view of the above and related legal system is not perfect, the registration system should not be radical should not in full accordance with the implementation of a more mature foreign capital markets system implementation,should be based on our current market conditions, improve laws and regulations and the establishment of related party system can efficiently issue and listing information disclosure, orderly and gradually form a market-oriented, chosen by the investors in the capital markets. |
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