| Generally speaking, the stock issuance examination system mainly has two kinds:the first is the "information disclosure principle" as the core of the registration system,the second is the "substantive examination principle" as the guidance of the approval system. China’s current stock issuance examination system adopts the approval system.Since the securities law of the People’s Republic of China has been promulgated, the approval system has experienced a development process for more than ten years. The approval system has a positive impact on the development of the early securities market.Nevertheless, with the continuous development of the market economy, the drawbacks of the approval system are becoming increasingly apparent. For example, the stock issue audit efficiency is low, the administrative control is too strict, the market main body is lack of autonomy, and the middle and small investors’ interests are seriously damaged.In the same time, the voice of reforming the stock issuance examination system is also rising. In the third Plenary Session of the 18 th CPC Central Committee, the Party clearly putted forward the requirements of the implementation of the reform of the stock issue registration system. On December 27, 2015, the Standing Committee of the National People’s Congress explicitly authorized the State Council to implement the registration system relating to the audit system of the issue of public stock, and the implementation period is two years. Registration system reform has started since then.In this context, how to promote the implementation of the registration system has become the key to the reform pilot project. Based on literature and information released,the thesis, through comparing the approval system and the registration system,reflecting on China’s current stock issuing system problems, and analyzing the reasons,as well as comparatively studying foreign experiences, proposes progressive type of registration system reform program for China. |
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