Study Of China’s IPO System Market Reform

ABSTRACT:Initial Public Offerings system reform is the key of our country securities market development and reform. So far, China’s IPO has gone through20’s years of history, Initial Public Offerings system from infancy to authorization phase to substantive regulation stage, has experienced several major reforms. Securities regulatory commission has made unremitting efforts to promote market-oriented reform of the IPO system, but it has not been to, market by market instead. New issues are still change and stopping, and change, new issues market reform is still a long way to go.Through the study of the theoretical analysis of literature at home and abroad of the IPO, this paper compares with foreign mature capital market system for issuing new shares, analysis Chinese the history change of the system for issuing new shares. And then, this paper emphatically analyzes the current IPO system of information disclosure system, the sponsor system, book-building allotment system, the Issuance Examination Commission system and other related supporting system.On this basis, this paper presents some policy suggestions, such as advancing Chinese new distribution system reform, improving supporting measures of IPO and improving IPO mechanism. This paper strives to make some beneficial thinking and exploration for China’s IPO market reform.