China’s Stock Market IPO System Reform Relatedresearch

Chinese stock market since its establishment more than 20 years, in the Chineses tock market in more than 20 years of development from scratch, since the childhood, the system reform of many times, now has become the core of the financial market in China, for our country has trained many excellent national enterprises, the construction of market economy of our country has made the great contribution. But with the constant deepening of reform and opening policy in our country, the advancement of global economic integration, Chinese stock market is facing the competition pressure from foreign markets is becoming more and more big, the phenomenon of high quality domestic enterprises to overseas listing, especially the loss of emerging in recent years, the Internet industry, but also exposed the capital market system in our country at present the problems and shortcomings.In this paper, through the analysis of overseas high quality enterprise loss phenomenon, find the reasons why Chinese enterprises listed overseas, and analyzes the system of the market of developed country, combining with the experience of the construction of the system to our country capital market reform path and policy Suggestions in terms of system construction. Optimization of Chinese stock market system, strengthen its market functions, improve the efficiency of enterprise stock of examination and approval, provide theory support for Chinese enterprises to go public, at the same time, the perfect our country stock market system construction in the process of back, attract the foreign listed companies for our high quality enterprises to provide a good public environment.First of all, the current our country face a large number of enterprises, the essay discusses the phenomenon of loss of overseas, mainly from the organization form of Chinesestock exchange, the stock issuance examination system and the development status quo of domestic venture capital fund in China from three aspects for analysis of this phenomenon. That exchange functions of lack of competition in the market in our country, the weakness of the local venture capital funds led to its in the IPO stage their voices and the imperfe ct market system is the main reason for the loss of Chinese enterprises overseas.Second, the analysis of the construction of market system of developed countries（regions）, in the United States and Hong Kong markets, for example, this paper discusses mainly the U.S. market and the organization form of in the stock exchange of Hong Kong market, market system and the organization form of venture capital fund options, as well as related to the operation efficiency of the market system. To sum up the experiences of developed countries（regions） in terms of market system construction, put forward reform proposals on construction of Chinese capital market system. Points out that the exchange shall implement corporations in our country, the share issuance system registration system, set up by contract risk investment funds and at the same time, the related system and the reform necessity and feasibility analysis.Finally, puts forward policy Suggestions on the reform of the system of relevant market in China. Suggest exchange in our country from the equity structure reform and charge standard issue. Venture capital funds from the fund supervision, operation mode and the choice of fund managers advise three aspects, stock issuing system reform should strengthen market supervision, establishing credit system and increase the penalties.