The Study On The Elements Of Administrative Licensing Of Initial Public Offerings

The Standing Committee of the National People's Congress has authorized the State Council implements the "registration system" of stock issuance from March 2016.However,the reform has not been implemented so far.The main reason is that many researchers don't reach a consensus on what elements the stock issuance license should be constituted under the background of the "registration system".The composition of the licensing elements cannot be blindly learnt from foreign experience,but should be combined with China's actual situation for confirmation.According to the study on the various stages of the stock market under the politics and the economics in China,the core objectives of the licensing elements of the initial issuance in different periods are "promoting the formation of the stock market","realizing the instrumentalization of the stock market" and "promoting the marketization of the stock market",respectively.After the comprehensive analysis of the above elements,we found that there are two main problems in the licensing elements of the initial issuance:the actual demand leads to the part of the illegal licensing elements,the interests involved are more inclined to the government than the enterprises and investors.However,from the development trend,the government gradually weakens their own interests in the establishment of licensing elements,and increasingly pays attention to the interests of enterprises and investors.The main points of initial issuance license for improvement in the future contains two points:First,limit the arbitrariness of government in the establishment of licensing elements,and promote the speaking right of the enterprises and investors in the development of the initial issuance license of the stock.Second,gradually transfer the enactment right of the license to the stock exchange.