Study On Stock Issue Registration System Reform In China

There are mainly three kinds of supervision systems on current international market,namely,examination-approval system,authorizing system and registration system.The issue of the market developing condition connected with different regulatory system.In order to adapt to the market development,stock issuing system should also be timely change.So that the development of the market could change from the immature to mature gradually.The authorizing system in China nowadays has its inevitability.It is adapt to the development of China's capital market of issuance system.While,as China's capital market develops and changes constantly,the system presents a lot of disadvantages To propel the stock registration system is a historical trend.It is the inevitable result of the improvement of the capital market.Through the comparative study of three kind of stock issue system--examination--approval system,authorizing system and registration system,the third one is adopted widely in developed market.The offering issuing system in China should choose a progressive change path by taking example of American.So the main task is how to transform from authorizing system to registration system smoothly.At present,the stock issuance in China is still the authorizing system.The SEC regulators give the companies substantive examination.In this way,it could guarantee the quality of the listed stocks.It also reduce the risk of the stock issuance market and protect the interests of the investors.There are a lot of disadvantages on China's stock offering system nowadays,such as the insufficiency disclosure of information,audit efficiency and relatively low transparency,low normative of program,market immaturity,investors are irrational and immature.Facing the current problems existing in China's stock issuance,combined with the experience of mature stock issuance in the capital market,the conclusion shows that the implement of registration system in China has it's inevitability.Through the dialectical analysis of the defects of the authorizing system,clarify the path from authorizing system to registration system.make full use of the registration system,blend in the financial market development,promote the reform of China's stock issuance.The America has a relatively perfect SEC regulation system.This paper analysis the America SEC regulation legal system and Organization system from it's basic concept and supervision mode,and sums up the main characteristics of the SEC supervision system.From the system level,institutions,the degree of information disclosure,the law enforcement and other aspects to analyze the inevitability of the registration system in America.By offering us the analysis of the capital market in America to show the current problems faced in our country in the reform in China.Combined the actual conditions of our country's SEC issuance,find the shortcomings of China's SEC system.Through contrast analysis shows that our country has insufficient in the regulatory level,legal system,and the degree of information disclosure,intermediary liability,protection of the rights and interests of investors and other aspects.Through study on the experience of mature markets of American's stock issuance system and listing of experiences and lessons,it provide us a realistic path.But the two countries have many difference on various aspects.Such as legal system,economic development background and market maturity,investors maturity and so on.However,any regulatory system is not perfect and immutable.Finally,combined with the actual conditions of our country's securities regulation,we should try to find out the existing problems and the insufficiency of the securities regulatory system in China.And in order to reform and perfect our securities supervision system.,we should learn the experiences and lessons of American SEC regulation system wisely.By following the American model,combined with China's reality,we could choose a progressive changing path.