Legal Research On Securities Issue System Of Registration Reform In Our Country

Under the back ground of the rule of law,the 18 th session of three plenary session put forward promote the reform of stock issuance of registration system,for blowing the horns of registration system reform.But any system reform is not achieved overnight.According to registration system run mature foreign countries,our cou ntry on the foundation facilities there are a lot of shortage,these deficiencies is the register syste mreform in our country need to improve.In this paper,based on the reality of legal system of our capital market,the first analysis of the concept of authorization and registration,as abasis,demonstrates the necessity of registration system reform.Based on the registration system reform necessity,analyzed our country securities issuance auditing system registration system reform facing in the low quality of information disclosure,supervision forces configu ration is not reasonable,investors litigation safeguard mechanism is not perfect,market participation main body responsibility mechanism are defective,the problem of the delisting system is not sound.Second is investigated in the United States and Hong Kong area in information disclosure,configuration of supervision,the protection mechanism of the interest of the investors,after setting of delisting system and responsibility system,to our country and Hong Kong and the United States in the reform of the system back ground,ecology,legal environment and market self-discipline regulation.Through investigation and comparison from the developed cou ntries and regions of the institutional infrastructure of securities hair trial experience.Again,based on the reality demand securities issue registration system reform in our country,promote the reform of system of registered in China are put forward in the face of freedom value and order value and the conflict between fair value and efficiency value,through the analysis of market participation main body and the securities market,demonstrates the during the reform we should more pay attention to the order value and efficiency value.Finally,on the transverse and longitudinal comparison and the value of law thinking,on the basis of proposed perfec ting the information disclosure,the rational allocation of regulatory power,perfect investor litigation safeguard mechanism,strengthening the responsibility mechanism and improve the delisting system solutions.