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Research On IPO Regulatory Mechanism Under The Perspective Of Registration-based System Reform

Posted on:2018-12-24Degree:MasterType:Thesis
Country:ChinaCandidate:J H LiFull Text:PDF
GTID:2346330533964007Subject:Law
Abstract/Summary:PDF Full Text Request
The operational effectiveness of securities regulation affects the efficiency of resource reallocation in the market.Among all regulatory systems,the issuance examination system is of the most importance.While China's IPO market is thriving,its current issuance examination system,approval-based system is still marked by strong administrative character,giving rise to many defects exposed from IPO regulation by China Securities Regulatory Commission: controlled issuing scale leading to imbalance between supply and demand,inefficiency of issuance examination,unstable issuing qualities,uncompetitive investor qualities,overlapping of issuing and listing examination,much emphasis on pre-regulation leading to deficient post-regulation,malfunctioning delisting system,etc.Since the Third Plenary Session of the 18 th CPC Central Committee proposed “to improve multi-level capital market system and to advance the reform of stock issuance towards registration-based system”,relevant guiding policies and arranged systems provided favorable conditions to IPO registration-based system reform.Under this perspective,This article exposes defects of the current approval-based system,enumerates potential advantages and feasibility of registration-based system if carried out in China,learns relevant successful experiences from such developed capital markets as the US,and then does further research to establish a sound regulatory mechanism under registration-based system,specifically,how to reconstruct regulatory structure from aspects of regulation subjects and regulation methods,and how to improve regulatory system from aspects of information disclosure system and delisting system.
Keywords/Search Tags:registration system, issuance examination, information disclosure, regulatory mechanism, delisting
PDF Full Text Request
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