Research On China's IPO Administrative Supervision And Its Regulation

IPO as a multi-level capital market in China is the most important level,and it is also one of the important ways of resource allocation of market economy,and the administrative securities supervision of the securities market as the visible hand,it is particularly important for the securities market.There are many aspects of the administrative supervision of securities,which are mainly reflected in three aspects: the administrative legislation,the issuance of audit,administrative law enforcement,the three complement each other,indispensable.Administrative legislation provides a legal guarantee for the development of the securities market,but the legal status of the securities regulatory body and the legitimacy of the administrative legislation are controversial.At present,China's securities issued by the approval system,the securities regulatory body for the issuer to meet the requirements of the listing of substantive audit,for some of the listed soft conditions have a certain degree of discretion.In recent years,the securities regulatory agency for issuers,intermediaries and other administrative relative person's administrative law enforcement has increased significantly,increased administrative penalties,maintaining a high pressure situation.Securities regulators in the approval of the issuer as well as the regulatory process of discretion,people's exercise of its power is distorted,still maintained a vigilant.With the development of the securities market and the change of the value of the listed companies in the country,the approval system still needs to continue to reform,that is,in the past two years China is speeding up the implementation of the IPO registration system reform.In the process of reform,how to do the exercise of the power regulation of IPO administrative supervision,but also to achieve the regulatory target of value,balance the power of administrative supervision,the interests of the listed subjects and investors.The author believes that the need to improve the system from the three aspects of administrative legislation,the issuance of audit,administrative law enforcement,in order to better promote the healthy development of the IPO market.