Analysis Of The Direction Of China's Securities Issuance Reform

Securities market of China has developed into the critical period.A variety of problems related to securities market have posed a big threat to China securities industry management.With the increasing number of calls for the reform of securities audit system,Standing Committee of the National People's Congress passes the decision to entitle the state council to adjust the securities law of PRC on December27,2015.The decision has two-years valid period and takes effect on March 1,2016.The Securities Commission is also facing a severe test,complicated preparatory work and requirements from the state council to implement securities issuance registration system reform.It needs to do a job to support the formulation of the rules and other preparatory work and make an actively safe,steady and orderly Registration reform.The reform of securities issuance registration system is a major change in the supervision system of equity financing in China's capital market.Its core lies in rationalizing the relationship between market and government.It is not only necessary to solve the problems caused by asymmetric information between issuers and investors,but it also needs to clarify the power border of the supervisors and gives full play to the market allocation of resources.Government should avoid excessive intervention in the market.The reform of the registration system is not a simple decentralization of audit power,but a fundamental change in the way of supervision.This article studies the reform of China 's securities market registration system.Firstly,the article introduces the concepts and characteristics of the registration system and the approval system and compares the two securities issuance examination system.Then,the article analyzes the current problems of China's securities issuance approval system and points out the necessity of implementing the reform of registration system in our country.Next,the article takes the mature securities market registration system in the United States as an example and summarizes registration system and then provide a good reference for China.Finally,some suggestions are put forward for the construction of our future registration system.China's securities market has developed for 20 years.Compared to the old US200 years ago,securities market history of China has just started.The problems in the development of the securities market in the United States and the response of the US government may be of great significance to China's securities market.