The Research Of Sino-US Securities Regulatory Effectiveness Comparition On Listed Audit Approach

Since China the established securities market in 1993,the issuance examination system has undergone four changes,with the December 27,2015 the State Council,China's top legislature authorized the eligible shares issued registration system reform program modification,marking China's securities market Issuance Examination system officially entered the stage of registration system reform.But beginning in 2016,Chinese stock market had two affected the emergence of a thousand rumors registration system limit the phenomenon of why the Chinese stock market in face of the performance of the registration system so fragile?Why Some investors fear such a registration system?What is the market and investors Registration System or misinterpretation of the registration system itself on the stock in the secondary market have so much destruction,you need a registration system for more in-depth analysis and discussion in order to find out.In addition,during the two sessions of 2016,the management of the registration reform stance also worth pondering the morning of March 5 release Thirteen Five-Year Plan proposed to implement the registration system "to create the conditions",and in the morning the Prime Minister Lee government work report is silent registration system reform,why the management of the registration system reform performance so cautious.The market conditions are not ripe rush to implement the registration system reform,or registration system reform has entered the stage to close the net?If the conditions are not ripe,as mentioned in the planning and create conditions to promote the registration system reform,then what conditions should create to implement a registration system reform?Studies have shown that China and the US approval system registration system in the form of the difference between the performance of the audit focus on the form of ex ante regulation approval system,registration system pay more attention to ex post regulation.However,the analysis showed that the United States review the form of the registration system and Chinese approval system have different impact on the market is not a core element of the two systems.The US law that makes registration system to achieve the protection of asymmetric information to investors,in the form of audit companies to shorten time to market,reduces the impact of regulatory standards combined effect of the registration system of the securities market.The results show that,in the realization of the investment information asymmetry after effective protection,compared to the audit system under the registration system of listed companies investors through the game can ease the market,"Gresham's Law"problem,improve the quality of listed companies.Although the registration system under the supervision of regulators to reduce the threshold,but the registration system of self-regulation through the market rather than on the number of listed companies are not prepared to review the strict control of more good control of the number of listed companies.In addition,through the introduction of a registration system,not only to achieve a certain degree of control of listed companies to enhance the quality and number of target listed companies,but also as investors a clearer understanding of the market,reducing the market wrongly,according to market more effectively supply and demand determine the financing and investment,reducing the market due to the scarcity of listed companies,which led investors to the stock appears overvalued situation,thereby reducing the investment risks for investors,stability and a more favorable market,play the stock market financing and investment functions,such as the market is not likely to occur in June 2015,in August and in January 2016 to enter the market bubble squeeze process stage,investors panic selling of stocks and the lack of support for the performance of the secondary market triggered a liquidity crisis.Meanwhile,the registration system under reduced rent-seeking on the part of companies actively seeking high-quality listed companies and alternative runs,making the market qualified to meet their return on investment enterprises to achieve fast time to market,and the next stable stock market can be reduced refinancing risks.Finally,the analysis found that the United States implement the registration system is built on the impact of two bases:first,through legal means,administrative means to achieve lower cost of rights of investors,investor rights simplify procedures and improve the cost of illegal enterprises and intermediary organizations,asymmetric information to investors so as to achieve effective protection.China to implement registration system reform has a long way to go,not overnight,more than just a change of audit formality,only the establishment of a stable foundation for the market after the Chinese version of the registration system in order to bring the Gospel to investors,listed companies and regulators.