Research On The Reform Of China's Securities Issuance Registration System

China's securities market has developed from scratch,from young to mature,and has been in development for nearly 30 years.As the market continues to develop,its own institutional problems are slowly beginning to emerge,and the voice of reform is gradually rising,especially the reform of the stock issuance registration system.On December 27,2015,the Standing Committee of the National People's Congress passed the "Decision on Authorizing the State Council to Adjust and Apply the Securities Law of the People's Republic of China in Implementing the Reform of the Securities Issuance Registration System." The decision is implemented for two years and is decided to be implemented on March 1,2016.On February 23,2018,entrusted by the State Council,Liu Shiyu,chairman of the China Securities Regulatory Commission,explained to the Standing Committee of the National People's Congress that the time limit for the authorization of the stock issuance system was extended for two years until February 29,2020.The extension of the registration system reform indicates that there are still difficulties in implementing the registration system in China's securities market.Therefore,this paper attempts to analyze the securities issuance registration system in the United States and Hong Kong through horizontal comparison,and to longitudinally sort out the historical evolution of China's stock issuance system,and to draw on the registration system of other countries or regions in light of the social and economic environment in which China is currently located.Based on the experience,we will make suggestions for the reform of China's securities issuance registration system.The article is roughly divided into the following parts: The first part introduces the research background,research significance,research problems and methods,and research review;the second part mainly reviews the concept and characteristics of the approval system and the registration system,and The paper analyzes the two securities issuance systems from the aspects of issue supervision concept,market entry threshold and issue review efficiency.The third part sorts out and analyzes the evolution process of China's securities issuance system.The fourth part explains the United States and The securities issuance supervision system in Hong Kong compares and analyzes the reasons why China's securities issuance supervision system is different from the US and Hong Kong securities issuance supervision system.The fifth part puts forward the reform of China's securities issuance registration system on the basis of the fourth part.The difficulties faced and the path to solving difficulties.Through comparative analysis,it is concluded that China's securities issuance registration system reform still has certain problems in many aspects.Therefore,China's implementation of the registration system reform can only be carried out step by step,step by step,and strive to improve the degree of securities marketization and improve investor protection laws.Institutions,transformation of the functions of the CSRC,and improvement of relevant securities laws.