Research On The Supervision System Of Registration System Reform Of Science And Innovation Board

The establishment of the science and innovation board and the pilot registration system by the Shanghai stock exchange have truly realized the support of the real economy from the multi-level capital market.The registration system is characterized by light access supervision and heavy information disclosure.The value of the Shanghai stock exchange science and innovation board registration system is to keep up with the international practice and deepen the marketization of China's securities industry.If the board is not to become a tool for listed companies to collect money,it is necessary to establish a sound regulatory system of registration system of the board,to clarify the regulatory responsibilities of the CSRC and the stock exchange in different stages,and to reasonably divide the responsibilities and scope of administrative supervision and self-regulatory supervision.In view of this,this paper discusses the division of supervision right of supervision subject in different supervision stages under the kecraft registration system.The high risk and high return characteristics of the listed enterprises in the scientific innovation board have intensified the risks of the scientific innovation board and put forward higher requirements for the supervision.The registration regulatory system can reasonably allocate regulatory resources and realize the optimal allocation of regulatory resources,which is of great significance to the scientific innovation board and even the whole securities market.Therefore,this paper discusses the regulatory system reform under the registration system from three aspects.The first chapter introduces the history of China's securities regulatory system and the reform of the registration system of the scientific and technological innovation board,reveals the internal relationship between the establishment of the scientific and technological innovation board and the implementation of the registration system,and illustrates the necessity of the reform of the regulatory system of the scientific and technological innovation board registration system.The second and third chapters introduce the advanced experience of the registration system in the United States and Hong Kong.As highly mature securities markets,the United States and Hong Kong have rich practical experience in the regulation of securities registration system.Therefore,under the premise of considering China's national conditions,learning from the advanced experience of the United States and Hong Kong can make China's regulatory system of registration system less detours.The fourth and fifth chapters,combined with the current securities law amendment,discuss the direction of China's regulatory reform of registration system.The current securities market supervision in China is divided into two stages:the entry stage and the post-listing stage.The two main regulatory bodies,the CSRC and the exchange,exercise regulatory powers respectively.In the entry stage,the stock exchange exercises the right of substantive examination,and the CSRC carries out formal examination and registration procedures.In the post-listing stage,the first-line supervision is dominated by the self-regulation of the stock exchange,while the administrative supervision of the CSRC plays a supplementary and backstop role.Before the establishment of the registration system,the original regulatory system will still occupy an important position.Therefore,this paper will put forward some countermeasures to the existing regulatory problems and make a prospect of the registration regulatory system.