A Study On Intermediaries In Securities Market's Role As "Gatekeeper"

At present,the financial fraud of Listed Companies in China's capital market is emerging one after another.The main reason lies in the failure of the securities intermediary as the external barrier of listed companies to effectively play the role of "gatekeeper" and block the counterfeiters outside the securities market.The "gatekeeper" mechanism fails.Under the background of the implementation of the registration system in March 2020,China Securities Regulatory Commission will usher in the functional transformation,and the role of intermediary agencies as "gatekeepers" will become increasingly prominent.Although the regulatory authorities advocate to compact the responsibilities of intermediary agencies,the relevant rules of Shanghai Stock Exchange also refine the verification requirements of intermediary agencies such as recommendation agencies,but they still haven't defined the role and reputation mechanism of intermediary agencies and so on.The first chapter is an overview of the "gatekeeper" mechanism in China.This chapter introduces the basic concepts of intermediary institutions and "gatekeeper",analyzes the legal theory and economic theoretical basis of the operation of "gatekeeper" mechanism,discusses the theoretical and practical value of improving the sponsor system,and provides the basic theoretical basis for the following article.Finally,it combs the relevant policies of the sponsor system.The second chapter analyzes the problems of the "gatekeeper" mechanism.By analyzing the operation principle of the "gatekeeper" mechanism,this chapter proposes three main problems of the current failure of the "gatekeeper" mechanism in China f: the loss of the role of the "gatekeeper",the failure of the reputation mechanism,and the imperfection of the legal protection.First of all,the reason for the loss of the role of "gatekeeper" is that the game between the role of "gatekeeper" and the role of "rational economic man" leads to the departure of the intermediary from the role standard;secondly,the failure of the reputation mechanism established spontaneously by the market and the failure of the reputation mechanism established by the government lead to the failure of the reputation mechanism;finally,the legal status of the intermediary is unknown The unclear boundary of responsibility and the imperfect mechanism of accountability lead to the imperfection of the legal protection of intermediary institutions.The third chapter puts forward the solutions of those problems.From the institutional root,the role of "gatekeeper" is defined.By changing the existing appointment mode of the issuer,the relationship of "principal-agent" with the industry self-discipline Association as the principal is reconstructed,the interest chain between the intermediary and the listed company is cut off,and the intermediary returns to the role standard of "gatekeeper" in the securities market.In terms of operation core,the operation mode of "gatekeeper" mechanism should be optimized from two aspects: "establishing reputation mechanism with market as the main factor and government as the auxiliary factor" and "establishing evaluation and exit mode of intermediary institutions" afterwards.In terms of legal protection,we should clarify the legal status of the intermediary,clarify the responsibility boundary of the intermediary,establish a perfect accountability mechanism,and build a perfect external legal protection mechanism.Finally,through the three aspects of system root,operation core and legal protection,we can achieve the goal of the perfect operation of the "gatekeeper" mechanism and ensure the stable development of the securities market.