The Evolution Of The Stock Issuance Examination System In China

Throughout the domestic and foreign the stock issuance examination system,the approved system and registration system have been widely recognized.Each country chooses the stock issuance examination system suitable for the development of its securities market according to its own national conditions.It is no exception in our country.At present,the approval system for the stock issuance examination system has been implemented in China.In 2001 our country's the audit system of issuing new shares changed from the examination and approval system to the approval system,is a major institution innovation of China's capital market,then the approval system still in use,it can be said that the approval system at the time of the historical conditions of the securities market to play a positive role in the problem,but also from its date of birth has not been interrupted.The widely criticized the high issue price,high price earnings ratio,high prospectus and other “three high” problem has not been effectively resolved,IPO Landslide dam,New speculation,“shell resource” phenomenon has not been effectively improved,power rent-seeking,delisting difficult,difficult to effective allocation of resources and other problems often occur.These problems have seriously hindered the normal development of China's capital market,has aroused the concern of all parties.Calls for the stock issuance examination system reform are also increasing.The Third plenary of the eighteen through “The decision of the CPC Central Committee on deepening the reform of some major issues” and the SFC” On further promoting the reform of IPO system opinions” are put forward to the implementation of the registration system reform of new shares.In April 22,2017,the revised draft of the securities law,which is closely related to registration system,has been submitted to the second instance of the Standing Committee of the National People's Congress,indicating the government's attention to registration system reform.Then,what is the key point to promote the reform of the stock issuance examination system in China? From the perspective of the new institutional economics,this paper uses the theory of institution change to analyze the change process of the stock issuance examination system.The purpose is to find out the economic logic that promotes the change of the stock issuance examination system,and to find a reasonable train of thought and plan for promoting the registration systemThis paper begins with the theory,introduces the theory of institutional change and the concept and characteristics of the new stock trial system,and summarizes the evolution process of the new issue system in China.The motivation and resistance of institutional change are analyzed,and specific suggestions are put forward according to the conditions of registration system reform...