Improving The Legal System Of Non-public Issuance Of Stocks By Listed Companies In My Country

Since the establishment of the Shanghai stock exchange and the Shenzhen stock exchange in 1990,the centralized and unified stock market has existed for nearly 30 years.There are something in the current non-public offering of shares system by listed companies remains to adjust,such as reviewed strictly,release conditions are not unified,issuance of objects,number and pricing regulation is unreasonable,the"participant" restricted period is shorter,without special resale market,the secondary market resale is relatively loose,high cost of information disclosure.The development course of the United States private securities law system is longer.Its distribution system,resale system and information disclosure system are approaching perfected,especially the issuance perform exemption from registration and allowed investors to open up the resale market,to distinguish the qualified investors or not,the disclosure of information classification regulation,providing beneficial reference for the adjustment of the legal system of non-public issuing shares of listed companies in China.The paper is based on the historical development and present situation of listed companies and the things to be perfect of the legal system of non-public shares of listed companies,drawing lessons from the beneficial experience of the United States private securities law system.I puts forward some exploratory,such as simplifying the issuance examination in distribution system,unifying distribution condition,easing restrictions on issuance,tightening "relationship" resale restriction,building special resale market,tightening restriction to secondary market resale,reducing the compulsory disclosure,in order to further improve and perfect the legal system of non-public issuing shares of listed companies in China.