Research On The Motivation,Condition And Risk Prevention And Control Of China's Implementation Of Registration System

In 1990,the stock exchange in Shanghai and Shenzhen became the pilot tool of reform under the original intention of the government to promote the restructuring of state-owned enterprises,the stock exchange with the national monopoly nature not only assumed the normal transaction funding function,but also carried the adjustment of economic restructuring and the transformation of economic growth and other non-market-oriented political goals.In the market and non-market competition,the government's "tangible hand" is always beyond the "invisible hand" of the market mechanism to become the dominant force in the stock market.The institutional arrangement of the stock issuance approval system under the administrative intervention of the government undermines the fairness and validity of the game between the market players,the regulatory authority monopolizes the issue decision to exercise the right to rent,the intermediary and the listed entity collusion conspire to plunder the investors.Thus,China's stock issue focuses on obeying the government's specific economic operation requirements,rather than to meet the market's own development laws and operational efficiency,resulting in the inefficient problem of China's stock market under the approval system.In this context,it is necessary to discuss the implementation of the registration system of stock issuance system in China.Based on this,this article first briefly reviews the domestic and foreign scholars'research results on the stock issuance system,and reference to the previous stock issuance related theoretical basis,pointed out the necessity of stock issuance registration reform.Secondly,the author analyzes the motivations of the reform of the registration system in China by using the theory of market failure and the theory of interest groups.Again,we select the US registration system and the UK approval system for a systematic comparison and summarize its' successful experience.Finally,based on the analysis of the reform motivations and the lessons of the international successful experience,this paper summarizes the basic conditions for the implementation of the reform of the registration system in China,and further validates them through the game analysis of the market subject behaviors.The results show that there are three main aspects of the basic conditions for the implementation of the reform of the registration system in China:(1)perfect legal system of the stock market,that is,the sound judicial system protection and the good civil rights protection;(2)clear government and market functions of the border,that is,the government regulatory value of the target has a unique and external security and the market players return to the autonomy of the game;(3)mature and rational market participants,that is,the strict regulatory agencies,the efficient intermediaries,the integrity listed companies and the mature investors.Based on the above conclusions and the actual situation of China's stock market,in order to ensure the smooth implementation of the reform of the registration system,this paper puts forward some policy suggestions on how to prevent and control the risks that may be faced in the reform of the registration system:(1)relocate regulatory authority in the stock market,that is,the establishment of a limited and effective government and strengthen the supervision of their own;(2)improve the stock issuance information disclosure system,that is,change the focus of issuance audit and improve the quality of information disclosure;(3)strict the delisting system of the listed companies,that is,improve the standards and procedures for stock delisting and strengthen the implementation of stock delisting;(4)improve the security mechanism of the investors,that is,the establishment of reciprocal sharing mechanism and moral and ethical restraint mechanisms.