Research On The Reform Of China's New Share Issuance Registration System

With the rapid development of China's economy,the stock market has been the core of China's capital market.It is particularly important how to regulate the stock market because there exist high risks in the stock market.China's stock market has experienced from the approval system to authorized system.The development history is as follows:1993-2001,China's Initial Public Offerings(is shorted as IPO)market adopts strict approval system.From 2001 to the present,China's IPO market adopts authorized system.During the implementation process of authorized system also exposed some problems,such as:the IPO approval process is too long,IPO underpricing is too high,power rent-seeking.These problems have restricted the healthy development of stock market in China.Aiming at the above problem,The focus is on the analysis of the Issuance Examination Committee staff set and background,the design of the authorized system and the power constraints of the Issuance Examination Committee.Pointed out that separation of the stock issuing and listing power and the formal examination for enterprises which intend to issue without a value judgment under the registration system can avoid the problems which appeared on the current authorized system,which contributes to the China stock market develop well.Compare and make reference to the implementation of registration system in the United States,Hongkong and Taiwan,we combine the characteristics of the United States,Hongkong and Taiwan,and considerd that current China is not fully equipped with registration system solely,Design 2 phase registration system reform in China,the first phase is the transitional phase,the market will take time to adapt to the reform of the registration system.The second phase is the full implementation of a pure registration system.Planed China Securities Regulatory Commission and the stock exchange would be responsible for the issuance and listing of stocks respectively in the process of stock issuing and listing under the registration system in the future,and expounded the necessary supporting system.At last,this paper considered ahead the risks which may appear during the registration system reform,such as system dissimilation,,protection of the interests of small investors,the risk of exchange competition and intermediary collusion risk,and provided the solution to the possible problems in the registration system from the perspective of the government.The innovation of this paper is mainly in the following two aspects:First,this paper is based on the latest progress of Chinese stock issuance system and related economics theories,It is comprehensive and systematic discussed the necessity and feasibility of adopting registration system.Second,this paper puts forward the two stage plan of China's registration system reform.The first stage,transition period under the current authorized system,lays the foundation for comprehensively promoting the registration system;the second stage publish the registration system cautiously.