Registration System Reform On The Impact Of Chinese Stocks Market Financing Efficiency

Under the new normal of China's economic development,the economic structure is transforming and upgrading,and the endogenous power of economic growth cannot be separated from the support of the capital market.The demand for funds is growing rapidly.The issuance of stocks is an important direct financing channel for the company.However,due to the implementation of the stock issuance approval system in China,the government has implemented value judgments on enterprises and decided whether they have qualifications for issuance.The government' s intervention in the stock market is too Strong,reducing the financing efficiency of the stock market and damaging the normal market mechanism.Therefore,China is gradually promoting the reform of the registration system.This is a major change in China's stock issuance review system.It will have a fundamental impact on the primary market and the secondary market from the source of stock supply,and hope to improve the efficiency of stock market financing.To solve the problem of high debt ratio and difficult equity financing in China.Although academia and investors support the majority of registration reforms,a few have expressed concerns about the maturity of the supporting system and legal environment,and the expansion of new shares in the secondary market.The research in this paper helps investors to recognize the advantages and disadvantages of the implementation of the registration system,and at the same time has certain reference significance for China to further improve the reform of the stock issuance registration system.This paper first introduces the concept and characteristics of the two issuance and approval systems,and compares the advantages and disadvantages.Then,starting from the status quo of China's stock issuance system,this paper analyzes the historical evolution of China's issuance system and the main problems of the current approval system,and thus the necessity of implementing the registration system reform in China.However,the impact of the implementation of the registration system reform on financing efficiency is the key research content of this paper.The author will first divide the financing efficiency into micro financing efficiency and macro financing efficiency.The micro-financing efficiency of the Sino-US stock market was compared from the four aspects of the issuance review cycle,the delisting standard and the number of delisting companies,the issue pricing and the listing cost.This proves that the registered market has higher micro financing efficiency.Then,using data envelopment analysis,the horizontal and vertical comparative analysis of the macro financing efficiency of the China-US stock market,China's new three board market and main board market,and the new three board market before and after the reform of the registration system was carried out,which finally confirmed the stock issuance registration system.It can improve the macro financing efficiency of the stock market and promote economic development.Finally,combined with theoretical analysis,China's implementation of the stock issuance registration system reform proposed corresponding policy recommendations.