Research On The Problems And Countermeasures Of My Country's Securities Supervision Under The Reform Of Stock Issuance Registration Syste

The capital market plays a "pivotal role" in China’s economic operation system.However,under the stock issuance approval system,the proportion of direct financing in China is seriously low,the barrier lake for IPOs,the efficiency of securities supervision is not high,the delisting system is not fully implemented,and the financing efficiency is low.In order to further build a multi-tiered capital market,and improve the review efficiency of stock is suance and the financing efficiency of the capital market,China started the reform of the stock issuance registration system in 2018.After that,the STAR Market and the registered GEM started the reform of the registration system from scratch and from the incremental market to the stock market.The reform of the registration system has effectively raised the proportion of direct financing in China.Nearly 70% of IPOs have been listed under the registration system.There has been more delisting of junk stocks,easier refinancing for listed companies,and a more market-based pricing mechanism for new listings,the registration system has worked well.For the capital market,registration system reform is the "key" project capital market reform and has far-reaching effects.Registration system reform has an extensive and far-reaching influence on securities regulation,the problem of insufficient resources for securities regulation become more prominent in our country,and we still need to improve the supporting systems of some regulations,market environment and constraint mechanism needs to be optimized.Some market players have not yet adapted to the requirements of registration system reform,the main reasons are inadequate investment of securities regulators and funds by analyzing the problems of securities supervision under the reform of the stock issuance registration system.It is still time to revise and improve the supporting legal system of the registration system.By comparing the regulatory models of foreign registered countries and regions,this paper analyzes the regulatory systems of securities,regulatory systems of issuance,delisting systems,and information disclosure systems of developed securities markets,and it provides inspiration for the regulatory system of our country from four aspects.First,we should deal with the relationship between the government and the market and transform the role of the government.Second,we will steadily advance the reform of the registration system in light of our national conditions.Third,we will learn from experience to improve the information disclosure system.Fourth,we will intensify efforts to optimize the delisting system.This paper proposes the problems and the reasons for securities regulation,after absorbing advanced countries and regions outside the registration system of securities supervision experience,it points out that it is necessary to increase investment in securities regulation resources,deepen the transformation and innovation of regulatory mechanism,optimize the system of registered under the regulatory system and market environment,further compaction registration system under the market main body responsibility,continue to deepen collaboration with local governments and other ministries.After the trials of the Shanghai and Shenzhen stock exchanges,China has met all requirements for promoting registration system reform in the whole market.To ensure the smooth implementation of the market-oriented registration system reform,we need to take the above countermeasures in time to solve the problems in the current securities supervision that cannot guarantee the full implementation of the registration system reform,show a more scientific and efficient securities supervision system,and put forth efforts to improve the function of the capital market to serve the real economy.We will build a standardized,transparent,open,dynamic,and resilient capital market.