Research On China Securities Issuance Regulatory System

The securities issuance regulatory system is a fundamental arrangement of selecting companies to list on an official stock exchange and developing the investment and financing platform in capital market. Because of its uniqueness, the stock market plays a very important role in capital market and the social economical life. As a market access system, the securities issuance regulatory system embodies the degree of intervention on capital markets by governments. Throughout the global capital markets, both mature markets and emerging capital markets have already established a complete set of securities issuance regulatory system so as to eliminate the securities market potential crisis and irrational fluctuation, improve market financing efficiency and protect the lawful rights and interests of investors better in the process of regulating the first hurdle of the stock market---"market admittance threshold".In the long run, a fair, transparent and efficient securities issuance regulatory system is the indispensable prerequisite that boosts the strategic adjustment of economic structure and rapid modernization economic development. It is of important theoretical and practical significance to construct and perfect China securities issuance regulatory system.Since the establishment of Shanghai and Shenzhen stock exchanges in the 1990s.China’s capital markets have passed 20 years with great achievements, in which securities issuance regulatory system has the function. But market system risk has not been controlled very well and low status of investor protection has still not been changed completely, since most issues of securities (stock) with high P/E ratio in the first market, and market price rises and falls after been quoted to the secondary market to squeeze dry market bubble. Therefore, the securities issuance examination system still needs to deepen the reform, continue to improve in China.Based on the economic regulatory study and the researches concerned, and on the basis of Marxist theory of macroeconomic regulation, the financial supervision of the public interests theory, the political theory of economic regulation and economic regulation theory of new liberalism, this paper analyses the necessity of securities issuance examination system through the economic and law methods; What’s more, securities issuance examination system is analyzed in a view of general and system at the background of the capital market in order to strengthen the theoretical basis. Simultaneously, the paper summarizes the successful experience and references concerned, benchmarks the aims and tasks of reform of the China’s issuance examination system from overseas securities analysis of theory and practice. Later, the historical evolution of securities issuance regulatory system in China is expounded based on the existing problems and the reasons for further analysis. Finally, under the framework of goals and principles of the reform in China, the paper makes comprehensive analysis, and puts forward to establish and perfect the legal system, strengthen the regulatory authority of CSRC and establish securities issuance regulatory system with Chinese characteristics which is "one primary, three assists" of the innovative measures. The content of the paper is as follows:The first part is an introduction which introduces background and significance of it, related academic researches concerning the topic at home and abroad and a research framework and methodologies, the research emphasis, difficulties and the main innovation points are also discussed.Chapter one is the theoretical basis of the study of securities issuance regulatory system which covers basic concepts such as definitions, features and elements of securities issuance regulatory system; the necessity theories of securities issuance regulation in the economics and law analysis, including the macro-control of Marxist theory and general economic regulatory theories, and law analysis of market regulation is also discussed to supplement beneficially.Chapter two is an overview of capital market, covering the connotation and characteristics of it, its running mechanisms and main functions of it. As the sub-system of capital market, the stock market is also outlined about its significance, and its’ running mechanisms so as to settle the theoretical foundation to further construct and perfect the system of securities issuance examination.Chapter three focuses comparative analysis on foreign securities issuance regulatory systems, which covers the history and development of the system on mature capital markets abroad, summarizes the common and basic experience from it.Chapter four focuses history and development of securities issuance regulatory system in China from the perspective of the securities issuance regulatory system, the mode and the pricing of the securities issuance,which leads to some main problems and the reasons for further analysis.Chapter five focuses the reform of the securities issuance regulatory system in China. Under the framework of goals and principles of the securities issuance regulatory system, the paper makes comprehensive analysis, and puts forward to some suggestions such as, establishing and perfecting the legal system, strengthening the regulatory authority of CSRC and establishing securities issuance examination system with Chinese characteristics which is the multilayered capital markets with innovative "one primary,three auxiliaries".