Study On Perfecting The Legal Issued System Of GEM In China

When the time 2009 in Shenzhen the establishment of the venture board,Country, investors, high technology enterprises to venture board has a very good expected,Hope it can communicate with the nasdaq is comparable to the second board market.But run more than a year, the situation is far better than expected.The main performance:enterprises after listed are of high growth and innovative, even a loss.Many listed companies and regulators in the higher officials in a serious problem of corruption.For the second board market environmental problems that many excellent enterprises to seek overseas listing.The question of the main reasons is tortuous audit mechanisms and rigid or resembling a planned economy, and the pricing mechanisms and bureaucratic system compare with the have been discussing the exit mechanisms. The current audit mechanisms and audits complicated process of the time of uncertainty. Regulatory authorities and Issuance examination committee has became the soil of powers.Enterprises financing for the listing at any means.Seriousmislead the public enterprises and investors.To truly a core competitiveness of innovative business ventures hard to market.Hinder investment banks professional competence and innovation ability increases.The inquiry mechanism in the recruitment of ultra-high.Directly in corporate executives, corruption.And the second board market refinancing able to abate.Exit mechanism for the second board market has not introduced.A vicious circle of various problems with soil.From the economic costs to the point of the audit institutions.The concept of approval and registration system, are described in this paper.And compared with share on the issue, and policy-making body and commercialization of efficiency and issued.I think the second board market in our country is necessary to implement the registration system.On the stage of its sheer scale, profit-making enterprise index targets for the static factor was more tolerant and growth target for such a concern of dynamic factors.Market will automatically regulate the issue of corporate worth the price of mental, and expressed confidence in business and profits expected.Registration system is clearly more suitable for this concept.Registration system can also reduce the issuing of the stage of the economic cost.In the search for the audit mechanisms, this reference in the society of the jury system,And not change the existing constitution of the cases, the jury system to adopt the system.Article from the rules of procedure and selection, decision-making and to the system more detailed discussion.Of the executive committee system after carried out some ideas.Is not to reform of the constitution on the basis of the maximum economy and economic costs of enterprises are listed in the market value of the time being established.Is not to reform of the constitution on the basis of the maximum economy and economic costs of enterprises are listed in the market value of the time being established.Is not to reform of the constitution on the basis of the utmost reduction in cost of corruption, social and economic costs, the issue of enterprises and investors return to the correct "taste".Of enquiry system for the new search.I think the present inquiry system directly lead to a correction, for correction and raised a lot of harm.In analysing the causes of ultra-high the collection after this paper to improve the system for correction, an inquiry made his views.The first is to let the market price determined.In the pricing principle, the pricing system, an inquiry by investment demand, then determine the price.Therefore, we must make full and complete expression of the investment demand, to determine the rules of market prices.And then put forward the concrete measures to relieve those who are restricted to an inquiry.The investment demand incomplete solution is simple, it is the man is an institutional investors and allowed to participate in the issue of ordinary investors and make an inquiry and investment activities should be consolidated.