Approval System Under China's Stock Issue Market-oriented

In this thesis, we approach the topic of the marketlization of stock offering from two angles, one the pricing of stocks offered, the other, the way of stock offering. We start our research from discussing different systems of the stock offering market. Then, after a discussion on the respective characters of three system of stock offering-the System of Registration, the System of Approving and the System of Auditing, we comment on the existing problems occurred in PRC mainland stock offering activities, especially those associated with the pricing of stocks offered. On the basis of the above, the thesis studies the experience accumulated in the stock pricing and the way of stock offering in other stock markets. After that, we have a detailed study on the case done by Global Bio-chem Technology Ltd. In the end of the thesis, we work out a model that is conducive to the further marketlization of the pricing of stocks offered and the way of stock offering. .The model consists of the material aspects of the stock offering activities in form. In content, it reflects the respective requirement of the marketlization of stock pricing and the marketlization of the way of stock offering, and their inter-related connection. The model is an achievement results from the combination of theoretical analysis and practical study. The thesis concludes that the marketlization of the way of stock offering ought to cover each aspect of the fund raising activities, rather than focus on certain aspects only.