On The System Of Sponsors

On February 1, 2004, the sponsor system formally implementation, symbolizedthat securities issuing system had been brought on revolutionary transformationin China . The sponsor system had been carrying sincere expectation bysupervisors, investors, listed company and media organization.The sponsor system is essentially a measure which would take a part offunction of administrative supervising and managing verification of supervisorsbecome marketability. The characteristic of the sponsor system is that it canmake the force of supervisors, investors, listed company and mediaorganization in the stock market to subtle balance by the sponsor carries out its duty.Therefore, the sponsor system had been carrying on the system design whichrevolves the interest of the three parties in the stock market: supervisors, investors,listed company. The value of the sponsor system is that it can enhance listedcompany's quality and survey the behavior of listed company on securities issuingand business, and prevent possible illegal behavior of the listed company forprotecting the right of investor and make the stock market become more flourishingand stability. Exterting the function of the sponsor system need to define the duty andresponsibility of the sponsor and perfect the mechanism of the duty.However, the sponsor system is new system in our country and it isinescapability to have some defect because the stock market establish late in ourcountry and the social faith system is imperfect. So there are many legal problem inthe course of the sponsor system implementing ,and the article will analyze and studythese problem.The article is consisted of three parts including the foreword, the straight matterand the conclusion.The main contents of the straight matter are as follows:First chapter is to study definition of the sponsor system, and the legal nature andthe characteristic of the sponsor. Firstly, the chapter is to analyze definition and thecharacteristic of the sponsor system and the sponsor. Secondly, the chapter is tocompare the characteristic of the sponsor, the guarantor in the civil law and adviser.Second chapter is to study and analyze the legal merits and the legal principle ofthe sponsor system. To begin with , the chapter is to analyze fairness value, securevalue and efficiency value of he sponsor system. Secondly, the chapter is to analyzethe legal principle of the sponsor system.The third chapter is to compare the foreign sponsor system of the stock marketsuch as the AIM of U.K, the NASDAQ of U.S.A, the MESDAQ of Malaysia and theGEM of the Hong Kong as well as to sum up their common characteristic and analyzedifference character.The fourth chapter is to anatomize the defect of Chinese sponsor, which relatestructure of the sponsor, the sponsor qualification system, the term of the sponsor,the statutory duty of the sponsor and the responsibilities of the the sponsor'slawbreaking.The fifth chapter is to set forth some suggestions basing on the before-mentionedanalyses.