Research On China’s Stock Issuance Registration System Reform

December 2015, the State Council to obtain the National People’s Congress Standing Committee on the adjustment of the Securities Act of authorization, the prelude to the reform of China’s registration system is about to begin. The IPO registration system reform is of great significance to the long-term development of the capital market, the financing difficulties of enterprises in our country will changed, but in the short term, the registration system reform will have a certain impact on the stability of the market. To achieve long-term and short-term interests of the balance will be a great test of the quality of regulators. Therefore, the purpose of this study is to put forward some policy suggestions to the approval system to the registration system transition.First of all, this paper use the market process theory analyzes the problems of the existing approval system, comparative economic efficiency between registration system and approval system. Through the use of market process theory of knowledge, time, discovery and competition order which is found that, the participants in the stock market of our country is lack of market awareness and the transition to rely on Government; the excessive packaging and fraud; the CSRC regulatory inefficiencies, artificially control the number of listed companies, undermined the market order. Secondly, it is provide experience reference for our registration system reform through combing IPO Issuance approval system evolution process, system status and legal supervision of developed economies. By studying overseas IPO audit system, we found that the core of IPO registration system is government abandon the audit authority, the perfect legal system and issuing and listing separation system and so on. At last, we give some suggestions for the IPO registration system reform. On social awareness, the CSRC should change their intervention in the market thinking, to develop a sense of the market oriented policy, universal market awareness, so that investors realize their actions need to assume the corresponding responsibility. On the construction of legal, we must improve the illegal cost of information disclosure, strengthen the accountability, and improve the system of collective action and damage compensation system. From the aspect of the perfection of the system, the CSRC shall gradually issue new audit authority to the securities exchange, promote the stock exchange self-management, and establishment of multi-level capital market. IPO registration system reform needs to adhere to the progressive line, choose to implement relaxed approval conditions transitional registration system or Approval-Registration dual track system which is the board, small board approved system, the implementation of the registration system.