Research On China's IPO Registration System Reform Path

With the continuous development of multi-level capital market,the current stock issuing system in China has gradually can not adapt to the development of capital market demand.Registration is generally used to make into mature stock market a stock issuing system,become the direction of the share issuance system marketization reform in our country.In November 2013,the third plenary session of the communist party of China(18 released on comprehensively deepening reform of the central certain major issue decision",put forward the advice to push forward the reform of Chinese stock issue registration system.In the first half of 2014,the state council has issued "the six countries" and "new" the nine ",put forward to actively and steadily promote the reform of Chinese stock issue registration system.In November the same year,prime minister li keqiang,in a state council executive meeting said:"take a share issue registration system reform,cancel the share issue consistently profitable conditions,lower the difficulty of small and innovative companies listed." Then,in 2015,the national securities and futures supervision work conference,the registration system reform as the capital market in 2015 the first priority was on the agenda.In this paper,through the introduction of the practice of stock issuing system in China,found that the stock issuance examination system in China is change constantly with the development of securities market in China.At the beginning of the securities market development,stock issuance approval system to prevent poor performance to a certain extent of toxic securities into the market,guarantee allowed to issue securities investment value,so as to safeguard the rights and interests of investors,promote the healthy development of securities market.However,along with our country secuurities market matures,authorization exist in the process of offering the ills of began to stand out,making the stock issuance examination system in China is more and more difficult to adapt to today's China's economic system,stock issuing system registration system reform is imperative.However,in the context of the current domestic and international environment,do not always get registration system reform,it must go through a gradual process,should with the supporting system of reform and gradual,to achieve registration system provide a buffer period.That specifically how to implement the system of stock issuance system in our country from the authorization to register the smooth transition?Mountain,can offend jade.The type of distribution system,although by the country's stock is determined by the market development and regulatory system,and the maturity of the capital market,there exists a larger social and historical background difference,but learning mature experience of stock issuance of registration system can bring us a lot of enlightenment,give us a reference at the same time,makes us think and act.Therefore,in this paper,with registration system model,the capital market giants-the United States,for example,through the introduction of the running environment of the United States share issue registration system,contrast to reflect the current does not have an immediate registration system of the relevant conditions and in order to speed up the pace of registration system implementation,we need to do what efforts in supporting measures.Need to stress is that although the stock issuance of registration system can be adapted to a higher degree of market development,but not on behalf of the registration system is perfect,the registration system itself and there is also the inevitable defects,so the changes of Chinese stock issuance of authorization to register cannot be copied the American model,in the process of practice and should study in the United States,on the basis of according to China's national conditions and the regulatory experience,take its essence,to its dregs,so out of a unique registration system reform of IPO road with Chinese characteristics.