The Restructuring Of The Power Of Stock Exchange Under The Reform Of Registration System In The Science And Technology Innovation Board

Recently,under the guidance of science and technology and innovation concepts,high-tech enterprises are increasingly becoming the core driving force of China’s economic transformation.In order to broadening the financing channels of these enterprises and improve the quality and speed of economic development,the science and technology board came into being.The science and technology innovation board is of great significance to China’s capital market reform.Not only is the establishment of this sector an inherent requirement for the construction of a multi-level capital market system in China,but it has also opened the prelude to China’s registration system reform.The restructuring of the power of the stock exchange is the core content of the reform of the registration system.It is also an important sign to test the effectiveness of the reform.It can further change government functions,simplify administration and decentralization,strengthen government credibility,and stimulate market vitality in the context of supply-side structural reform.It helps to promote the establishment of a reasonable relationship between the market and the government.However,under the influence of path dependence,the existing concept of the approval system occupies the mainstream position in China’s capital market,the securities regulatory power is concentrated in the China Securities Regulatory Commission,and the lack of a relevant system and mature market environment for the reconstruction of the regulatory power brought about by the pilot scheme of the science and technology board registration system.Experience guides and theoretical studies are relatively small.This article takes the restructuring of stock exchange power caused by the registration system of the science and technology board as the research object,and analyzes the impact and challenges of the reform of the registration system of the science and technology board on the power of the stock exchange,combining the policy content of the pilot reform of the registration system.How to transform the approval system to the registration system?The smooth operation of this conversion mechanism depends on the full use of the advantages of the stock exchange’s professional capabilities.The stock exchange’s profit motive and risk appetite are used to stimulate market vitality and achieve the goal of registration system reform.However,the lack of independent status of China’s stock exchanges,vague organizational forms,and conflicts of interest and power rent-seeking have led to alienation in the conversion mechanism from approval to registration.On the basis of combining extraterritorial experience,we should start with the structural adjustment of regulatory powers,and rationally reconstruct the securities regulatory capabilities represented by listing review powers,punishment powers,and rule-making powers in terms of subjects,content,and procedures,with a view to registering The implementation of the results of the reform of the reform system will construct a reasonable path to provide a more complete institutional guarantee for China’s multi-level capital market construction.