Research On The Legal Issues Of Stock Issuance Of Science And Technology Board Under The Registration System

In order to stimulate the growth and development of scientific and technological innovation enterprises,the Science and Technology Innovation Board established by the Shanghai Stock Exchange became the first experimental field for capital market reform.Under the relatively loose system design,many innovative enterprises have sprung up and listed on the Shanghai Stock Exchange.However,the tolerance of Science and Technology Innovation Board is not equal to connivance,and the registration system is not a water release system.The Securities Regulatory Commission exercised its veto power for the first time for the application of Hengan jiaxin’s stock issuance approved by the Shanghai Stock Exchange,which caused scholars to think about the review of the Shanghai Stock Exchange under the Science and Technology Innovation Board.Therefore,this article starts from the reform process of China’s stock issuance registration system and discusses the legal issues of stock issuance under the registration system.By analyzing the problems in the practice of the Science and Technology Innovation Board’s first implementation of the registration system,and drawing on the experience of implementing overseas registration system,finally explores the institutional response of the science and technology board in specific applications.In addition to the introduction and conclusion,this article is divided into four parts:The first part mainly introduces the reform course of China’s stock issuance registration system and the changes of the subject of stock exchange issuance audit in the deepening reform of market economy system.On this basis,it combined the value pursuit and legal origin of the stock issue of science and technology board stocks under China’s registration system.The second part mainly discusses the internal logic of the Science and Technology Innovation Board first to implement the registration system of stock issuance.Analyzed that our country’s concept of gradually advancing the registration system is largely related to the current incomplete market mechanism,and the Science and Technology Innovation Board has a special feature that is different from other sectors,it has special regulations on industry restrictions,financial indicators and double-layer equity structure.Relatively speaking,the relevant system of the Science and Technology Innovation Board is more in line with the reform goals of the registration system,and the era positioning of the Science and Technology Innovation Board is consistent with the goal of the reform of the registration system,this is also the fundamental reason why China’s stock issuance registration system was first piloted on the Science and Technology Innovation Board.The third part focuses on the problems encountered in the practice of Science and Technology Innovation Board stock issuance under the registration system.Although Science and Technology Innovation Board rules design can solve the dilemma in the issuance and auditing of China Securities Regulatory Commission under the traditional auditing mode,decentralization of the market also easily brings a series of problems that cannot be ignored.For example,the inclusiveness of the issuance and listing conditions provides an opportunity for science and technology enterprises,in order to protect investors,it is necessary to implement a strict information disclosure system,this has formed the balance of protecting investors’ rights and promoting the financing of science and technology board enterprises.As another example,in the case where the CSRC rejected the Henganjiaxin case,the issue of audit rights allocation between the stock exchange and the CSRC that caused the hot debate needs to be clarified.Finally,the stock exchange considers its own interests,when making decisions,it may abuse the power of review and decision-making and damage the public interest.The stock exchange has the right to review stock issuance has two sides,while further achieving market autonomy,it may also provide soil for malicious competition between stock exchanges.The fourth part aims at the problems existing in the specific system of Science and technology innovation board stock issue,and makes corresponding system response.Relevant legal issues governing the issuance of shares of the Science and Technology Innovation Board should be adjusted on the basis of the successful experience of the overseas registration system and according to the actual situation of China’s securities market.Specifically,first of all,we should improve the differentiated information disclosure system of the Science and Technology Innovation Board,and clarify the standards and contents of the differentiated information disclosure of the Science and Technology Innovation Board,so as to facilitate the relatively small science and technology innovation as much as possible under the premise of protecting investor rights Financing.Secondly,to further clarify the allocation of audit rights between the stock exchange and the CSRC,and to restrict the exchange from exercising its right to issue audits,while clearly defining the scope for the CSRC to exercise the right to suspend.Finally,innovate at the level of supervision,find the balance between the interests of exchanges and public interests,and grasp the boundary between self-regulation and administrative supervision.