中国证券发行:从审批制到注册制

Abstract

So far, a company has to get approval from the before issuing stocks in China，which distorts the supply and demand of stocks，hinders the effective functioning of the capital，and triggers rent-seeking and corruption. In order to get rid of these drawbacks，the government is pursuing the registration system，under which a company can issue stocks according to its own wish and the need of market; meanwhile，the company must disclose information according to the laws and rules strictly. This reform should be supported by a series of specific measures，because it concerns the entire stock market. To pursue the registration system is aiming at clearing away the confusions in the stock market. Moreover，it has profound social backgrounds. Taking the path of market economy，the government of China must deal well with the relationship between the government and the market，let the market play a decisive role in allocation of resources，and let the government play its role better. The economy of China needs upgrade and the mode of growth must be changed now. To these ends，the capital market should play an important role in optimizing allocation of resources and in supporting the real economy. In addition，the reform of the financial system in China should serve the national strategies，i.e.，to push the internationalization of RMB and to build China into a financial powerhouse.