Category: Money Tips Date: 2006-06-06
China has enacted and promulgated in 1993 after the founding of the first set of regulations on public offering of shares and corresponding policies, and later the building of a market economy and development, according to the needs of an ever-securities market reform, adjustment and improvement
Stock issuing regulatory system in resource allocation efficiency and the protection of the interests of investors has an important impact on the capital market system construction is the most important element of the foundation. Regulatory system on the issue of reform and innovation to advance the capital market to mature to pass.
Chinese stock issuing regulatory system roughly experienced the following four stages:
1, "quota management" phase (1993 to 1995).
The main approach is that the securities management department under the State Council, the national economy and capital market development needs, the actual situation, first determine the total amount of degrees, and then in all the provincial administrative region and the industry's position in national economic development and the need for further distribution of the total degrees, and then the provincial level of government or industry to select and identify competent authorities may issue shares of companies (mainly state-owned enterprises). At this stage a total of 105 million shares issued to determine the amount, issued twice in 1993, issued 5 billion shares in 1995 issued 5.5 billion shares, from the provincial government or industry competent authorities to selected businesses issued a written release amount. A total of 200 enterprises at this stage distribution, financing more than 400 billion yuan.
2, "target management" phase (from 1996 to 2000).
This stage, implementation of "total amount control, restricting the number" approach, by the securities management department of the State Council should issue a period of time available to determine the number of entrepreneurs, and then to the provincial government and industry management department to issue shares issued Number of indicators, provincial government or industry management department within the above-mentioned indicators recommended pre-business, the securities department in charge of the pre-selection of eligible companies had agreed to a formal declaration of outstanding shares of its reports and review materials. 1996,1997, respectively, identified more than 150 million shares and 300 million shares in circulation. A total of 700 enterprises at this stage distribution, financing more than 4,000 billion yuan. July 1, 1999 began implementing the "Securities Law" after, though no longer determine the distribution of indicators, but the effectiveness of the indicators in 1997 has continued into 2001.
3, "channel system" phase (from 2001 to 2004).
China in March 2001 under the approval system implemented a "channel" system, which is integrated securities issued to the proposed public offering of shares may recommend the number of entrepreneurs. As long as a lead underwriter qualifications, you can get 2-9 channels, the specific number of channels to the lead underwriter of the underwriting year 2000 the number of projects as a benchmark, the new comprehensive securities firms will have two channels. Lead underwriters of its available channels is declared to be the number of public offering of shares of entrepreneurs. A total of 200 enterprises at this stage financing for more than 2000 billion yuan. Channel shares issued under the new system, "limited number" feature has not changed, but the channel system, administrative mechanisms to change the selection of the past and recommended practices of issuers, underwriters led to a certain extent, to assume the risk of stock offerings, but also really got the selection of and recommended the stock issuance authority.
4, "sponsor system" phase (after October 2004).
The full name of the sponsor system is the sponsor representative system, which is China's securities regulatory authorities are currently monitoring the implementation of a stock issue system, the system's main sponsor from the sponsor and the sponsor body composed of two parts, to meet certain conditions and qualifications of persons who may outstanding shares as a corporate sponsor, who has more than two sponsors of the securities company (or asset management companies) could be the sponsor organizations, and have recommended companies issuing and listing qualifications. The sponsor system, its very nature, in the hope of the issuance of securities to establish a "first gatekeeper", that sponsors, by virtue of its sponsors during the course of a listed company to be insight, understanding and diligence, so as to achieve a good texture selection company is listed, the purpose of improving the quality of listed companies. With the channel system, compared to an increase of the sponsor system, be borne by the sponsor in the process of issuing and listing system be joint and several liability, which is the original intention of the system design and core content. The responsibility of the sponsor's sponsor, includes the issuance and listing of the whole process, as well as post-marketing period of time (eg two fiscal year). At present the sponsor system and access the system in parallel, after a period of time, the sponsor system will be replaced by-channel system.
