Registration System Will Face Significant Risks, Investors Can Control Positions.

< p > < strong > 1. The practice of registration system in different countries (/strong) > /p >

< < p > Britain, France, Switzerland, and China, China, Hongkong, Southeast Asia and Philippines and other a href= "http://www.91se91.com/news/index_c.asp" > emerging economies < /a > in the stock issuing and listing system generally adopt the approval system, or with the marking of nuclear quasi system, and the examination and approval system with the decisive role of the regulatory bodies; and the stock issuing and listing system in the United States and Japan mostly adopts the registration system, so long as the listed companies are eligible to issue the listing conditions and fully disclose the information according to law, they can issue shares in the stock market, and the regulators only play a general role of observation and supervision.

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< p > as early as 40s of last century, the securities law of the United States in 1933 established the < a href= "http://www.91se91.com/news/index_c.asp" > registration system < /a >.

The US adopts the registration system on the federal level for the issuance of securities, but in every state, it adopts substantive examination, that is, the securities regulatory authorities examine and approve the application for securities issuance planned to sell in this state.

In fact, it is still very strict and pays great attention to the protection of small and medium investors and institutional investors.

In order to better protect investors, the United States promulgated the "blue sky law" in Kansas in 1911. Then other states also set up their own "blue sky rule", that is, strictly controlling the bad stocks entering the market, and doing everything possible to protect the interests of investors.

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< p > although the United States has adopted a registration system with low entry threshold, there are supporting systems behind the US registration system: first, the litigation mechanism is very common, there are many group actions, and many taxpayers have their own lawyers; two, there are short selling institutions such as "muddy water" and "fragrant rafters". Three, afterwards punishment measures are very forceful and strict. Once a scandal occurs, not only the company needs to recourse, but some sponsors may face severe penalties such as the abolition of sponsor qualification and lifelong punishment.

In addition, most of the US stock market is institutional investors, which is more professional and more rational than individual investors. The civil relief of US government departments is also in time.

Therefore, registration system is relatively successful in the United States.

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After World War II, under the rule of the United States and other allied forces, Japan also modeled on the United States. In accordance with the Securities Act of 1933 and the Securities Exchange Act of 1934, Japan formulated its own securities trading act in 1948 and began to implement the registration system. P

However, in terms of listing regulation, the major stock exchanges in Japan still have substantive audit power on the IPO of the listed company.

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< p > China Taiwan has gone through the mixed system of approval system and registration system in the process of approval registration.

The registration system, which was finally implemented in 2006, is also formed under certain preconditions: the market, the liberalization of interest rates, the complete market mechanism of financial institutions and the deepening of the internationalization of the securities market.

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< p > Germany's stock issuing and listing auditing system is also a combination of registration system and approval system. Different issuing and listing auditing systems are applied to two different types of stocks that are not listed and applied for listing.

For those companies that have not applied for listing on the stock exchange, the federal securities and exchange authority shall examine and adopt the registration system.

The companies that issue shares and apply for listing shall adopt the approval system, conduct substantive examination of the issuing companies by the exchange, and approve the issuance and listing of shares at the same time.

This is a mixed system that fully complies with Germany's national conditions. Germany's monetary policy, inflation control, real economy and securities issuance are respected and modeled in European countries.

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< p > the issuing and listing system adopted in the British stock market is the approval system.

The London Stock Exchange has a special role of self-regulation system and government management. On the one hand, the stock exchange examines and issues stock issuance and listing, and carries out continuous supervision and management after listing. On the other hand, it exerts the function of an exchange, maintains order in the securities market, facilitates pactions to take order and protects investors' interests.

The system of issuing and listing the Hongkong stock market, which has been deeply influenced by Britain for many years, is also approved.

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According to the situation of capital markets in the world, registration system and approval system are common in many parts of the world. Some scholars even think that there is not much difference between the P and the approval system.

Mature capital markets are registered in the US and Japan, but also in Germany, Britain, mainland China and Hongkong, China.

For a more marketable registration system, there are often some substantive links that contain substantive examination of the approval system. At the same time, the registration system also needs to have certain prerequisites, such as Taiwan's capital market and the more fully marketed interest rate and exchange rate.

The two systems are not entirely good or bad. They should have corresponding supporting systems, and the most important thing is to adapt to the contemporary national conditions and the contemporary market of all countries.

This kind of seeking truth from facts is in line with the development requirements of the IPO system evolution, and promotes the development of various countries and the global stock market.

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< p > < strong > two, China's recent implementation of < a href= "http://www.91se91.com/news/index_c.asp > > registration system < /a > has great difficulties and obstacles < /strong > /p >

< p > but the concrete situation is treated concretely. After a sober study and analysis, we think that if China hastily implemented the registration system in the near future, it will have great impact and shock.

The reason is: < /p >

< p > (1) the economic and legal prerequisites for China's registration system are very low, /p.

< p > 1, the RMB has not yet been fully convertible, and capital account is still strictly controlled.

Most currencies in the world are free and convertible.

They are like a vast ocean that has been opened up. The price and the price earnings ratio of stocks are reasonable and normal.

China is a closed, unique stock market.

For example, the share price of gem and SME board is 5-10 times that of Hongkong, and it can be maintained for many years.

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< p > 2, state shares and state legal person shares have not yet been fully circulated.

At this time, the implementation of the registration system will cause serious loss of state-owned assets.

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Regulation P, 3, issuance regulation, Listing Supervision and post supervision should also be further strengthened.

At present, the punishment of China's securities law is much lighter than that of similar cases in the United States, which is not enough to cause vigilance and deterrence against illegal offenders.

In the United States, decisions on similar cases often take decades or even hundreds of years.

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< p > (two) in the near future, the registration system will be faced with a major risk, < /p >.

< p > China's recent registration system will face many major risks, mainly in the following aspects: < /p >

< p > 1, a large number of inferior enterprises may whitewash statements and increase market risk < /p >

< p > 2, the lax supervision and punishment system will result in collusion between intermediaries and listed companies in a large number of fraudulent practices. < /p >

< p > 3, and the reduction of state-owned shares has greatly reduced the gap of social security funds.

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< p > 4, registration system has a great impact on small and medium-sized retail investors.

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< p > on these conditions, we will further study in order to put forward policies and suggestions to the State Council and relevant management departments, and strive for a pitional period between the approval system and the registration system, so as to reduce the impact and shock of this matter to the lowest possible level.

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