Bull Market Is The Best Time To Launch Registration System.

IPO registration system is a milestone in China's capital market and even the whole economic and financial reform.

Since the birth of the A share market in the early 90s of last century, the drawbacks of IPO have become more and more obvious. This seriously affects the effective allocation of financial resources, hinders the effective flow of financial resources, and greatly reduces the efficiency of direct financing of enterprises, which ultimately affects and restricts economic development.

With the increasingly fierce competition in the international economy and finance, with the rapid rise of the new economy based on the Internet, new requirements have been put forward for the financing efficiency of the real economy.

Especially in the face of the extremely low efficiency of indirect financing, it is urgent to develop stock market, bond market and other direct financing markets.

It is extremely urgent to sweep away all kinds of fetters for direct financing market.

The registration system for IPO has become imminent.

The IPO registration system is an important part of building the internal mechanism of the market-oriented stock market.

After the outbreak of the economic crisis in 1929, it became a social consensus by the government to intervene more in the economy. Roosevelt took the White House and opened the "100 day new deal" that affected the history of the United States.

In the field of securities, Roosevelt faced two options: the blue sky model based on value judgment at the state level, and the British model based on information disclosure.

The "blue sky" model refers to whether the state government needs to judge whether the issuance of securities is reasonable and fair and whether it is appropriate for the residents to issue investment in the state.

The word "blue sky" describes some fraudulent securities, except for the empty blue sky.

How to choose between the two modes has aroused heated debate in the industry. Finally, the British mode has been selected by many games, and the securities law of 1933 has been formulated. "Registration system" has become the basic system of publicly issued securities in the United States.

The system of stock issue registration mainly means that when issuers apply for issuing stocks, they must declare all kinds of information publicly and accurately to the securities regulatory authorities according to law.

The duty of the securities regulatory body is to make a formal examination of the comprehensiveness, accuracy, authenticity and timeliness of the declaration documents, and to make sure that the good and bad of the shares of the issuing company are left to the market without substantive examination and value judgment of the issuer's qualifications.

Where is the core of the registration system? The core is that the materials provided by the issuer are not false, misleading or omissions. Even if the securities have no investment value, the securities authorities have no right to interfere, because they are voluntarily considered to be the inalienable rights of investors.

This system has the highest degree of marketization.

The developed countries such as Britain, Japan and other countries have implemented the new issue registration system.

This system takes information disclosure as the center and does not set conditions for securities issuance. Any enterprise can issue securities publicly if it satisfies the disclosure requirements.

Whether the issue is successful or not depends not only on the government but on the market. The key issue is whether the issuer and its business model can be recognized by the market.

Regulatory authorities are concerned about the quality of information disclosure at the issue side. Other issues in the issue such as pricing, placing and listing are determined by the market itself.

The government should not and can not judge the value of securities. It is not appropriate to set conditions for issuance. Any issuer, no matter what risks and risks, is high enough to issue securities so that the market can judge for itself.

Only by setting up the IPO registration system can the stock market become a real market. All enterprises can go to the market for direct financing. The stock market is really like a big market. What kind of enterprises are there? It gives investors ample choice space, and fully exposes the risk of investment in the stock market, which truly embodies the principle of symmetry between risk and revenue.

In such a market, investors can really enjoy high investment income and bear high investment risks, so that investors can really grow up and become real investors who have gone through the storm and rainbow. The market can become a real market, with all the joys and sorrows; the issuer can become a real fundraiser, bearing the joy of success and the bitterness of failure.

IPO registration system

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The essence of the relationship is to deal well with the relationship between the government and the market.

After the implementation of the registration system, there is no need for the government to worry about the market and investors. Let the market decide the success or failure of the issuer, so that investors can independently decide and judge the investment target and bear all the consequences of investment.

The government only needs to do one thing, that is, to send a company that is truly pparent to all kinds of information to the stock market, that is, to examine the authenticity of information disclosure of enterprises.

Now is the launch.

The best time.

Since July, the A share market has gone out of a good market.

The central bank has cut interest rates as a symbol, and the bull market of A shares has come to the forefront.

In November, it was even more impressive. The Shanghai Composite Index rose 10.85% in the month, and the Shenzhen Composite Index rose 9.44%.

In contrast, the A share market in November was even more dominant in the world's major stock markets, while the US Dow Jones, the S & P 500 and Nasdaq index rose by 2.51%, 2.71% and 3.38% respectively in November.

German DAX, French CAC, UK FTSE 100 and other European indexes rose by 6.95%, 3.53% and 2.7% respectively during this period.

In the Asia Pacific market, Japan's Nikkei 225 index and the Korea composite index rose by 6.37% or 0.83% respectively in November.