中国制度运行效果及变革方向

江苏师范大学商学院2012级学生论文I中国xx制度运行效果及变革方向——以xxx为例摘要：2004年，中国证券市场的股票发行审批制度开始进入保荐制度时期，保荐制度是中国证券市场由核准制向注册制过渡的一种审批制度。旨在进一步明确市场各方参与者的责任，提高上市公司质量，确保证券市场的有效性。文章以ST琼花为实际案例，并使用证券市场分析、实际数据统计、实践实习验证等方法，对保荐制度在中国的运行效果及变革方向进行分析和探讨。全文分为五个部分：第一部分论述了文章的选题背景及意义，对保荐制度实施以前中国证券市场实施的股票发行审批制度进行了梳理，并粗略列举了目前国内对保荐制度的研究现状。同时说明了研究方法和文章的结构与框架。第二部分对保荐制度进行基本介绍，并对世界上几个有代表性的实施保荐制度的证券市场进行分析，包括保荐制度起源地英国AIM“终身”保荐制度、美国纳斯达克市场“什锦”保荐制度、马来西亚MESDAQ“接力”保荐制度和香港的保荐制度。第三部分从中国的保荐制度的基本特点入手，阐述了保荐制度在中国的运行效果。保荐制度为中国证券市场的规范化带来积极作用，表现在保荐制度实施以来中国证券市场ST企业比例的降低和上市公司信息披露程度的上升。但是同时也暴露了保荐代表人考试体制不合理、保荐制度权责过于形式化、保荐人和保荐代表人独立性不清晰和问责机制不完善等不足。第四部分是对ST琼花案例的分析，包括ST琼花发行者的简介、琼花事件始末和由琼花事件联想的保荐制度完善的启示。琼花事件也反映了保荐制度在运行环境、保荐人和保荐代表人的资格要求、保荐制度的处罚力度和保荐制度权责方面的问题。第五部分是中国保荐制度改革探讨，主要从保荐制度的立法角度和实际运行环境两个方面进行探讨。立法的角度从保荐人和保荐代表人的资格综合化评定、保荐制度权责的合江苏师范大学商学院2012级学生论文II理化、调整保荐人结构组成和完善保荐人问责机制四个方面进行探讨；运行环境的改进从保荐人和保荐代表人独立性的保持、资本市场正确监督环境和建立保荐制度保障实施支持三个方面进行探讨。最后叙述了保荐制度为推行注册制的一些启示。关键词：保荐制度，运行效果，ST琼花，变革方向江苏师范大学商学院2012级学生论文IIITHERUNINGEFFECTOFCHINASPONSORSYSTERMANDIT'SCHANGEDIRECTION——FOREXAMPLEWITHSTQIONGHUAAbstract:In2004,thesponsorsysterm,asecuritiesissuanceexaminationandapprovalsystem,formallyimplementinChina'ssecuritiesmarket,itisalsoanexaminationandapprovalsystemintheprocessoftransitionformauthorizedsystemtoregistrationsysteminChina'ssecuritiesmarket.Theimplementationofthesponsorsystermbeaimdatfurtherclarifytheliabilityoftheparticipantsofsecuritiesmarket,soastocontrolthequalityoflistedcompaniesandimprovetheeffectivenessofthesecuritiesmarket.BasedontheactualcasesofSTQionghua,thispaperanalyzedanddiscussedtherunningeffectofthesponsorsystermofChina'ssecuritiesmarket,andthechangedirectionofthesponsorsystermbythefollowangles:thestockmarketanalysis、theactualdatastatistics、practiceverification,andsoon.Thispaperdividesintofiveparts:Thefirstpartofthepaperdiscussedthebackgroundandsignificanceoftheselectedtopic,andclearupthehistoryofsecuritiesissuanceexaminationandapprovalsystemofChina'ssecuritiesbeforethesponsorsystermbeimplemented.Someresearchstatusofthesponsorsystermalsobereferedtointhispart.Andthen,researchmethodsandthestructureandframeworkofthispaperbeexplainedattheend.Thesecondpartofthepaperbringsomeinrroductionaboutthesponsorsysterm,whichincludetheexpoundthedetailsofthesponsorsysterm,andtheexpoundtheoriginanddevelopmentofthesponsorsysterminthisworld.Thenexplainsandanalyzessomesecuritiesmarketwhichthesponsorsystermwasbeimplementedintheworld,includethelifelongsponsorsystemofBritishAlternativeInvestmentMarketwhichCountryisthebirthplaceofthesponsorsysterm、theassortedsponsorsystemofNASDAQmarketinAmerica,the“connectdint”sponsorsystemofMlalysiaMESDAQ、thesponsorsystemofHongKongwhichwasthemailreferencesourceofthesponsorsystermofChina'ssecuritiesmarket.ThethirdpartofthepaperstartfromthebasiccharacteristicsofthesponsorsystermofChina'ssecuritiesmarket,thenexpoundtherunningeffectofthesponsorsysterminChina.The江苏师范大学商学院2012级学生论文IVsponsorsystermbringpositiveroleaboutthestandardizationinChina'ssecuritiesmarket.PerformanceinthereduceofSTenterprisesproportionandrisingdegreeoninformationdisclosureofChina'slistedcompanies.Butatthesametimeithasalsoexposedsomeshortagesaboutthesponsorsysterminthefollowaspects:thesponsorrepresentativetestsystemisnotreasonable、therightsanddutiesaretooformal、theindependenceofsponsorandsponsorrepresentativearenotclear、accountabilitymechanismwasimperfect,andsoon.ThefourthpartofthepaperisthecaseanalysisaboutSTQionghua,thecaseanalysisincludethebriefintroductionabouttheissuersofSTQionghua、thebeginningandendofQionghuaeventandtherevelationabouthowtoprefectthesponsorsystermwhichcomeformtheQionghuaeventanalysis.TheQionghuaeventincludeitwasberevealedhidedthetureofentrustconductfinancialtransactionsin2004andtheeventaboutillegalassociationguaranteein2009.ATthesame,theQionghuaeventalsoreflectsomeshortageaboutthesponsorsysterminthefollowplaces:theoperationenvironment、sponsorandsponsorrepresentativequalificationrequirements、thecompletelydegreesaboutpunishmentandtherightsandliabilities.ThefifthpartofthepaperexploreanddiscusstheChina'ssponsorsystermrevolutioninthelegislationangleandtheactualoperationenvironmentangle.thelegislationangleincludefourparts:totalizationqualificationassessmentaboutsponsorandsponsorrepresentative、rationalizationinrightsandresponsibilitiesaboutthesponsorsysterm、adjustthesponsorstructures、maketheaccountabilitymechanismconplete.theactualoperationenvironmentangleincludethreeparts:thekeepingofindependenceofsponsorandsponsorrepresentative、thecorrectsupervisionenvironmentaboutcapitalmarketsandestablishthesupportaboutguaranteeimplementationofthesponsorsysterm.Attheend,thewassomerevelationbeaccountedtohowtoimplementtheregistrationsystemeffectively.KeyWords：Sponsorsysterm,Runningeffect,STQionghua,Changedirection江苏师范大学商学院2012级学生论文1目录1导论.................................................................11.1选题背景和意义...................................................11.2研究思路.........................................................71.2.1分析思路...................................................71.2.2研究方法与可行性分析.....