Stock Issue System: International Comparison and China s Reform Practices;

By comparing the stock issuing systems in the mature markets,the essential content in mature markets is the competitive contracting system and the evolutionary system of the internal division of labor.

The reform of stock issuing system which is directly related to the efficiency of primary market is one of the core questions of institutional constructions of in Chinese securities market.

The qualification approval system of stock issuance in China commenced in March,2001.

The paper introduces three stages of stock issue system and their influences on the stockholders.

The regulation of new stock issue is the first threshold for listed companies coming into the market, and it has the vital impact on the regularity and development of the stock market.

Choosing a scientific and appropriate pricing method of stock issuing is one of the problems in Medium-sized and small corporate markets.

According to our domestic situation, studying and transplanting sponsor s system is helpful to perfect stock issuing system, enhance the supervising of undertakers as sponsors, improve the quality of listed companies, protect investors interests.

Based on the theories of institution change of New Institution Economics, this thesis gives a systematic analysis of the evolution of stock issuing system in China.

The verification system of stock pubic offering is the study object of this paper.