Research on the Market Supervision System of China’s IPO Registration System—Based on Capital Asset Pricing Model

摘要

With the launch of the Sci-Tech innovation board and the advancement of the registration system reform on the ChiNext, China's implementation of a comprehensive registration system has become an inevitable trend in the future. However, at this stage, the approval system is still in a dominant position in Chinese stock market. It is difficult for companies to go public, zombie companies are unwilling to delist, information disclosure is incomplete, and problems such as the economic crimes of listed companies are difficult to be sentenced continue to exist, so investors have been suffering heavy losses. In the view of the actual situation of the current Chinese listed company market, this article first introduces the current situation of China's IPO registration system reform, and then points out the current literature review of domestic and foreign research results, and then gives some advice to construct China's IPO registration system by a comprehensive analysis of the mature IPO registration system in the United States. Finally come to the conclusion: In terms of issuance review, the CSRC should reduce the listing restrictions of companies, and gradually delegate the review power to the stock exchange by the perspective of investors; in terms of information disclosure, the government should improve laws and regulations to encourage companies to actively disclose information, and severely crack down on companies that disclose false information; in terms of issuance supervision, the government should improve the “Securities Law” and other legal systems to make sure listed companies have laws to follow for economic crimes, it is also very important for government to increase law enforcement investment because it can increase the illegal cost of enterprises; in the delisting system, the government should encourage corresponding enterprises to delist voluntarily, and at the same time reduce the threshold for delisting enterprises to force delisting of substandard enterprises.