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Abstract

Since the 20th century, the stock market has been more and more prosperous; while that the investors know relatively less about the issuers and the government supervisory and regulatory capacity is limited make fraudulent activities in stock market remain despite legal prohibitions, and for the purpose of solving all the said problems to the largest extent, the sponsor system is established. As the intermediate agent of stock market, through the commendation of the fulfilling of their duties and the joint guarantee, the sponsors not only improve the quality of the listed company and protect the interests of investors but also ensure the stock market to have a steady progression. The sponsor systems are designed differently in different countries and areas due to their different development situations and national conditions. The sponsor system of Alternative Investment Market (AIM) of UK emphasizes that it is the precondition to continually employ sponsors for a company to go to public which is called the life-long sponsor system; the National Association of Securities Dealers Automatic Quotation (NASDAQ) of US succeeds in designing a whole set of perfect system instead of the responsibility of sponsors which is called the mixed sponsor system, which relatively manages to diversify and control the risk of growth enterprise market and efficiently safeguard the lawful right of investors in stock market; the sponsor system of Growth Enterprise Market (GEM) in Hong Kong is gradually being perfected in the process of its development, and in Oct. 2004, the roles of compliance adviser and financial consultant were brought into the sponsor system of Growth Enterprise Market (GEM) in Hong Kong to share responsibility for the sponsors which has formed a situation in which such roles shall work in coordination and supplement to each other which is more helpful for protecting the interests of investors.The sponsor system in Mainland China is developed from drawing on the experience of the sponsor system of Growth Enterprise Market in Hong Kong. Since it is a system established for a short time, and the stock market in China and especially the social faith system are not complete, the sponsor system in China has many evils and deficiencies on the aspects of system designing, value realizing, practicing etc, and some new conflicts and issues are still to be solved and further research and discussion are to be made theoretically. In this thesis, just being based on this background, through the methods of comparison and analysis etc, the sponsor system in China is further researched and discussed. Firstly, the origin, definition, legal nature and characteristics, value and principle of a sponsor are learnt by a brief introduction to a sponsor system. Secondly, after the illustration of the representative sponsor systems in the main countries (areas) in and out of China, comparisons on the aspects of structure composition, work qualifications, liability system, duration of position etc are made to find the problems existing in the current sponsor system of Mainland China. Lastly, by analysis and comparison, a conception of perfecting the sponsor system in China is put forward. The perfection of the sponsor system in China firstly needs to raise the standards for the admittances of sponsor agency qualification and sponsor representative qualification, adjust the structure composition of a sponsor, clarify the liability boundary between a sponsor and relative main bodies, perfect the legal liability system of a sponsor, establish mechanisms of liability insurance and liability arbitration for sponsors etc. The innovation of the thesis is just that the assumption of the administrative penalty, civil liability and criminal liability of sponsors are all put forward and the writer’s personal ideas and suggestions on the mechanisms of liability insurance and liability arbitration towards sponsors are put forward, too.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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Research on the Sponsor System

Abstract

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