Approval system and registration system are different stock listing supervision systems. The approval system means that the CSRC examines whether the company meets the listing conditions and disclosure standards according to the application documents submitted by the company. Since then, only with the approval of the securities regulatory authorities can enterprises be listed on the stock exchange. The approval system mainly emphasizes the company's information disclosure standards to protect the interests of investors. The registration system pays more attention to the reaction of the market to the actual operation of the company. Under the registration system, the securities regulatory agency does not conduct compulsory examination of enterprises, but requires enterprises to disclose relevant information on their own and be responsible for its authenticity, accuracy and completeness. In this way, after listing, investors can directly analyze and judge the fundamental information of the company according to the information published by the company. At present, China stock market is gradually promoting the reform of registration system to encourage innovative enterprises to enter the capital market and improve the transparency and effectiveness of the market. This reform measure is expected to lead China's capital market to develop more healthily.
What impact does the registration system have on enterprises? The registration system has both positive and challenges for enterprises. First of all, the registration system lowers the threshold of stock listing, and more innovative enterprises can raise funds through the stock market, which is helpful to promote scientific and technological innovation and social progress. Secondly, the registration system emphasizes the standardization of enterprise information disclosure and is closely linked to the market economy, which is conducive to the standardized operation of the company and increased transparency. However, the registration system also increases the information disclosure cost and regulatory risk of enterprises.
Both the approval system and the registration system are important supervision systems of the securities market, and each has its own advantages and disadvantages. With the deepening of capital market reform in China, the registration system will gradually become the mainstream. Enterprises should establish and improve the information disclosure system, improve the quality and transparency of information disclosure, enhance the trust of shareholders and lay a realistic foundation for the long-term development of the company.
Legal basis:
Article 76 of the Securities Law of People's Republic of China (PRC) * * * The issuer shall guarantee the truthfulness, accuracy, completeness and timeliness of information disclosure, undertake the responsibility of information disclosure, and be responsible for the losses caused by falsehood, inaccuracy, incompleteness or omission in the process of information disclosure. The legal provisions clarify the legal responsibilities of enterprises in information disclosure.