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Reforms in China the case is more complex, and the ups and downs of the stock market has just experienced an unprecedented, and added some uncertainty to the reform. At this critical moment, first thing we do is pool reform consensus, register without delay the timing of reforms, not rigidly adhere to the so-called prerequisite, but is regarded as an important part of the reform of these preconditions, be synchronized push forward.
Registration reform process after the initial state and transition state and the end state in three stages, not to end state as a frame of reference to understand the work of the first two phases. Registered key to the success of the reform, that transitional measures changes in direction and frequency of change. If transitional measures change much, beyond the affordability of the market, reforms have the potential to frustrate. So, a good registration system reform programme, is the denial of approval system is, certainly, change has not changed.
Registration system reform to fit the situation, such as combining the principles of medicine and patients case can have a good prescription. The basic system is a managed market economy of our country, registration reforms need to obey basic system, registration system still needs to take appropriate control practices such as issuing rhythm, consistent with the macro-control, reduced economic and market volatility.
18 session announced stock offering registration system reform, on the enthusiastic response of the securities market. But reform should go from here? Awareness of the difference in the community. Was raised from registration system reform is "strict, loose tube and hard" to "lenient, strict management, easy out" change, some people suggested that a rigorous review of the registration system. Experience from abroad, is not exactly the same in each country, the core is based on national conditions, established in line with the market development stage of the registration system.
Prerequisites for reform should not be overemphasized
Often hear complaints, China's securities market is still immature, the legal environment is not ideal, approved under the emerging "green earth", "classic mountains and rivers", "wanfushengke" and other malignant cases of fraud issues. They believe that currently does not have the conditions for implementation of the registration system, worried that registration would make the stock market more disorder, led to a disaster.
There is a popular view, registration requires a sound legal system, excellent spirit of contract markets three prerequisite conditions for, the rule of law, are indispensable. This condition of registration reform, is from the new institutionalism in sociology scholar w Richard Scott's theory is deduced. In his view, the system includes regulatory, normative and cultural-cognitive, such as three basic elements. Regulation sex elements including Constitution, and legal, official system, registered business need more complete of legal system; normative elements including custom, and habits, informal system, registered business need market participation party accountability of contract spirit; culture-cognitive sex elements just subjective of faith, is was perception for objective of, and outside is individual action who of symbol system, registered business need and free market phase match of rule of law concept. According to Scott's three elements of systems theory, in the legal system, the spirit of contract, the concept of the rule of law all cases without full implementation of the registration system, even with the securities legislative, regulatory and judicial sectors, it is difficult to achieve equality on the rule of law and the protection of investors ' interests, lack access to system stability, legitimacy and adherents, even causing market disorder. Chinese entrepreneurs Liu innuendo Ali no protection
However, Scott's three elements of systems theory has its limitations, its three basic elements are not boundary clear of three separate, but "from certain basic elements supported by the system, with the passage of time and changes in the environment will be another basic element to maintain." This suggests that conditions of registration system reform, in theory, is not the absolute truth. Addition, world around implementation registered business of beginning provides has colorful of picture: United States is in 1933 launched registered business of, at enterprise fraud issued of situation also compared more; Korea in 1998 launched registered business Shi, Enterprise independent listed of wishes has compared strong has; China Taiwan is in securities exchange accumulated has years audit experience of based Shang, Yu 1993 will regulatory sector of by case audit business to supervision mechanism, and Yu 2012 further to record business. These practices show that dogmatic insistence that registration system reform "conditions", or overemphasize the precondition for reform, would be "his mark".
In particular is that the concept of legal system and the spirit of contract and the rule of law is highly market-oriented basic feature, which is difficult to natural development of approval system, as not impossible to learn swimming. Registration system reform discussion of the basic logic is that prior to the learn to swim is not water, but the problem is, you're not into, how is it possible to learn how to swim, as Lenin put it, "to learn to swim, you have to water."
So, not only can not overemphasize the prerequisite of registration reform, but also registered these preconditions should be viewed as an important part of the reform, and registration system reform push forward. These prerequisites should be an integral part of registration reform, through system reform has been registered. Can't wait for our legal system, the spirit of contract, rule of law and other factors have pushed reform of registration or registered only after the reforms to develop and perfect the legal system and the spirit of contract, the rule of law. In addition, the registration system and the legal system, the concept of the spirit of contract, the rule of law, and a relationship. Improve the legal system, the concept of the spirit of contract, the rule of law, can guarantee smooth implementation of the registration system, registration system reform itself also can promote the legal system and the spirit of contract, the development and improvement of the rule of law.
Reforms in China the case is more complex, and the ups and downs of the stock market has just experienced an unprecedented, and added some uncertainty to the reform. In this key moments, first worth we do of May is condensed reform consensus, thin considerations registered business on China Securities market order of real effect, discussion how makes China capital markets became more with attraction of products, attract local and international entrepreneurs like consumers as willing to using it, to on whole social is economic of, eventually conducive to social development, and not stuck Yu so-called of premise conditions, delays registered business reform of timing.
Not approved a total negation of
Register with some preconditions to synchronize push forward the reform, is a systems engineering, specific process necessarily hierarchical sequential progression. In accordance with the general law of development, registration system reform can be expected after the initial state, the transition state and the final State in three stages. How to properly evaluate approved during the transition period, a phased reform initiatives, to achieve a smooth transition, is the registration system is an important element of the reform.
On approved business (including previously of approval business), currently community criticism views compared more, antibody up, main reflected in two a aspects: a is issued audit system efficiency lower, issued audit by needed time more long, audit results has larger of uncertainty; II is approved business on market mechanism of damage, including market pricing mechanism failure, and intermediary institutions role weakening, and market produced reverse eliminated and delay has more level market system of construction,.
However, we should note that since the implementation of approval system, the number of listed companies has nearly 3,000, the listed company's performance as a whole, growth, many financial indicators continued to grow, 2014-vested in the shareholders of the parent company net profits of listed companies total 2.44 trillion yuan, size and annual market value of Shanghai and Shenzhen stock exchanges trading volume were the highest in the world. There is reason to believe, approval system in China under the market is orderly. It's hard for me to imagine, if you release a market disorder, the securities market will be maintained for such a long period of rapid growth and achieved so much. Weber on capitalism and economic development relies on the order of insight worthy of our consideration, 2009 Nobel economics prize was awarded to the new institutional economics should also give us inspiration.
At least from the perspective of Economics, in a no rules of order in the market, people are unable to work effectively, lack of effective rules of order in a society, people find it difficult to long-term and effective cooperation, thus creating huge wealth, though may in the short run. Of course, this is just a logical reasoning, but it is a matter of reasoning, which is related to our registration system to approve much adjustment, at some level, which is a matter of market parties the meaning of many years of accumulated experience.
Therefore, the registration system reform should not be a mere negation, or completely abandoned, but negative contains positive, approval of business experience and the lessons learned process, reflect the approval system has both innovation and inheritance, make the distribution system more mature, more stereotypes. Many people are concerned that the registration system cannot effectively prevent the issuer fraud, leading to the protection of investors as well as the approval system. But practice shows that securities regulators to find false in your application, the approval system and cannot effectively prevent fraud. From an economic point of view, feasible approach is to increase the penalties for fraud after efforts, often difficult to implement because of the prior screening of high costs. However, the approval system useful in auditing methods, personally think can be inherited in the registration system, such as through logical analysis made to the filings of the issuer a reasonable doubt, and doubt has also asked the Publisher until the issuer disclosures clear and complete disclosure in the prospectus.
In this sense, the registration to approved terms, is a negative, but it's not a purely negative, but certainly negative, which can bring great changes and developments, and reasonable to inherit. Registered key to the success of the reform, that transitional measures changes in direction and frequency of change. If you change too much, beyond the affordability of the market reforms may fail. So, a good registration system reform programme, should be approved based on the negative is, certainly, is changing the system.
Cannot copy the market experience of developed countries
Domestic public opinion to the ultimate state of registration (that is, developed countries to mainstream registration) as a frame of reference to understand, understand the country is to promote registration of reform. There is a belief that in the near future: administrative regulation issued the rhythm of practice greatly distort the balance of supply and demand of the stock market, is not in line with international practice, must eliminate these distortions in the registration system reform. This brought great pressure to the secondary market.
But the problem is, from a macro perspective, equity financing is an important part of social financing, and the total amount of Community financing is an important part of financial regulation. Early in 2010 end of central economic workshop on proposed "keep reasonable of social financing scale", January 30, 2011 Bank announced of 2010 fourth quarter currency policy implementation report further proposed, "in macro-control in the need more focused on currency total of expected guide role, more focused on from social financing total of angle to measure financial on economic of support efforts, to keep reasonable of social financing scale, strengthened market configuration resources function, further improve economic development of within health power. "The basic system is a managed market economy of our country, registration reform subject to the basic system. From this point of view, as long as the social needs of financial macro-control, moderate pace of stock issue management is essential. In order to better serve the real economy, register reforms are indispensable, however, in order to reduce the economic and market turmoil, registration system reform and China's macro-control should be coherent, it certainly is an inevitable requirement. As to the basic economic system of society is the United States's full market economy as well, might as well managed market economies in East Asia, there is no conclusion, the 1997 Asian financial crisis in 2007 and the United States are two examples of the financial crisis.
To see that registration abroad has a long history, their experience cannot be exhausted on all market orders of knowledge and theory, because the distribution system from a summary of practical experience, registration of summarize the experience in developed country markets is not "one size fits all" truths. Moreover, the meaning of a registered business in developed countries itself constantly evolving depending on social development. If fails to recognize the foreign registration system is a set of practices in our country there must be limitations, copy the foreign experience at our practice is often counter-productive, this frame of observation results of securities market in China is often accused of reform in China is not complete or dismiss false reform, but difficult to put forward constructive views.
In this sense, only summary in the system innovation of our own successes, can reveal the distribution market the path to the root of the current problem, solve, may also find that some of the experience of Western society does not provide, or have not yet formed the theoretical stuff, and make their own contributions on the market order. As the combined principles of medicine and patients case, get in the prescription is the same.
Comrade DENG Xiaoping once pointed out: "our modernization must proceed from China's actual. Both revolution and construction must learn from the experience of foreign countries. However, simply copy other countries ' experiences, models of other countries, has not been successful. We had a lot of lessons in this regard. "Since the last century 80 's, those who copy the Western theory of countries undergoing transition, general economic stagnation and social unrest, the people suffer, yet difficult to stabilize. Reforms in China, should learn from it, understanding intrinsic characteristics and problems of China market, rooted in the approval system lesson, errors to avoid dogmatism. Path of reforms in China to have such confidence, theoretical system of confidence and confidence.
Of course, when it comes to market in China may be a special order, is a foreign experience is also not covered by the order, is not to say that it is absolutely in order, cannot be cured, more rigid and myth.
The achievements of the reform is the result of action by the parties
Approval system is somewhere between approval and registration of a distribution system, can be infinitely close to approval system, also can be infinitely close to the registration system. In recent years, regulators repeatedly revised and improved audit rule, however, if the rule does not perform well, even if market-oriented distribution system, might still be in the name of the approval system and approval system in practice. Conversely, if approved by the strict implementation of the current system of issuing rules and registration system of distance may not be so far away.
Distribution rules are universal, enforcement of rules against a particular issuer, applies the general rule to a particular issue, is accomplished by the interpretation of the rules, because the issuer's situation is different. Therefore, the interpretation of the rules is often indispensable link in the issue. But was often out here, the specific interpretation of the rules, is closely related to personal rule concept. The concept of an actor if you have registered, then he will not only according to the provisions of rules, but according to the spirit of registration to determine how a particular situation accurately interpret and implement this rule.
Therefore, the registration system reform, the move to improve on specific rules, also in the transition effort, which is particularly important during the transition period. If there are no rules, the transition is empty, that is, no content, no object. Similarly, if there is no concept of personal transformation system is blind, meaning that has no direction, do not know how to use. Core elements involved in the transition are securities regulators through the self-revolution, limited review powers, limited audit responsibilities, bringing the rise of market forces.
Why special emphasis on regulatory change? This is because, many years of planned economy leading the authorities are accustomed to everything, for regulatory acts blindly optimistic, that regulation was motivated by integrity, is essentially good, sceptical about the market, that issuers and intermediaries are motivated by self-interest. The reality is that regulatory authorities as representative of the country, in the face of temptation to rent, there are opportunistic and will not rule out the use of their centers of power, dominance, and intends to expand regulatory powers in the implementation rules, and the monitor loses reliability. Moreover, regulators, as a collection of individual people, in an environment of uncertainty, can only understand and obtain certain types of information, and other information in a State of ignorance, face "rational ignorance" and "the information paradox", and so on. Therefore, Government action may also unreasonable, as the North (1981) says: "the State is the key to economic growth, however the country is artificial the root cause of the recession. "In the stock market, if market failure, regulators can be regulated and supervisory misconduct, markets could do nothing. Therefore, register in advance in the process of reform, the primary problem is constrained regulatory boundaries, the regulators, issuers, investors and intermediaries in the same plane, who might have done better to whom tasks, constraint regulatory authority boundaries and bring regulatory initiative is equally important, dialectical unity.
Order registration reforms, gradually formed in the market, is a new concept under the guidance of people, their behavior changes between expectations and behaviors of running; it was not an individual person's intellect or insight of what can be done, and takes time for gods. Recalling China's reform, starting from the rural household contract responsibility system, which is a spontaneous action of Xiaogang village, fengyang County 18 farmers. Years after Xiaogang village of fengyang, chuxiandiqu, Anhui Province, until the country and changed the organization system and rural land property right system and its deep impact, the scale of giant, Jane, good effect is unparalleled. They are a game changer, set up a new system, breaking the old order. As Hayek on individualism: the true and the false, says: "the many rules and regulations for human achievement, has been produced without the plan and guidelines, and the role being played. "He also 18th century thinker yadang·fugesen was quoted as saying:" the State is incidental, it really is the result of human action, rather than the result of design. "I personally think that, where the" State "can be replaced for the system, order, law, marketing, and so on.
From this perspective, emphasis on top-design at the same time, the practical meaning of the stones should not be overlooked. Progressive registration of progressive reforms, no one can design a complete programme, but they must go through a step, the next programme, it's like touching a stone covered step, also found a piece of stone. How about a piece of stone, we don't know, a bad conclusion. However, if you don't give a touch stone hand, and he will never pass. Registration reform will insist on fording the correct methodology, advance in the explore.
(The author of Luke Eagles Porc full-time members of the Commission)
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