A Preliminary Analysis of the Role of Intermediary Institutions in Capital Markets

Abstract

On February 17, 2023, a substantial paradigm shift was ushered into the Chinese capital market as the China Securities Regulatory Commission declared a sweeping reform of the registration system. Under this fresh framework, the success of a company's listing and refinancing endeavors hinges not solely on its own operational vitality but also heavily relies on the expert services extended by a multitude of intermediary institutions. These include securities firms, legal counsel, accounting professionals, and appraisers. This research aims to penetrate the workings of these intermediary bodies, to gain a profound understanding of their pivotal role in the listing and refinancing processes of firms, and their instrumental position in fostering sustained growth and fortification of companies within the capital market. Our investigation endeavors to furnish both practitioners and scholars with a fresh perspective on the function of intermediary institutions amidst the backdrop of capital market transformations. The goal is to spur more effective and transparent market operations.