CAJ | 학술논문

贸然地从核准制转变为注册制，并不能解决我国证券市场的“柠檬化”问题。我国证券发行制度的改革，首先必须要完善与信息披露相应的基础制度建设，包括：转变证监会定位和职能，将证监会的职责定位于行政监管和审查信息披露的真实性、完整性和准确性上，而将证券发行的价值判断交由相对独立于政府的第三方监管机构---证券交易所；同时进一步完善和加强虚假信息披露的民事诉讼赔偿制度---降低民事诉讼门槛，提高诉讼赔偿数额、扩大诉讼主体和优化诉讼程序。
무연지종핵준제전변위주책제，병불능해결아국증권시장적“저몽화”문제。아국증권발행제도적개혁，수선필수요완선여신식피로상응적기출제도건설，포괄：전변증감회정위화직능，장증감회적직책정위우행정감관화심사신식피로적진실성、완정성화준학성상，이장증권발행적개치판단교유상대독립우정부적제삼방감관궤구---증권교역소；동시진일보완선화가강허가신식피로적민사소송배상제도---강저민사소송문함，제고소송배상수액、확대소송주체화우화소송정서。
Hastily switching from the approval system to the registration system does not solve China's securities market problem - "The Market for Lemons" . For the reform of securities issuance system of china, we must improve the basic system construction of information disclosure: changing the position and function of the China Securities Regulatory Commission into the administrative supervision and verifying the authenticity、integrity and accuracy of the information disclosure, while the value judgments of securities will be in the charge of the Stock Exchange a third party regulatory agency which is relatively independent of the government; and further improving and strengthening the civil procedure system of false information disclosure---decreasing the threshold of civil action, increasing the amount of civil compensation, expanding subjects of civil action, and optimizing the civil procedure.