成都理工大学学报（社会科学版）
成都理工大學學報（社會科學版）
성도리공대학학보（사회과학판）
JOURNAL OF CHENGDU UNIVERSITY OF TECHNOLOGY(SOCIAL SCIENCES)
2014年
5期
33-37
,共5页
证券%私募发行%法律责任%惩戒%救济
證券%私募髮行%法律責任%懲戒%救濟
증권%사모발행%법률책임%징계%구제
securities%private offering%legal liability%punishment%relief
证券私募发行作为一种与公募发行彼此对应又相互补充的证券发行方式，在各国的资本市场都十分常见，是指向具有特定资格的特定对象的非公开方式的发行。相较公募发行，私募发行节约交易成本、融资成本可控等优势，使其越来越受到个人富裕群体和机构投资者的青睐。然而，我国私募发行目前整体上处于实务先行、法规滞后的局面，尤其是对法律责任缺乏专门规定。应在以行政责任为证券法本法责任的背景下，深入分析私募发行中法律责任的定位问题，构建符合私募发行特点的责任制度。
證券私募髮行作為一種與公募髮行彼此對應又相互補充的證券髮行方式，在各國的資本市場都十分常見，是指嚮具有特定資格的特定對象的非公開方式的髮行。相較公募髮行，私募髮行節約交易成本、融資成本可控等優勢，使其越來越受到箇人富裕群體和機構投資者的青睞。然而，我國私募髮行目前整體上處于實務先行、法規滯後的跼麵，尤其是對法律責任缺乏專門規定。應在以行政責任為證券法本法責任的揹景下，深入分析私募髮行中法律責任的定位問題，構建符閤私募髮行特點的責任製度。
증권사모발행작위일충여공모발행피차대응우상호보충적증권발행방식，재각국적자본시장도십분상견，시지향구유특정자격적특정대상적비공개방식적발행。상교공모발행，사모발행절약교역성본、융자성본가공등우세，사기월래월수도개인부유군체화궤구투자자적청래。연이，아국사모발행목전정체상처우실무선행、법규체후적국면，우기시대법률책임결핍전문규정。응재이행정책임위증권법본법책임적배경하，심입분석사모발행중법률책임적정위문제，구건부합사모발행특점적책임제도。
Securities private offering is a kind of securities issue way which correspond to public offering and complement each other,it’s very common in the capital market,it is pointing to a particular object with a specific qualification in non public issuance.Compared with public offering,private offering has the advantage of saving the transaction cost and controlling the financing cost,which make it more and more get the favour of individual rich group and institutional investors.However, private offering in our country situation in practice first and regulations lag behind on the whole,especially the lack of special provisions on legal liability.Therefore,under the background of administrative liability for the primary liability of the Securities Act,we must in-depth analysis the legal liability of securities private offering,build the liability system which accords with the characteristics of private.
