证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2010年
6期
28~33
,共null页
私募发行制度 私募证券转售 投资者保护 证券发行
私募髮行製度 私募證券轉售 投資者保護 證券髮行
사모발행제도 사모증권전수 투자자보호 증권발행
private placement system; private securities resale; Investors protection; securities issuing
私募证券转售是指通过私募发行的证券在二级市场上的转让行为。一般情况下,为了保护投资者利益,证券立法禁止私募证券的转让。应该说,对于转售的限制是具有合理性的,但立法者应该在投资者保护和促进公司筹资效率之间达成平衡。我国在私募证券转售法制方面存在很多问题,本文提出了有针对性的措施,以促进我国私募证券转售法制的完善。
私募證券轉售是指通過私募髮行的證券在二級市場上的轉讓行為。一般情況下,為瞭保護投資者利益,證券立法禁止私募證券的轉讓。應該說,對于轉售的限製是具有閤理性的,但立法者應該在投資者保護和促進公司籌資效率之間達成平衡。我國在私募證券轉售法製方麵存在很多問題,本文提齣瞭有針對性的措施,以促進我國私募證券轉售法製的完善。
사모증권전수시지통과사모발행적증권재이급시장상적전양행위。일반정황하,위료보호투자자이익,증권입법금지사모증권적전양。응해설,대우전수적한제시구유합이성적,단입법자응해재투자자보호화촉진공사주자효솔지간체성평형。아국재사모증권전수법제방면존재흔다문제,본문제출료유침대성적조시,이촉진아국사모증권전수법제적완선。
Resale of private placement securities refers the transfer of private securities in the secondary market,normally,the resale of private issued securities is banned in order to protect the interest of the investors.The restriction is reasonable,but the legislator should keep a balance between the protection of the investors and the efficiency of corporate financing.China has very imperfect rules,where lots of loop holes are found.This article proposes some constructive suggestions to improve the securities resale system in China.
