当代经济管理
噹代經濟管理
당대경제관리
Contemporary Economic Management
2015年
6期
90~93
,共null页
注册制 股票发行 路径选择 制度建设
註冊製 股票髮行 路徑選擇 製度建設
주책제 고표발행 로경선택 제도건설
the registration system of stock issuance ; issuance of shares ; path selection ; system construction
近期证监会下发《国九条》明确提出要积极稳妥推进股票发行注册制改革,建立和完善以信息披露为中心的股票发行制度。注册制的核心是充分高效的信息披露,审核机构只进行形式审查,强调事后监管,这类发行制度的代表是美国和日本。推行股票发行注册制不可一蹴而就,轻率、贸然实施,要充分认识到当前实施我国股票发行注册制的风险及其制度、法规的前提条件不成熟,探索出有＂中国特色＂股票发行注册制度,设计和选择＂中国特色＂注册制的＂混合并行＂的具体路径;推进注册制改革,绝非新股发行制度本身修改完善就能实现,更是一项涉及资本市场各层次之间有机衔接、中介机构和投资者的系统工程,需要进行一系列的制度性改革。
近期證鑑會下髮《國九條》明確提齣要積極穩妥推進股票髮行註冊製改革,建立和完善以信息披露為中心的股票髮行製度。註冊製的覈心是充分高效的信息披露,審覈機構隻進行形式審查,彊調事後鑑管,這類髮行製度的代錶是美國和日本。推行股票髮行註冊製不可一蹴而就,輕率、貿然實施,要充分認識到噹前實施我國股票髮行註冊製的風險及其製度、法規的前提條件不成熟,探索齣有＂中國特色＂股票髮行註冊製度,設計和選擇＂中國特色＂註冊製的＂混閤併行＂的具體路徑;推進註冊製改革,絕非新股髮行製度本身脩改完善就能實現,更是一項涉及資本市場各層次之間有機銜接、中介機構和投資者的繫統工程,需要進行一繫列的製度性改革。
근기증감회하발《국구조》명학제출요적겁은타추진고표발행주책제개혁,건립화완선이신식피로위중심적고표발행제도。주책제적핵심시충분고효적신식피로,심핵궤구지진행형식심사,강조사후감관,저류발행제도적대표시미국화일본。추행고표발행주책제불가일축이취,경솔、무연실시,요충분인식도당전실시아국고표발행주책제적풍험급기제도、법규적전제조건불성숙,탐색출유＂중국특색＂고표발행주책제도,설계화선택＂중국특색＂주책제적＂혼합병행＂적구체로경;추진주책제개혁,절비신고발행제도본신수개완선취능실현,경시일항섭급자본시장각층차지간유궤함접、중개궤구화투자자적계통공정,수요진행일계렬적제도성개혁。
Recently, in an official file of China Securities Regulatory Commission （CSRC）, it has been clearly stated that a reform of the regis- tration system of stock issuance will be advanced actively and steadily, and a stock issuance system which takes information disclosure as its cen- tre will be established and perfected. The core of this registration system is the adequate and efficient information disclosure, while the audit insti- tutions only review the forms, emphasizing post supervision. USA and Japan are the representatives of the system. However, the implementation of registration system of stock issuance in China could not be accomplished at one stroke. We should fully realize the current risks of implementing this system in China, and understand that relevant laws and regulations are not mature. Therefore, we should explore a registration system of stock issuance with Chinese characteristics, and design and select a ＂hybrid and parallel＂ path with Chinese characteristics as well. Meanwhile, ad- vancing reform of the registration system of stock issuance could not be achieved by perfecting the new stocks issuance system only. It is more a systematic project that correlates with interactive linkage among various layers in the capital market, the agencies and investors thus we need to conduct a series of systematic reforms.
