美国证券储架注册制度研究

发布时间：2018-07-10 08:22

本文选题：储架注册制度 + 证券发行　；参考：《湖南大学》2012年硕士论文

【摘要】：储架注册制度，又称“橱柜式发行”或“货架发行”，是源于美国的一项证券发行制度，是指在证券发行中允许公司对近期将发行的证券进行预先登记，经监管部门一次审核后，公司在审核资金额度范围内进行分次募集。美国证券交易委员会颁布“规则415”规定了十类证券可以适用储架注册制度。通过颁布《简化初次证券发行注册的程序》对储架注册制度的相关规定进行了补充与完善。储架注册的信息披露通过基础招股说明书、招股说明书修正稿和补充说明书来完成。自动储架注册制度和基础招股说明书制度是储架注册制度的两个主要配套制度。储架注册制度是美国统一证券法进程中的一项制度创新，美国证券监管理念的变化是储架注册制度产生的重要影响因素。储架注册制度是美国证券监管理念不断发展与信息披露制度逐步完善的产物。基于储架注册制度产生的规范资金流向、降低发行成本、提高融资效率和保护证券市场中小投资者等积极效应，许多国家借鉴美国的成功经验，建立了类似制度。我国实践中也存在着一些非正式的储架发行，，为我国储架发行制度的建立进行了有益的探索。我国现行相关法律制度的完善扫清了储架发行制度的法律障碍，证券市场监管核准制向着注册制的不断发展为储架发行的实现创造了条件。随着配套制度的逐步完善，结合我国目前的市场环境和制度环境，未来宜在上市公司再融资领域建立我国储架发行制度。适用主体宜限于3年内持续履行信息披露，且无虚假信息和违规记录的上市公司；储架发行人通过援引定期报告中的信息和对基础招股说明书的及时补充与更新进行信息披露；适用储架发行的有效期定为2年。
[Abstract]:The registration system of the shelf, also known as "cabinet type issue" or "shelf issue", is a securities issuance system derived from the United States. It means that the company allows the company to register the securities that will be issued in the near future in the issue of securities. After a review by the regulatory agency, the company carries out sub collection within the scope of the amount of funds. The Committee enacted "Rule 415" to set up the registration system for the storage shelf of ten types of securities. Through the promulgation of the procedure for the reduction of the registration of the initial securities issuance, the regulations of the registration system for the storage shelf are supplemented and perfected. The information disclosure of the registration of the storage shelves through the basic prospectus, the revised draft of the prospectus and the supplementary instructions are completed. The registration system and the basic prospectus system are the two main supporting systems of the registration system of the storage frame. The registration system of the shelf is a system innovation in the process of United States unified securities law. The change of the concept of securities regulation in the United States is an important factor in the production of the registration system of the storage shelf. The product of the continuous development of management and the gradual improvement of the information disclosure system. Based on the standardized capital flow produced by the registration system of the storage shelf, reducing the cost of issuing, raising the efficiency of financing and protecting the small and medium investors in the securities market, many countries have learned from the successful experience of the United States and established a similar system. The issuance of some informal storage shelves has made useful exploration for the establishment of the system for the distribution of storage shelves in China. The improvement of the current relevant legal system in China has cleared the legal obstacles to the distribution system of the storage shelves, and the supervision and approval system of the securities market has created the conditions for the storage of the storage shelves. Good, combining with the current market environment and institutional environment of our country, it is advisable to set up our country's storage system in the field of refinancing of Listed Companies in the future. The applicable subject should be limited to the listed companies that carry out information disclosure within 3 years and have no false information and record of violation. The information is disclosed in the timely supplement and update of the Ming book, and the validity period of the application is 2 years.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D971.2;D922.287

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