IPO注册制背景下保荐人法律责任研究

发布时间：2018-02-17 03:38

本文关键词： 注册制保荐人新股发行法律责任　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：2013年十八届三中全会确定了资本市场的改革方向,即通过"推进股票发行注册制改革"和"多渠道推动股权融资"来实现"提高直接融资比重"的目标。同年11月30日,证监会通过广泛征求社会各界的意见和长达半年的专家研讨,制定并发布了《关于进一步推进新股发行体制改革的意见》(以下简称《新股发行改革意见》),该《意见》对新股发行体制改革在政策方面做出了规范。与新股发行体制密切相关的保荐制度也引起了业界和理论界的热烈讨论,而讨论的核心正是IPO注册制背景下保荐人的法律责任。本文重点分析新股发行注册制改革之际,如何完善保荐人的法律责任这一问题。首先引入境内外经典欺诈案例,分析我国大陆现行IPO保荐人职责以及法律责任存在的问题。得出保荐人与其他参与主体职责范围不清,导致"投行会计化"、重复劳动的局面,主要表现在以下三个方面:"双保制"导致"重人轻司"非议;"严格保荐人牵头责任"模式引发保荐人与其他中介机构的担责乱象;强制保荐上市导致与监管机构重复劳动。另外,保荐人的法律责任也存在很多问题,主要表现为行政责任处罚过轻、部门规章之间不协调;民事责任效力等级过低,民事保障不完善;刑事责任无法落实、形同虚设。虽然2013年之后,监管层虽然有意加大了对保荐人的处罚力度,但是仍然没有起到法律对保荐人的威慑作用,证券市场还是不断爆发保荐人违法违规事件。因此通过比较英国终身制保荐人法律责任、美国NASDAQ市场的"什锦"保荐人法律责任和2012年香港保荐人法律责任的规定等成熟的境外保荐人法律责任制度,总结出对我国改革之路的有利经验,主要是分解保荐人的职责和加大对保荐人违法违规的处罚力度,并提出我国大陆IPO注册制背景下应该厘清保荐人的职责范围和完善保荐人的法律责任。对于如何厘清我国IPO注册制背景下保荐人的职责范围,提出合理分配保荐机构和保荐代表人之间的职责;明确保荐人与其他中介机构及发行公司的职责范围;厘清保荐人与监管机构的职责,避免重复监管并重构注册制下保荐人的职责范围四点建议。关于重点完善保荐人的行政责任、民事责任和刑事责任,分别提出首先是加大保荐人的行政责任,主要是加强财产罚和市场禁入罚;其次完善保荐人的民事责任,提出"先偿后追"的追责模式、引入证券集团诉讼制度和完善保荐人责任风险投保机制;最后落实保荐人的刑事责任,重点借鉴香港改革新规,应该在《刑法》中增加与保荐人欺诈行为相适应的刑事罪名,但是应由控方负责举证严格的违法行为。实现完善IPO注册制背景下保荐人法律责任的重大目标。
[Abstract]:In 2013, the third Plenary session of the 18 Central Committee decided on the direction of capital market reform, that is, to achieve the goal of "increasing the proportion of direct financing" through "promoting the reform of share issuance registration system" and "promoting equity financing through multiple channels". The CSRC has extensively solicited the opinions of all sectors of the community and conducted expert discussions for up to half a year. "opinions on further promoting the Reform of New Stock issuance system" (hereinafter referred to as "opinions on the Reform of New Stock issuance") have been formulated and published, which have standardized the policy aspects of the reform of the new issue system and the issue of new shares. The recommendation system, which is closely related to the system, has also aroused heated discussions among the industry and the theoretical community. The core of the discussion is the legal liability of sponsors under the background of IPO registration system. This paper focuses on the analysis of how to perfect the legal liability of sponsors when the new issue registration system is reformed. This paper analyzes the current duties of IPO sponsors and the problems of legal liability in mainland China. It is concluded that the scope of responsibilities of sponsors and other participants is not clear, which leads to the situation of "accounting of investment banks" and duplication of efforts. It is mainly manifested in the following three aspects: "double insurance system" leads to the criticism of "putting emphasis on people and neglecting companies", "strict lead responsibility of sponsors" leads to confusion between sponsors and other intermediary organizations; Compulsory sponsor listing results in duplication of work with regulatory bodies. In addition, there are also many problems in the legal liability of sponsors, which mainly show that the administrative liability punishment is too light, the department rules and regulations are not in harmony, the civil liability level is too low, Civil protection is not perfect; criminal liability cannot be implemented, and it is virtually empty. Although after 2013, the regulatory authorities intentionally increased the punishment of sponsors, they still did not play a deterrent role to sponsors by law. The securities market continues to break out the laws and regulations of sponsors. Therefore, by comparing the legal liability of sponsors in the UK, The mature legal liability system of overseas sponsors, such as the "assorted" legal liability of sponsors in the NASDAQ market of the United States and the legal liability of sponsors in Hong Kong in 2012, has summed up the beneficial experience of the road of reform in China. It is mainly to break down the responsibilities of sponsors and to increase the punishment of sponsors for violating laws and regulations. It also points out that under the background of IPO registration system in mainland China, we should clarify the scope of the sponsor's responsibility and perfect the legal liability of the sponsor. As to how to clarify the scope of the sponsor's duty under the background of the IPO registration system in China, To propose a reasonable distribution of responsibilities between the sponsor organization and the sponsor representative; to clarify the scope of responsibilities of the sponsor and other intermediary institutions and issuing companies; and to clarify the responsibilities of the sponsor and the regulatory body, Four suggestions on avoiding duplication of supervision and reconstructing the scope of responsibilities of sponsors under the registration system. Regarding the emphasis on perfecting the sponsor's administrative liability, civil liability and criminal liability, respectively, it is proposed that the first step is to increase the sponsor's administrative liability, Secondly, we should improve the civil liability of sponsors, put forward the liability model of "compensation first and then pursue", introduce the securities group litigation system and perfect the risk insurance mechanism of sponsors' liability. Finally, to implement the criminal responsibility of sponsors and to draw on Hong Kong's new rules on reform, we should add to the Criminal Law criminal charges that are appropriate to the sponsor's fraudulent behavior. However, the prosecution should be responsible for the strict proof of illegal behavior and achieve the important goal of perfecting the sponsor's legal liability under the background of IPO registration system.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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