论证券市场中介机构“看门人”角色的理性归位

发布时间：2018-03-22 07:38

本文选题：证券市场中介机构　切入点：看门人　出处：《现代法学》2017年04期 　论文类型：期刊论文

【摘要】：在我国股票发行注册制改革的历史机遇下,证券市场中介机构在保护投资者利益方面的作用更加凸显。但在实践中,"委托—代理"关系畸形、声誉约束机制失灵和违法违规成本低廉等三方面原因导致证券市场中介机构IPO违法违规行为频发,并进一步形成证券市场中介机构回归"看门人"角色本位的桎梏。从制度根源上,应改变既有的发行人委任模式,重构以证监会为委任人的"委托—代理"关系。同时从营造自由竞争的市场环境和加大力度方便投资者查询声誉信息两方面推进,建立市场化的声誉约束机制。此外,还应完善责任约束机制,建立民事责任、行政责任、刑事责任三者形成良好衔接的责任格局。
[Abstract]:In the historical opportunity of the reform of the registration system of stock issuance in China, the role of securities market intermediary organizations in protecting the interests of investors is more prominent, but in practice, the relationship between "principal-agent" is deformed. The failure of reputation restraint mechanism and the low cost of violating laws and regulations lead to the frequent illegal behavior of IPO in the securities market. And further form the shackles of the return of intermediary institutions in the securities market to the "gatekeeper" role-based. From the root of the system, the existing mode of issuer appointment should be changed. Reconstructing the "principal-agent" relationship with CSRC as its appointees. At the same time, it promotes the establishment of a market-oriented reputation constraint mechanism from two aspects: creating a free competitive market environment and making it easier for investors to query reputation information. It is also necessary to perfect the liability restraint mechanism and establish a good liability pattern of civil liability, administrative liability and criminal liability.
【作者单位】：厦门大学法学院;
【基金】：2017年度国家社科基金项目“新发展理念下中国金融机构社会责任立法问题研究”(17BFX009) 厦门大学“中央高校基本科研业务费专项资金资助”(20720151038)
【分类号】：D922.297;F832.51

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