中国注册制改革下证监会IPO监管制度研究

发布时间：2018-04-04 12:32

本文选题：证监会　切入点：IPO监管　出处：《湖南师范大学》2015年硕士论文

【摘要】：作为IPO发行监管权行使主体兼政府型监管机构,证监会在证券市场中发挥着举足轻重的作用。但由于权力结构的不协调,证监会的监管作用无法完全发挥出来。证监会在对IPO的审核监管和持续性监管上都存在着许多弊病。发行审核委员会运行机制不独立,不透明,审核程序冗长,审核成本高,证监会与其他监管主体之间监管分工不明,过多注重事前监管导致事后监管执法力度不足,影响了证监会对IPO的整体监管效率。由于证监会权力过于集中,一直疏于法律监督与责任义务的承担,造成证监会监管与监管制约之间失衡。注册制改革对证监会监管转型提供了方向,我国目前的证券市场尚未完全成熟,投资者价值判断理性不佳,为确保市场长期、有序的发展,证监会的监管结构必须进行调整,对监管的内容、方式以及行使主体进行重整,完善IPO各阶段的监管分工,确保自律组织及中介服务机构在证券市场中起到实质监管作用,完成证监会由事前监管向事后监管的转型。IPO信息披露制度是证券监管制度的核心,在此基础上,证监会须完善和优化退市监管与虚假信息披露的惩罚机制。在《证券法》修订草案的修改思路指导下,进一步强化证监会的执法力度,完善其违法案件调查权,行政、刑事处罚权,行政监管程序等具体执法措施,使证监会成为一个更强大的市场监管主体。证监会的监管权还应接受法律与内外部的有效监督,明确监管人员的法律责任,以保障投资者的合法利益,实现对我国证券市场资源的优化配置,为建立我国多层次的资本市场打下良好基础。
[Abstract]:As the main body of IPO issuing supervision power and government regulatory agency, CSRC plays an important role in the securities market.However, due to the disharmony of the power structure, the regulatory role of the SFC can not be fully brought into play.The CSRC has many drawbacks in the audit and supervision of IPO.The operating mechanism of the issuing and auditing committee is not independent and transparent, the audit process is lengthy, the audit costs are high, the division of supervision between the SFC and other supervisory bodies is unclear, and too much attention to prior supervision results in insufficient supervision and enforcement after the event.Affected the Securities Regulatory Commission on the overall regulatory efficiency of IPO.As the power of CSRC is too centralized, it has been neglected in the legal supervision and the commitment of responsibility, which leads to the imbalance between the supervision and control of CSRC.The reform of the registration system has provided the direction for the regulatory transformation of the CSRC. At present, the securities market in China is not yet fully mature, and the investors' value judgment is not rational. In order to ensure the long-term and orderly development of the market, the regulatory structure of the CSRC must be adjusted.The content, mode and main body of supervision should be reorganized to perfect the division of supervision in each stage of IPO, to ensure that self-regulatory organizations and intermediary service organizations play a substantial regulatory role in the securities market.It is the core of the securities supervision system to complete the transition from prior supervision to ex post supervision. On this basis, the SFC should perfect and optimize the punishment mechanism of delisting supervision and false information disclosure.Under the guidance of the revised draft of the Securities Law, we should further strengthen the law enforcement efforts of the CSRC and improve its specific law enforcement measures, such as its power to investigate illegal cases, administrative, criminal penalties, administrative supervision procedures, and so on.Make the CSRC a more powerful market regulatory body.The supervision power of CSRC should also be subject to the effective supervision of law and internal and external, clear the legal responsibility of supervisors, in order to protect the legitimate interests of investors and realize the optimal allocation of resources in China's securities market.For the establishment of our country's multi-level capital market lay a good foundation.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

【相似文献】