我国IPO行政监管及其规制研究

发布时间：2018-04-29 04:33

本文选题：IPO + 行政监管　；参考：《四川省社会科学院》2017年硕士论文

【摘要】：IPO(首次公开发行股票)作为我国多层次资本市场最为重要的板块,也是市场经济资源配置重要方式之一,而证券行政监管作为证券市场的有形之手,对于整个证券市场来说显得尤为重要。证券行政监管是多方面的,其主要体现在三个方面:行政立法、发行审核、行政执法,三者相辅相成,缺一不可。行政立法为证券市场发展提供了法律保障,但是证券监管机构的法律主体地位、行政立法的合法性饱受争议。目前我国股票发行采用核准制,证券监管机构对发行人是否满足上市条件进行实质审核,对于某些上市的软性条件具有一定的自由裁量权。近些年来,证券监管机构对发行人、中介机构等行政相对人的行政执法力度明显加大,行政处罚明显增多,始终保持着高压态势。证券监管机构在对发行人核准以及监管过程中的自由裁量权,人们对其权力行使是否扭曲,仍然保持了一份警醒。随着证券市场的发展和政府对上市公司监管价值目标的变化,核准制仍然需要继续改革,即是近一两年我国正在加快实施的IPO注册制改革。在此改革过程中,如何做到IPO行政监管的权力规范行使,同时又能实现监管价值目标,平衡行政监管主体、上市主体与投资者等不同主体之间的利益关系。笔者认为,需要从行政立法、发行审核、行政执法三个方面进行制度完善,以更好地促进IPO市场健康发展。
[Abstract]:IPO (initial public offering) is the most important plate of the multi-level capital market in our country, and it is also one of the important ways to allocate resources in the market economy, and the securities administrative supervision is the tangible hand of the securities market. For the entire securities market is particularly important. There are many aspects of securities administrative supervision, which are mainly reflected in three aspects: administrative legislation, issue audit and administrative law enforcement, which complement each other and are indispensable. Administrative legislation provides legal protection for the development of securities market, but the legal subject status of securities regulatory bodies and the legitimacy of administrative legislation are controversial. At present, the approval system is adopted in our country's stock issuance, and the securities regulatory body carries on the substantive examination to whether the issuer meets the listing conditions, which has certain discretion for some soft conditions of listing. In recent years, the securities regulatory agencies have significantly increased the enforcement of administrative law and penalties on the issuers, intermediary organizations and other administrative counterparts, and have always maintained a high-pressure situation. The discretion of securities regulators in the approval of issuers and in the process of supervision, and whether the exercise of their powers is distorted, remains a cautionary note. With the development of the securities market and the change of the value target of the government's supervision on the listed companies, the approval system still needs to be reformed, that is, the reform of the IPO registration system that our country is speeding up in the past one or two years. In the course of the reform, how to exercise the power of IPO administrative supervision, at the same time, can realize the goal of supervision value, balance the interest relationship between the main body of administrative supervision, listed subject and investor, etc. In order to promote the healthy development of IPO market, it is necessary to perfect the system from three aspects: administrative legislation, issue audit and administrative law enforcement.
【学位授予单位】：四川省社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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