股票发行注册制改革的内涵、本质和措施

发布时间：2018-12-11 06:50

【摘要】：注册制改革已经超越了可行性论证阶段,正进入具体制度设计和实施阶段。在这个阶段,进一步理解注册制的内涵,明晰注册制的本质,并提出具体措施和风险防范手段非常重要。本文认为,注册制具备以下三个特点:第一,股票发行效率高、业内对发行流程有稳定预期;第二,股票发行有责任约束、股票发行诚信度高;第三,政府、市场主体各司其职,角色不错位。注册制的本质在于调整政府和市场的关系,一方面减少行政审批、提高制度的效率和可预期性,另一方面落实法律责任、发挥市场主体的积极性。推进和实施注册制需要重点做好三个方面的工作:第一,不纠结概念,落实注册制的实质;第二,研究和推动法律责任落实问题;第三,提高监管机构招股书审核能力。
[Abstract]:The reform of registration system has gone beyond the stage of feasibility demonstration and is entering the stage of system design and implementation. At this stage, it is very important to further understand the connotation of registration system, clarify the essence of registration system, and put forward concrete measures and risk prevention measures. This paper holds that the registration system has the following three characteristics: first, the efficiency of stock issuance is high, the industry has a stable expectation of the issuing process; Third, the government, the main body of the market to perform their respective roles, a good role. The essence of the registration system lies in adjusting the relationship between the government and the market. On the one hand, it reduces the administrative examination and approval, improves the efficiency and predictability of the system, on the other hand, implements the legal responsibility and gives full play to the enthusiasm of the market subject. To promote and implement the registration system, we need to focus on three aspects: first, do not dwell on the concept, implement the essence of the registration system; second, study and promote the implementation of legal responsibility; third, improve the regulatory authority's ability to review the prospectus.
【作者单位】：北京大学法学院;
【分类号】：D922.287

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