我国保荐人制度的实施功效与机制缺陷

发布时间：2018-04-04 05:15

本文选题：保荐人制度　切入点：证券发行　出处：《上海经济研究》2010年11期

【摘要】：我国保荐人制度推出前,券商在证券市场的发行上市环节中仅仅扮演"推荐"一角,往往导致承销时与其它中介机构及发行人合谋造假,骗取上市资格,敛聚不义之财。而现行的保荐人制以"正式规则"的形式规定,担任保荐人的券商机构不仅要将拟上市公司扶上马,还得护送一程,即持续承担一系列担保和监督职责,从而在一定程度上降低了道德风险的发生概率。从"推荐"到"保荐",作为证券发行制度改革和变迁的产物,保荐人制对于我国证券市场的长足发展来说无疑具有深远意义。然而,实践操作中仍然存在部分保荐人"荐而不保"以及保荐过程中的严重利益输送,却折射出该制度本身依然存在着缺陷和弊端,制约了其应有的效应发挥。因此如何进一步完善保荐制度的各项具体细则,强化保荐人的市场监管,维持保荐人权利、义务与责任的对等平衡,都直接影响着我国公司发行上市效率乃至整个证券市场能否有效运行。
[Abstract]:Before the introduction of the sponsor system in our country, the securities firms only played the role of "recommendation" in the process of issuing and listing in the securities market, which often led to collusion with other intermediary organizations and issuers in the underwriting to obtain listing qualifications and collect ill-gotten profits.The current system of sponsors, in the form of "formal rules," stipulates that securities agencies that act as sponsors not only need to support the companies to be listed, but also have to escort them for a long time, that is, to continue to undertake a series of guarantee and supervisory duties.Thus, the probability of moral hazard is reduced to a certain extent.From "recommendation" to "recommendation", as the product of the reform and change of the securities issuance system, the sponsor system is undoubtedly of far-reaching significance to the rapid development of China's securities market.However, in practice, there are still some sponsors "recommended but not insured" and serious interest transmission in the process of sponsorship, which reflects that the system itself still has defects and drawbacks, which restricts its due effect.Therefore, how to further improve the specific details of the sponsorship system, strengthen the market supervision of sponsors, and maintain the balance of rights, obligations and responsibilities of sponsors,Both of them directly affect the efficiency of our company's issuing and listing and even whether the whole securities market can operate effectively.
【作者单位】：上海社会科学院经济研究所;
【分类号】：F832.51

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