对我国新股发行审核制度改革的研究

发布时间：2018-01-03 10:10

本文关键词：对我国新股发行审核制度改革的研究　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

更多相关文章： 新股发行 审核制度 核准制 注册制

【摘要】：目前我国新股发行审核制度实行的核准制从本质上讲仍然是一种带有较强行政色彩的股票发行管理制度,政府部门和监管机构依然高度集中管理证券发行事项,并拥有公司能否上市融资的最终核准权。目前的发行审核制度饱受诟病,主要集中在三高发行、包装上市、权利寻租、政府主导推进等方面,成为了一个圈钱市场,对新股发行审核制度进行改革势在必行。新股发行审核制度改革将有助于行政权力退出资本市场,有效抑制资本市场的权力寻租,减少股市泡沫,使市场信息进一步公开透明化,加速一级市场的风险和收益对称化,使市盈率回归合理水平。加强事后监管、提高违法成本等措施能够规范相关机构和个人的行为,减少甚至避免违规操作事件的发生。同时,建立完善的退市制度及分红制度,能够为投资者创造良好的投资环境,使中国资本市场真正走向全面的市场化。文章以新股发行审核制度为研究对象,采用经济学均衡分析的研究方法。首先介绍了我国股票公开发行审核制度的现状,对我国股票公开发行审核制度的演进过程进行了归纳,并对其存在的问题进行了总结,然后对发行审核制度的本质进行探讨,对这些问题存在的原因进行了分析。接下来文章对海外典型国家的新股发行审核制度进行了考察,主要包括美国、法国、德国等国家,并对其经验进行总结,为改革和完善我国股票公开发行审核制度找到可借鉴之处。最后提出改革及完善我国新股发行审核制度的建议。在总结上文的基础上,指出注册制是我国新股发行审核制度的发展方向,应朝着注册制的方向逐步过渡。但同时分析指出,从我国的现实情况来看,我国尚不具备实行注册制的条件,还需要一个逐渐完善的过程。本文的创新点在于提出了实行注册制的新股发行审核制度可以以创业板为试点,分阶段实施注册制的想法。同时提出了要逐步完善我国现行的新股发行审核制度的建议：一要优化股票公开发行的审核的标准,二要加大发行审核的信息公开力度,三要充分有效地发挥证监会的监督职能,四要开展信用评级,对律师、会计、审计等机构和个人的工作进行评级,五要对保荐人及相关机构的造假事实追究责任,六要建立严格的退市制度及分红制度。通过这些为资本市场创造良好的投资环境,使中国资本市场真正走向全面的市场化。由于理论研究水平和能力等方面还存在很多不足之处,论文写作上还存在一些不足之处：一是在许多内容表述、论证上还存在着不当之处,与老师的期望相差甚远。二是在许多问题上欠缺理论深度,还有待进行一步的研究和思考,在日后将逐渐进行完善。在以后的学习和研究工作中,我将就如何进一步地完善证监会的监督职能、如何开展对券商、会计、审计等机构和个人的信用评级以及完善退市制度、强化分红制度等方面开展更深层次的研究,将论文的体系和内容进行进一步地完善。
[Abstract]:The current audit system of our country new shares issued to implement the approval system in essence is still the system with a strong administrative color stock management, government departments and regulators are still highly centralized management of the issuance of securities matters, whether listed companies financing and has the final right. At present the approval of the issuance examination system criticized, mainly in the three high issue, listing, rent-seeking, government promotion and other aspects, has become a money market, reform of the audit system of issuing new shares is imperative.
The IPO audit system reform will help the administrative power from the capital market, rent-seeking restrain capital market, reduce the stock market bubble, the market further information transparency, accelerate the risks and benefits of symmetry of the market level, the earnings return to a reasonable level. To strengthen supervision, and other measures to increase the cost of illegal specification for relevant institutions and personal behavior, reduce or avoid the occurrence of illegal operation. At the same time, the establishment of the delisting system and bonus system perfect, to create a good investment environment for investors, the market to the capital market to China comprehensively.
The IPO audit system as the research object, using the research methods of economic equilibrium analysis. Firstly, introduces the present situation of public issuance system of Chinese stock, the evolution of audit system of our country public stock issue is summarized, and the existing problems are summarized, and the essence of the issuance system of to explore the causes of these problems, are analyzed.
Next, the article examines the IPO audit system in typical overseas countries, including the United States, France, Germany and other countries, and summarizes their experience, so as to find some references for reforming and perfecting the audit system of public offerings in China.
Finally, put forward the reform and perfection of the IPO audit system. On the basis of the above, pointed out that the registration system is the development direction of China's IPO audit system, the registration system should be the direction of a gradual transition. But at the same time, analysts pointed out that from the reality of our country to see, our country does not have the the implementation of the registration system, also need a process of gradual improvement.
The innovation of this thesis is the implementation of the registration system of the system of issuing new shares to gem audit for the pilot, the phased implementation of the registration system. The idea is also proposed to gradually improve China's current IPO audit system: a suggestion to optimize the public stock issue the audit standard, two to increase information disclosure efforts the three issue of the audit, to give full play to the supervision function of the Commission, four to carry out the credit rating of lawyers, accounting, auditing and other institutions and individuals to work out the rating of sponsors and related agencies to make false facts accountability, the six is to establish strict delisting system and bonus system through these. The capital market to create a good investment environment, market to the capital market to China comprehensively.
Because the theoretical research level and ability etc. there are many deficiencies, there are still some shortcomings in the thesis: one is expressed in many content, that still exist irregularities, and the teacher's expectations far. The two is that many problems in lack of theoretical depth, has yet to be studied and thought step, will gradually improve on the day after. In the future study and research work, supervision on how to further improve the Commission, to conduct brokerage, accounting, audit institutions and personal credit rating and improve the delisting system, further study to carry out intensive sharing system, etc., will system and contents of this thesis are further improved.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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