核准制下IPO信息披露政府规制研究

发布时间：2018-05-30 10:31

本文选题：IPO + 信息披露　；参考：《上海交通大学》2014年硕士论文

【摘要】：近年来,国内核准制下首次公开发行股票并上市(以下简称“IPO”)企业信息披露不规范的问题日益严重,甚至出现了某些涉嫌财务造假成功上市的企业。这些问题的不断涌现反映出了我国政府相关主管部门还需进一步改进核准制下IPO信息披露规制中存在的隐患,同时也阻碍了我国新股发行体制由核准制向以信息披露为核心的注册制改革的前进步伐。我国政府相关主管部门目前对证券市场信息披露的规制与20年前资本市场建立初期相比已经有了较大的改善,在中国证监会的统一监管下,证监会派出机构、证券交易所、证券业协会自律监管体制已建立并逐步完善。同时,以《证券法》为核心,以证监会、交易所颁布的各项法规、规章等为主体的我国证券监管法律体系也已基本建立。但是从国外证券市场的经验来看,即使是发达国家的IPO信息披露规制也都或多或少的存在一定的问题,而我国目前的资本市场各项体制还不健全,核准制下IPO信息披露规制也还不完善,仍然存在着很多亟待解决的制度缺陷。本文的研究目的是分析我国核准制下IPO信息披露规制中存在的内在瑕疵,并对我国证券监督管理部门提出完善监管权配置、完善监管权的运行程序和完善监管权运行保障机制的建议,以期在注册制改革的背景下加强和完善核准制下IPO信息披露政府规制,从而更好达到为中小投资者服务的目的,为建立多层次资本市场做好政府监管规制体系构建。
[Abstract]:In recent years, the domestic approval system under the initial public offering of stocks and listing (hereinafter referred to as "IPO") enterprise information disclosure is becoming increasingly serious, and even some of the suspected financial fraud listed successfully. The continuous emergence of these problems reflects the hidden dangers existing in the regulation of IPO information disclosure under the approval system that the relevant authorities of our government still need to further improve. At the same time, it also hinders the progress of the reform from the approval system to the registration system with information disclosure as the core. The regulation of information disclosure in the securities market by the relevant authorities of the Chinese government has been greatly improved compared with the initial stage of the establishment of the capital market 20 years ago. Under the unified supervision of the China Securities Regulatory Commission, the agencies of the Securities Regulatory Commission, the stock exchanges, Securities industry association self-regulation system has been established and gradually improved. At the same time, China's securities regulatory legal system has been basically established, with the securities law as the core and the various laws and regulations promulgated by the Securities Regulatory Commission and the Exchange as the main body. However, from the experience of foreign securities markets, even in developed countries, there are still some problems in the regulation of IPO information disclosure, and the current capital market systems in China are not perfect. The regulation of IPO information disclosure under the approval system is not perfect, and there are still many institutional defects to be solved. The purpose of this paper is to analyze the inherent defects in the regulation of IPO information disclosure under the approval system of our country, and to put forward to perfect the allocation of supervision power to the securities supervision and management department of our country. In order to strengthen and perfect the government regulation of IPO information disclosure under the background of the reform of registration system, it is better to achieve the purpose of serving small and medium-sized investors by perfecting the operation procedure of supervision right and the suggestion of perfecting the operation guarantee mechanism of supervision right, in order to strengthen and perfect the government regulation of IPO information disclosure under the background of registration system reform. In order to establish a multi-level capital market, a good government regulatory system.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;D630

【参考文献】