中国证券市场保荐制度状况及改革思路探析

发布时间：2018-01-03 01:00

本文关键词：中国证券市场保荐制度状况及改革思路探析　出处：《浙江工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：中国的股票在市场上发展的很快,到2004年,已经对它以保荐的形式予以行政审批。这种制度可以使各有关方面分工更加明确,责任精准,是向注册制转变带来的好处,能高效率的促进证券经济的健康发展。本文通过举例的形式,采用对市场信息的统计和对相关数据的的收集,并且运用到实践活动中的方式,深入探讨证券市场的保荐制度带给我国的影响和所具有的指导意义。在这里主要是以琼花为例。本文从这几个方面来阐述：一是撰写本文的时代背景以及选择这个主题的原因,以保荐制度为分水岭,描述了保荐制度以前中国证券审批制度发展的历史状况和保荐制度建立后现在呈现出的我国的证券样貌。文章的整体构思思路也在这里提到。二是关于保荐制度的总的说明,通过几个典型国家的保荐制度特点在证券的体现来说明,这其中包括了保荐制度的始祖—英国的大体情况,美国别有特色的保荐市场,还有关于在马来西亚以及我国香港的各有特点的制度。三是落实到我国的实际状况,说明这项制度在我国实行的各种可能性作用分析。它给我国带来了好处也有劣处。好处是一定程度上降低了一些ST企业的数量,也使得我国的证券市场更加正规,提升我国企业的曝光率。劣处是关于这个体制发展的不完善,比如保荐责任人权责混乱,没有一个明确的约束机制进行规范,没有真正的落到实处等等问题。四是通过举例,以琼花为例,阐述其发展的前前后后,通过深入分析其过程来取得经验和教训,获得借鉴。由此也能看出总体上反映的大环境以及具体的保荐所有人所欠缺的部分问题,以及对保荐制度的监督和惩罚工作不到位等需要加大力度的问题。五是对保荐制度在我国发展的分析,在法律制定的方面以及我国提供的发展形势所能给予的发展空间大小来说明。在法律制定的方面主要是对保荐所有人做出的各项法律约束和规范和保荐所有人的组成成分以及结构调整方面来分析；我国提供的发展形势和空间主要是能够给予的保荐所有人的发展空间大小,以及对他们的监督力度和惩罚措施等方法的具体规范,还有是对保荐制度运行的后备资源的支持这些方面来分析。在本文结束部分阐述了这项制度所带给我们的关于注册的指导思想。
[Abstract]:China's stock market is developing very fast, and by 2004, it has been approved in the form of recommendation. This system can make the division of labor between the parties more clear and precise. It is the benefit brought by the change to the registration system, which can promote the healthy development of the securities economy with high efficiency. Through the form of examples, this paper adopts the statistics of market information and the collection of relevant data, and applies them to practical activities. This paper probes into the influence and guiding significance of the sponsorship system of the securities market in China, mainly taking Qionghua as an example. This article from these several aspects to elaborate: The first is the background of the writing of this article and the reasons for choosing this theme, with the recommendation system as the watershed. This paper describes the historical situation of the development of China's securities examination and approval system before the sponsorship system and the present situation of our country's securities after the establishment of the sponsor system. The overall thinking of the article is also mentioned here. The second is about the general description of the sponsorship system, through several typical countries to explain the characteristics of the sponsorship system in the securities to explain, including the sponsor system of the ancestor of the British general situation. There is a unique sponsorship market in the United States, as well as systems in Malaysia and Hong Kong. The third is to implement the actual situation of our country. It shows that this system in our country to carry out a variety of possible role analysis. It has brought benefits to our country, but also bad. The advantage is to a certain extent to reduce the number of some St enterprises. Also make our country's securities market more formal, enhance the exposure of enterprises in China. The disadvantage is about the imperfect development of this system, such as the confusion of the rights and responsibilities of the responsible persons, there is no clear restraint mechanism to regulate. There is no real implementation and so on. Four is through the example, take the Qionghua as an example, elaborated its development before and after, through the thorough analysis its process to obtain the experience and the lesson. From this, we can also see the overall reflection of the general environment and the specific sponsor of the lack of part of the problems, as well as the recommendation system of supervision and punishment is not in place and other issues need to be strengthened. The fifth is the analysis of the development of the recommendation system in our country. The size of the development space that can be given by the development situation provided by our country is illustrated in the aspect of law making. In the aspect of law making, it is mainly the legal restriction and norm made by the sponsor owner and the sponsor owner's. Components and structural adjustment to analyze; The development situation and space provided by our country are mainly the size of the development space that can be given to all the sponsors, as well as the specific norms of the methods of supervising them and punishing them. At the end of this paper, the author expounds the guiding ideology of registration brought by this system.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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