我国证券发行注册制改革法律问题研究

发布时间：2018-01-11 12:18

本文关键词：我国证券发行注册制改革法律问题研究　出处：《西南科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：在依法治国的背景下,十八届三中全会提出推进股票发行注册制改革,为注册制改革吹响了号角。但任何制度的改革都不是一蹴而就的。比照国外注册制运行成熟的国家,我国在基础配套设施上还有很多不足,这些不足也是我国推行注册制改革需要完善的地方。本文立足我国资本市场法制现实,首先分析了核准制与注册制的概念,以此为基点,论证了注册制改革的必然性。以注册制改革必然性为基础,分析提出我国证券发行审核制度注册制改革中所面临的信息披露质量低,监管力量配置不合理,投资者诉讼保障机制不完善,市场参与主体责任机制有缺陷,退市制度不健全的问题。其次则在考察了美国和香港地区在信息披露、监管力量配置、投资者利益保护机制、退市制度和责任设置方面的制度后,对我国与香港地区以及美国在制度改革背景、市场生态、司法环境和市场自律监管方面进行了对比。通过考察和对比汲取了发达国家和地区对证券发审制度基础设施建设的经验。再次,基于我国证券发行注册制度改革现实需求,提出我国推进注册制改革中所面临的自由价值与秩序价值以及公平价值与效益价值的冲突,通过对市场参与主体和证券市场的分析,论证了我们在改革过程中应当更为注重秩序价值和公平价值。最后则在横纵对比及法价值思考的基础上,提出了完善信息披露、合理配置监管力量,完善投资者诉讼保障机制、强化责任机制、健全退市制度的解决方案。
[Abstract]:Under the background of governing the country according to law, the third Plenary session of the 18 CPC Central Committee proposed to promote the reform of the registration system of stock issuance. For the registration system reform sounded the trumpet. But any system reform is not achieved overnight. Compared with the foreign countries with mature registration system, our country still has many deficiencies in basic supporting facilities. These deficiencies are also the place where the reform of registration system needs to be perfected. Based on the legal reality of China's capital market, this paper first analyzes the concepts of the approval system and the registration system, taking this as the basic point. This paper demonstrates the inevitability of the reform of the registration system. Based on the necessity of the reform of the registration system, this paper analyzes and points out that the quality of information disclosure in the reform of the registration system of the securities issuance audit system in China is low, and the allocation of regulatory power is unreasonable. The investor litigation protection mechanism is not perfect, the liability mechanism of market participants is defective, and the delisting system is not perfect. Secondly, it examines the information disclosure and regulatory power allocation in the United States and Hong Kong. The protection mechanism of investors' interests, the delisting system and the system of liability setting after the reform of China, Hong Kong and the United States in the background of system reform, market ecology. The judicial environment and market self-regulatory aspects are compared. Through the inspection and comparison of the developed countries and regions on the securities review system infrastructure construction experience. Again. Based on the practical needs of the reform of the registration system of securities issuance in China, the conflict between the free value and the order value and the fair value and the benefit value in the reform of the registration system is put forward. Through the analysis of the main body of market participation and the securities market, it is demonstrated that we should pay more attention to order value and fair value in the process of reform, and finally on the basis of horizontal comparison and legal value thinking. The paper puts forward the solutions of perfecting information disclosure, reasonably allocating supervision power, perfecting investor lawsuit protection mechanism, strengthening responsibility mechanism, and perfecting delisting system.
【学位授予单位】：西南科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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