我国IPO注册制改革路径研究

发布时间：2018-05-19 17:31

本文选题：IPO + 核准制　；参考：《安徽大学》2017年硕士论文

【摘要】：随着我国多层次资本市场的不断发展,当前的股票发行制度已经逐渐无法适应资本市场的发展需求。注册制作为成熟股票市场普遍采取的一种股票发行制度,成为我国股票发行制度市场化改革的方向。2013年11月,中共十八届三中全会发布《中央关于全面深化改革若干重大问题的决定》,提出推进我国股票发行注册制改革的意见。2014年上半年,国务院先后发布了 "国六条"和新"国九条",提出要积极稳妥地推进我国股票发行注册制改革。同年11月,李克强总理在国务院常务会议上指出:"抓紧出台股票发行注册制改革方案,取消股票发行持续盈利条件,降低小微和创新型企业上市门槛。"紧接着,在2015年全国证券期货监管工作会议上,注册制改革作为2015年资本市场头等大事被提上议事日程。本文通过介绍我国股票发行制度的实践,发现我国的股票发行审核制度是随着我国证券市场的发展而不断变革的。在证券市场发展初期,股票发行核准制度能够在一定程度上防止经营业绩差的不良证券进入市场,为获准发行证券的投资价值提供一定的保障,从而有利于保护投资者权益,稳定证券市场的秩序[1]。但是,随着我国证券市场的不断成熟,核准制在股票发行过程中存在的弊病开始凸显出来,使得我国股票发行审核制度越来越难以适应当今中国的经济体制,股票发行制度注册制改革势在必行。然而,就当前的国内和国际大环境来看,注册制改革不可能一步到位,它必然要经历一个渐进的过程,应当随着各项配套制度的改革而逐步推进,从而为最终实现注册制提供一个缓冲期。那么具体如何实现我国股票发行制度由核准制向注册制的平稳过渡呢?他山之石,可以攻玉。采用何种发行制度虽然是由本国的证券市场发育水平和监管体制所决定的[2],而各国的资本市场成熟度、社会历史背景也存在着较大的差异,但学习成熟的股票发行注册制经验可以带给我们很多启迪,同时提供给我们一个参照物,促使我们思考和行动。因此,本文以注册制的成熟典范,资本市场巨头——美国为例,通过介绍美国股票发行注册制的运行环境,对比反思我国当前不具备立即实行注册制的相关条件以及为加快注册制实施的脚步,我们需要在配套措施方面做哪些努力。需要强调的是,虽然美国股票注册制能够与更高的市场发育程度相适应,但不代表注册制就是完美无瑕的,注册制本身也存在着难以避免的缺陷,所以我国股票发行核准制在向注册制变革的过程中决不能照搬美国模式,而应在学习美国做法的基础上,根据我国国情和监管经验,取其精华,去其糟粕,从而走出一条独具中国特色的IPO注册制改革道路。
[Abstract]:With the continuous development of the multi-level capital market in China, the current stock issuing system has been gradually unable to adapt to the demand for the development of the capital market. The registered production is a common stock issuing system adopted in the mature stock market, which has become the direction of the market reform of the stock issuing system in China in November.2013, and the Communist Party of China issued in the third Plenary Session of the 18th CPC Central Committee. In the first half of.2014, the State Council issued the "six countries" and the new "nine countries" in the first half of the year. The State Council proposed to actively and steadily promote the reform of the stock issuance system in China. In November of the same year, Premier Li Keqiang was standing in the State Council. The meeting pointed out: "pay close attention to the reform plan of the stock issuance registration system, cancel the continuous profit conditions of the stock issue and reduce the threshold of the small and innovative enterprises to go on the market." then, at the national securities and futures regulatory conference in 2015, the reform of the registration system was put on the agenda as the top priority of the capital market in 2015. The practice of the system of stock issuance in China has found that the system of stock issuance and auditing in China is constantly changing with the development of China's securities market. In the early stages of the development of the securities market, the approval system of stock issuance can prevent the bad securities from poor operating performance into the market to a certain extent and provide a certain value for the investment value of the approved issue of securities. It is beneficial to protect the rights and interests of investors and stabilize the order of the securities market. However, with the continuous maturity of the securities market in China, the drawbacks of the approval system in the process of stock issuance have become prominent, which makes it more and more difficult for China's stock issuing and auditing system to adapt to the economic system of today's China, and the stock issue system is injected into the [1].. The reform of the book system is imperative. However, as far as the current domestic and international environment is concerned, the reform of the registration system is unlikely to be in place. It is bound to experience a gradual process and should be progressively promoted with the reform of the various supporting systems, so as to provide a buffer period for the final realization of the registration system. What kind of issuing system is determined by the development level of the domestic securities market and the regulatory system of [2], while the maturity of the capital market and the social and historical background of various countries are different, but the mature stock issuance registration system is a mature system. Experience can bring us a lot of enlightenment, and provide us with a reference, which encourages us to think and act. Therefore, this paper, taking the mature model of the registration system and the capital market giant as an example, introduces the operating environment of the American stock issuance registration system, and contrasts the correlation of the immediate registration system in China. We need to emphasize what we need to do in supporting measures in order to accelerate the implementation of the registration system. It should be emphasized that although the US stock registration system can adapt to the higher market development, it does not represent the perfection of the registration system, and the registration system itself has an unavoidable defect. In the course of the change to the registration system, the issuing and approval system must not copy the American model, but on the basis of learning the American practice, we should take the essence and go to the dross according to the national conditions and supervision experience of our country, so as to get out of the path of the reform of the IPO registration system with unique Chinese characteristics.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】