论IPO审批制“废”与“不废”

发布时间：2018-02-08 16:13

本文关键词： IPO 审批制核准制注册制改革　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国首次公开发行股票(简称IPO)核准制起源于具有浓厚行政色彩的审批制,自身存在着不少问题。我国IPO发行制度于1990到2000年一直是运用行政审批制。而我国IPO发行核准制正式启用于2001年3月17日。现今,我国的核准制保留了浓重的审批制色彩,随之而来的是各种弊端。首先,由于我国政府对于拟上市企业进行严格的审核程序,政府把所有责任往身上揽,社会就容易变懒,因此投资者对政府产生很强的依赖感,自身对风险的评估能力变得很弱。其次,政府审核过于严格,一些十分具有发展前景但暂时不符合上市条件的小企业往往被阻挡在上市门槛之外。第三,证券监管部门事无巨细将权责统统揽上身,极易导致“寻租”现象。最后,证券监管部门重视事前审核,对于企业上市后的监管机制过于松散,容易导致上市公司出现“脱轨”现象。中国前任证监会主席郭树清在2012年曾因一句话引出一个延续了十几年并颇受热议的话题：IPO不审行不行?因此,彻底废除IPO审批制,转向注册制的条件是否已经成熟成为热烈讨论和研究的话题。而改革,已经成为当前中国证券市场最热门的词汇本文正是在这种背景下,在总结和回顾了国内外已有文献的基础之上,对IPO管理制度的改革与否作出比较研究。
[Abstract]:The approval system of IPO in China originates from the examination and approval system with strong administrative color. There are many problems in our country. From 1990 to 2000, China's IPO issuance system has been using the administrative examination and approval system. However, our country's IPO issue approval system was officially launched on March 17th 2001. Nowadays, our country's approval system retains a strong color of examination and approval system. There are all sorts of drawbacks that follow. First of all, because our government carries out a strict vetting procedure for the enterprises to be listed, the government takes all the responsibilities on it, and society tends to become lazy, so investors have a strong sense of dependence on the government. Their ability to assess risks has become weak. Second, government scrutiny is too strict, and small businesses that have very good prospects but do not meet the listing criteria for the time being are often blocked from the listing threshold. Third, The securities regulatory authorities take all their powers and responsibilities into account, which can easily lead to "rent-seeking". Finally, the securities regulatory authorities attach importance to prior examination, and the regulatory mechanism after the listing of enterprises is too loose. Guo Shuqing, the former chairman of China's Securities Regulatory Commission, in 2012, led to a topic that lasted for more than a decade and received heated discussion: is it OK not to review the IPO? Therefore, abolishing the IPO approval system completely and turning to the registration system has become a hot topic of discussion and research. Reform has become the hottest word in China's securities market. Under this background, this paper makes a comparative study on the reform of IPO management system on the basis of summarizing and reviewing the existing literature at home and abroad.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D630;F832.51

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