我国证券非公开发行豁免制度法律问题研究

发布时间：2018-02-10 03:35

本文关键词： 证券非公开发行注册/审核豁免安全港规则信息披露　出处：《华东政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：证券非公开发行融资制度是我国证券融资制度的重要组成部分，其核心是注册/审核豁免，豁免制度是证券非公开发行制度中最关键的制度设置。相对于公开发行，证券非公开发行的最大优势在于融资成本较低、效率高，其理论前提和基础是非公开发行的投资者具有专业的自我保护能力，具备专业的投资知识并对投资风险预期有充分的了解，从而不需要注册/审核制度为其提供保护，而进实现发行人降低融资成本、高效融资之目的。豁免制度在国际发达国家尤其是美国的建立和完善极大促进了本国证券市场繁荣，被广泛应用到证券非公开发行各个环节中，这不是个别国家的偶然现象，而是由证券非公开发行的本质决定的。豁免制度的本质在于给发行人充分自由，使其低成本地高效融资，解决企业发展的融资需要。因此，构建证券非公开发行豁免制度要从证券非公开发行的本质出发。我国法律体系中虽未引入“非公开发行豁免”之概念，但是从我国立法成果来看，豁免制度已经广泛存在于我国法律体系中。然而，作为证券非公开发行制度中的一项重要制度，我国目前的豁免制度显然不能满足有效制度供给的需要，，我国的经济发展也迫切需要立法对豁免制度进行构建和完善。通过法条分析、理论探讨、比较法研究和历史对比等方法，本文剖析出我国证券非公开法律制度依然存在很多问题亟待解决，如法律规范体系混乱、证券种类单一、概念边界模糊、监管模式保守、缺乏对发行对象即合格投资者的界定标准、缺乏信息披露的法律规制等。对此，本文建议应当以《证券法》为核心，建立协调统一的证券法律体系；进一步拓展《证券法》调整的证券范围，迎合市场需求；明确界定公开发行与非公开发行范围，构建合理的豁免模式；系统构建我国豁免制度的安全港标准；构建证券非公开发行豁免制度的信息披露机制。
[Abstract]:The financing system of non-public issuance of securities is an important part of the securities financing system in our country. Its core is registration / audit exemption. The exemption system is the most important institutional setting in the system of non-public issuance of securities. The biggest advantage of non-public issuance of securities lies in its low financing cost and high efficiency. Its theoretical premise and foundation is that the investors of non-public issuance have professional self-protection ability. Having professional investment knowledge and a good understanding of investment risk expectations, so as not to require a registration / audit system to protect them and to enable issuers to reduce their financing costs, The purpose of efficient financing. The establishment and perfection of the exemption system in the developed countries, especially the United States, has greatly promoted the prosperity of the domestic securities market, and has been widely used in all aspects of the non-public issuance of securities. This is not an accidental phenomenon of individual countries. The essence of the exemption system is to give the issuer sufficient freedom to raise funds efficiently and at a low cost, and to meet the financing needs of the development of the enterprise. In order to construct the exemption system of non-public issuance of securities, we should proceed from the essence of non-public issue of securities. Although the concept of "non-public exemption" has not been introduced into the legal system of our country, the exemption system has been widely existed in the legal system of our country from the point of view of the legislative achievements of our country. As an important system in the system of non-public issuance of securities, the current exemption system of our country obviously can not meet the demand of effective system supply, and the economic development of our country also urgently needs legislation to construct and perfect the exemption system. Through the methods of law analysis, theoretical discussion, comparative law research and historical contrast, this paper analyzes that there are still many problems to be solved in China's securities non-public legal system, such as the confusion of the legal norm system, the single type of securities, and so on. The concept boundary is blurred, the supervision mode is conservative, the definition standard of the issuing object, that is, the QFII, and the legal regulation of information disclosure are lacking. In this paper, it is suggested that the securities law should be taken as the core. To establish a coordinated and unified securities legal system; to further expand the scope of securities adjusted by the Securities Law to meet the needs of the market; to clearly define the scope of public and non-public issuance; to build a reasonable exemption model; The system constructs the safe harbor standard of the exemption system of our country and the information disclosure mechanism of the exemption system of non-public issuance of securities.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287

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