股票首次发行许可要件研究

发布时间：2018-01-23 04:25

本文关键词： 股票首次公开发行许可要件构成成因利益衡量　出处：《华东师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：全国人大常委会授权国务院于2016年3月起实施股票发行"注册制",然而此项改革至今未得到落实,其主要原因是众多研究者对于"注册制"背景下股票发行许可应由哪些要件构成没能达成共识。许可要件的构成不能盲目借鉴国外经验,而是应当结合我国的实际情况予以确定。结合政治、经济等背景对我国股市发展的各个阶段进行研究可知,不同时期设立股票首次发行许可要件的核心目标分别是"促进股市形成"、"实现股市工具化"和"推进股市市场化"。对上述要件进行全面梳理后发现,我国股票首次发行许可要件存在以下两个主要问题:现实需求导致部分许可要件违法、许可要件所涉及的利益更偏向政府而非企业和投资者。但从发展趋势来看,政府在设立许可要件时逐渐淡化自身的利益需求,并愈发重视企业和投资者的利益。未来完善股票首次发行许可的要领包含两点:一是限制政府在设立许可要件时的恣意,并提升企业和投资者在制定股票首次发行许可过程中的话语权,二是逐渐将许可设定权下放给证券交易所。
[Abstract]:The standing Committee of the National people's Congress (NPC) has authorized the State Council to implement the "registration system" for stock issuance from March 2016, but the reform has not been implemented so far. The main reason is that many researchers have failed to reach a consensus on which elements should constitute the stock issuance license under the background of "registration system", and the composition of the licensing elements can not blindly learn from foreign experience. Instead, it should be determined according to the actual situation of our country. Combined with the political, economic and other backgrounds, we should study the various stages of the development of the stock market in our country. The core goals of establishing the licensing requirements of the initial issue of stocks in different periods are respectively "promoting the formation of the stock market", "realizing the instrumentalization of the stock market" and "promoting the marketization of the stock market". There are two main problems in the licensing requirements of the initial issue of stock in China: the actual demand leads to the violation of some licensing requirements. The interests involved in the licensing elements tend to favor the government rather than the enterprises and investors. But from the trend of development, the government gradually downplay its own interest needs in the establishment of licensing requirements. And more and more attention to the interests of enterprises and investors. In the future to improve the initial stock issuance license contains two points: one is to limit the government in the establishment of licensing requirements wanton. The second is to gradually devolve the license right to the stock exchange.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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