证券公开发行预披露制度研究

发布时间：2018-04-28 05:30

本文选题：预披露 + 静默期　；参考：《吉林大学》2011年硕士论文

【摘要】：现行《证券法》第一次确立了证券公开发行预披露制度,然后在一些证监会制定的法规中对证券公开发行预披露制度作了细化,使得预披露制度能够在实际中操作。作为一项较新的制度,证券公开发行预披露制度在我国证券发行前,起到了社会监督的作用。但现行法律法规对证券公开预披露制度的规定还是比较少的,因此这项制度无法充分发挥其制度优势。我国证券公开发行审核制度正在向证券发行注册制过渡,证券发行注册制十分强调信息披露。证券公开发行预披露制度作为一种信息披露制度,与证券发行注册制的精神是一致的。要完善预披露制度,可以借鉴证券发行注册制的典范——美国证券法的相应制度。通过分析,证券公开发行预披露制度与美国证券登记发行注册的静默期有很多相似之处,可以借鉴。从对静默期的分析得到启示,对完善预披露制度提出建议。本文分为四部分：第一部分,我国证券公开发行预披露制度概述。要想研究一个制度,必须首先弄清楚这个制度的特点、作用、理论基础等最基础的问题,才能够进一步研究完善这一制度。在本文的第一部分中,先介绍了预披露制度的立法现状,《证券法》和《首次公开发行股票并上市管理办法》等法律法规对预披露制度都有所规定,这些法律法规都是预披露制度的立法基础。然后探讨了证券公开发行预披露制度的理论基础。并且分别从对社会公众投资者、申请发行证券的公司、证监会的作用三个方面分析了证券公开发行预披露制度的作用,预披露制度的设立促进了这三个证券市场主体的发展。从根本上,预披露制度有利于我国证券公开发行制度向高透明、高效率的方向发展,并能够节约证券发行的成本,从而保障了证券发行市场的安全。预披露制度还能够充分保护社会投资者的权益,防止社会投资者被欺诈。《关于调整预披露时间的通知》公布之后,明确了预披露的时间,增强了预披露制度的可行性。第二部分,借鉴美国证券法完善预披露制度。要借鉴美国证券法,应该首先分析美国证券法的登记程序,才能够找出与预披露制度相对应的制度。作为证券发行注册制的典范的美国证券法采用的是登记注册制,这种登记注册制分为三个时期：注册说明书送达前时期(re-filing period)、静默期(waiting period)和注册说明书生效时期(post-effective period),这三个时期相互衔接,.构成了一个完整的登记注册制。通过对美国证券发行登记注册制的分析,可以看出预披露制度与美国证券发行登记注册制的静默期有几分相似,预披露制度可以借鉴美国证券登记注册制的静默期。第三部分,美国证券法静默期。为了更好地分析美国证券法静默期,首先应该弄明白美国证券法的禁止抢跑原则(Gun-jumping)。禁止抢跑原则(Gun-jumping)明确了在注册说明书生效之前,不可以对证券的价值进行预测,并且禁止形成销售证券的要约和要约邀请。并且从四个方面明确了设置静默期的目的。在静默期可以通过路演推介宣传证券,形成证券承销团,从而为在注册说明书生效之后成功销售证券做准备。证券注册发行静默期在证券注册发行的三个阶段中起着承上启下的重要作用。因此,美国证监会特别规定了20天的静默期,以在这段时间内完成静默期应有的作用,从而提高证券市场的发行效率,增加证券市场的收益。明确了设置静默期的目的之后,介绍了在静默期可以公布的几种文件,这些文件分别是口头要约、初步招股说明书、简要招股说明书、墓碑广告和要约性招股说明书。2005年美国证券法公开发行改革放松了对静默期公布文件的限制,对不同的发行人有不同的文件公布要求。发行人被分为合格发行人、不合格发行人。合格发行人被分为知名成熟发行人、成熟发行人和合格发行人。知名成熟发行人的概念对静默期的影响最大,知名成熟发行人可以采取自动搁置注册。知名成熟发行人只要支付注册费用,可以注册无限数量的证券。第四部分,美国证券注册发行静默期对我国证券公开发行预披露制度的启示。我国证券发行预披露制度应该借鉴美国证券注册发行静默期的制度设计。笔者认为,可以从三个方面完善预披露制度：1.预披露制度不应该只出现在证券首次公开发行并上市程序中。在我国证券法中,预披露制度只是出现在证券首次公开发行并上市的程序中,而在公司再次发行证券时,因为存在持续信息披露制度,则不再需要预披露制度。通过理论上的分析,我国预披露制度不应该只出现在证券首次公开发行并上市的程序中。2.发掘预披露制度的宣传功能。美国证券法静默期公布的文件有宣传证券的作用,但我国证券法明确禁止在证券核准发行前宣传证券。但预披露制度既然是一种信息披露制度就一定能够起到宣传证券的作用。本文从预披露制度宣传证券功能的理论基础和立法可行性两个方面分析了预披露制度的宣传证券功能。3.完善预披露制度与询价制度的衔接。在美国证券静默期,通过路演能够完成对证券的定价行为。在我国证券公开发行预披露制度之后的一个制度就是询价制度,两种制度紧密相连,因为询价制度的基础就是预披露制度披露的信息。在这一部分对完善我国证券发行过程中的电子路演提出了建议。总之,我国证券公开发行预披露要从多个方面进行了完善。这是我国证券发行核准制向注册制过渡的必然要求,也是必然结果。完善我国证券公开发行预披露制度有利于我国证券公开发行核准制向注册制过渡。
[Abstract]:The current securities law has established the pre disclosure system for the first time, and then refines the pre disclosure system of the public securities issued by some regulations made by the SFC so that the pre disclosure system can be operated in practice. As a new system, the pre disclosure system of the securities public development bank plays an important role before the issuance of securities in China. However, the provisions of the current laws and regulations on the public disclosure of securities are still relatively small, so this system can not give full play to its institutional advantages.
The system of public issuance of securities in China is being transferred to the securities issue registration system. The registration system of securities issuance emphasizes information disclosure. The pre disclosure system of securities open issue is a kind of information disclosure system, which is consistent with the spirit of the securities issuance registration system. The corresponding system of American securities law. Through the analysis, there are many similarities between the pre disclosure system of the securities public issuance and the silent period of the registration and registration of the United States, which can be used for reference. From the analysis of the silence period, some suggestions are given to improve the system of pre disclosure. This paper is divided into four parts:
The first part is an overview of the pre disclosure system of China's securities open issue. In order to study a system, the first part of this paper, in the first part of this article, introduces the legislative status of the pre disclosure system, "Securities Law >" and "" The pre disclosure system, such as the first public issuance of stock and the management method of listing, is the basis of the pre disclosure system. Then the theoretical basis of the pre disclosure system of the public securities is discussed. And from the public investors, the companies that apply for the issuance of securities, and the SFC's work This paper analyzes the role of the pre disclosure system in three aspects. The establishment of the pre disclosure system promotes the development of the three securities market subjects. Fundamentally, the pre disclosure system is beneficial to the high transparency and high efficiency of the public securities issuing system in China, and can save the cost of securities issuance, thus ensuring the proof of the certificate. The pre disclosure system can also fully protect the rights and interests of the social investors and prevent the social investors from being fraudulent. After the announcement on the adjustment of the pre disclosure time, the pre disclosure time has been clarified and the feasibility of the pre disclosure system has been enhanced.
In the second part, we should use the American securities law to improve the pre disclosure system. To learn from the American securities law, we should first analyze the registration procedure of the securities law in the United States to find out the system that corresponds to the pre disclosure system. As a model of the securities issuance registration system, the American Securities Law adopts the registration system, which is divided into three categories. Period: the pre service period (re-filing period), the silent period (waiting period) and the period of the entry into force of the registration instructions (Post-effective period), the three periods joined together, and formed a complete registration system. Through the analysis of the registration system of the US securities issuance, the pre disclosure system and the American certificate can be seen. The silence period of coupon issuance registration system is somewhat similar, and the pre disclosure system can learn from the silent period of the US securities registration system.
The third part, the silent period of the American securities law. In order to better analyze the silent period of the securities law of the United States, we should first understand the principle of "Gun-jumping" in the United States Securities Law. The principle of prohibiting rush to run (Gun-jumping) can not predict the value of the certificate before the entry into force, and prohibit the formation of the sale of securities. The purpose of setting the silent period is clearly defined in four aspects. In the silent period, a road show can be used to introduce securities and form a securities underwriting group to prepare for the successful sale of securities after the entry into force. The silent period of the securities issuance and issuance of securities plays a link between the three stages of the securities registration issue. As a result, the CSRC specifically stipulates a 20 day silence period to complete the role of silence in this period, thus improving the efficiency of the stock market and increasing the earnings of the stock market.
After clarified the purpose of setting the silent period, it introduces several documents that can be published in the silent period, such as oral offer, preliminary prospectus, brief prospectus, tombstone advertising and the open issuance of American Securities Law in.2005. The issuer has different document disclosure requirements. The issuer is divided into a qualified issuer and a disqualified issuer. The issuer is divided into a well-known mature issuer, a mature issuer and a qualified issuer. The concept of a well-known mature issuer has the greatest impact on the silence period, and the well-known mature pedestrians can take automatic shelving and registration. Issuers can register an unlimited number of securities as long as they pay the registration fees.
The fourth part is the Enlightenment of the silent period of the United States securities issue on the pre disclosure system of the public issuance of securities in China. The system of pre disclosure of securities issuance in China should be drawn from the system design of the silent period of the United States securities registration and issuance. The author believes that the pre disclosure system can be perfected from three aspects: the 1. pre disclosure system should not only appear in the securities head. In the procedure of public issuance and listing, in our securities law, the pre disclosure system is only in the procedure of the initial public issuance and listing of securities, and the system of pre disclosure is no longer necessary because of the existence of a continuous disclosure system. In the procedure of the initial public issuance and listing of securities,.2. excavated the publicity function of the pre disclosure system. The documents published in the silent period of the United States Securities Law have the role of propagating securities, but our securities law explicitly prohibits the publicity of securities before the approval of the securities. From two aspects of the theoretical basis and legislative feasibility of the pre disclosure system, this paper analyzes the connection between the pre disclosure system and the inquiry system of the pre disclosure function.3.. In the silent period of the United States, the pricing behavior of the coupons can be completed through a road show. After the pre disclosure system, an inquiry system is an inquiry system, and the two systems are closely linked, because the basis of the inquiry system is the information disclosed by the pre disclosure system. In this part, it puts forward some suggestions on the improvement of the electronic road performance in the process of securities issuance in China.
In a word, the pre disclosure of China's securities open issue should be perfected from many aspects. This is the inevitable requirement and inevitable result of the transition from the approval system of securities issuing to the registration system in China.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;F832.51

【参考文献】