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证券储架发行作为一项简约化的新型上市(公众)公司再融资机制,对其颁行与有效实施而言,良好的制度设计固然不可僭越,然基本理论问题的厘清则事关制度本身能否被科学、合理的设计。制度内涵的界定关乎制度本身的完美设计;理论预设的析出紧系配套规则的颁行;对制度价值进行考量则是利益再分配的根本。是故,有必要对证券储架发行制的制度内涵、理论预设以及价值倾向进行剖析,其中,“一次核准、注册或审批,多次发行”的制度内涵得以有效确证;“信息等值”和“信息有效”的理论预设乃是其配套规则“援引”与“承诺”条款颁行的关键。同时,在保证投资者权利得到有效维护的前提下,证券再融资效率的整体性提升系其最根本的价值诉求。
As a simplified mechanism for refinancing new public (public) companies, the issuance of securities shelves can not be overstated in its implementation and effective implementation. However, the clarification of basic theoretical issues is related to the system itself No scientific, reasonable design. The definition of system connotation relates to the perfect design of the system itself; the separation of theoretical presuppositions is closely linked with the enactment of supporting rules; and the consideration of system value is the fundamental redistribution of interests. Therefore, it is necessary to analyze the system connotation, theoretical presuppositions and value tendencies of the securities shelf issuance system, in which the connotation of the system of “one-time approval, registration or approval and multiple issuance” can be validated effectively; Equivalence “and ” information is valid “the theoretical presupposition is the key that its supporting rule ” invokes “and ” promises "the clause is promulgated. At the same time, under the premise of ensuring investors’ rights are effectively maintained, the overall improvement of the efficiency of securities refinancing is its most fundamental value demand.