论文部分内容阅读
随着股票发行注册制改革的推进,证券发行上市审核体制与审核机关必将发生相应的转变,证券交易所将更多的扮演在上市审核中进行实质性判断的职能,而这一转变必然伴随对上市公司发行人在发行上市过程中的正当权利的申诉和主张。境外主要市场的经验表明,各国交易所在上市审核环节大都承担着实质审核的职能,并且设置了包括复议、听证、申诉等多种方式的救济渠道,可以较为高效地解决上市审核过程中发生的纠纷。但是,由于目前沪深交易所缺乏相应实质的上市审核职能,赋予上市公司的申诉渠道和层级也较少,很难保障上市公司权利。从完善交易所上市审核的内部救济渠道的角度出发,笔者认为应当给予投资者更多的申诉途径,丰富上市审核内部救济的环节和层次。
With the reform of the stock issuance registration system, the system of securities issuance and listing examination and the auditing organ will surely change accordingly, and the stock exchanges will play more the functions of substantive judgments in listing audits, and this change must be accompanied by Complaints and opinions on the legitimate rights of listed company issuers in the process of issuance and listing. The experience of major overseas markets shows that most exchanges in the PRC are subject to the functions of substantive examination in the examination and verification of their listing and have set up remedial channels in various ways such as reconsideration, hearing and appealing, which can effectively solve the problems arising from the listing examination and verification dispute. However, due to the lack of corresponding substantive listing and examination functions of the Shanghai and Shenzhen Stock Exchanges at present, there are fewer appealing channels and levels for the listed companies and it is difficult to guarantee the rights of the listed companies. From the perspective of improving the internal remedial channels for the stock exchange listing and examination, the author believes that investors should be given more appeals channels to enrich the links and levels of the internal remedies listed and audited.