注册制的若干基础性配套机制

• 作 者: 汤欣
• 机 构: 清华大学法学院,
• 出 处: 证券法苑
• 发表日期: 2014年03期
• 关键词: 注册制 信息披露 股票发行 事后控制 证券投资 发行主体 证券市场 该种 发行体制 投资者保护

经过长时间的调查、研究,我们发现全球各主要市场上的新股公开发行“注册制”可能拥有不同的版本、具体的制度设计也各有特点,但该种制度的多样性并不影响其基本精神,即注册制是股票发行登记备查制度,侧重信息披露和事后控制,监管机构事先不对发行主体质地和证券投资价值进行实质性判断,发行与上市活动自然分开。一方面,该种制度针对影响广大投资者的证券公开发行,确立以信息披露为基础、

After a long period of investigation and study, we find that there may be different versions of the public offering of new shares in major markets around the world. The specific system design also has its own characteristics. However, the diversity of such systems does not affect The basic principle is that the registration system is a system of filing for registration of stock issuance, focusing on information disclosure and post-event control. The regulatory body does not make substantive judgments on the quality of the issuing entity and the value of securities investments in advance, and the issuance and listing activities are naturally separated from each other. On the one hand, such a system is aimed at the public offering of securities that affect a large number of investors and establishes the basis for the disclosure of information.