论文部分内容阅读
推进证券发行的注册制已经确立为改革目标,人们将美好的希望寄托在即将到来的制度变更。但现实是注册制的实现需要数年的时间,大量的企业希望开展IPO,证券发行只能在现行《证券法》的框架内运行,证券发行市场各方参与者须基于现行规则运行。在理想的证券发行注册制的引领下,在核准制的条件下,应当改良证券发行的制度规则,为注册制实施创造基础环境。其中,可以推出的举措包括强化信息披露的审核、改良持续盈利能力标准、实现证券发行与上市分离、实现保荐人和承销商的分离、推行招标式证券定价制度、加强执法监督、强化责任追究等。
The registration system for promoting the issuance of securities has been established as the goal of reform and people will place their bright hope on the upcoming institutional change. However, the reality is that it takes several years for the registration system to be realized. A large number of enterprises want IPO. Securities issuance can only be operated within the framework of the current Securities Law. All parties involved in the securities issuance market should operate under the existing rules. Under the guidance of the ideal securities issuance registration system, under the condition of the approval system, the rules and regulations of the securities issuance should be improved to create a basic environment for the implementation of the registration system. Among them, the measures that can be launched include strengthening the examination and approval of information disclosure, improving the standards of continuous profitability, separating securities issuance and listing, realizing the separation of sponsors and underwriters, implementing the bidding securities pricing system, strengthening law enforcement supervision and strengthening accountability .