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本文主要阐述中国证券市场上股票的首次公开发行(IPO)制度。IPO是股票市场上最重要的行为,也是我国企业在股市融资的最主要的方式,以及投资者参与中国股市的最重要方式之一。与之相应,IPO制度是证券市场上的基础性制度之一,居于证券监管的核心。关于IPO制度,从全球范围来看有注册制(Registration system)和审批制(Approval system)两种方式。在以强制披露为基础的注册制下,发行人祗需要按照强制披露的要求向证券监管机关提供注册文件并向公众披露法定信息即可,监管机关不就发行人的具体商定经营情况进行实施审查。在批准制下,发行人需满足一系列实质条件,能否发行与否尚需要监管机关最后批准。中国目前实行的,是一种结合了披露与批准的“核准制”。简而言之,发行人一方面要满足法定的种种发行条件,经过监管机构的实质审查并得到其批准,另一方面也要满足强制信息披露的要求。根据中国现行的发行制度,中国证监会要求发行人本身满足一定的实质条件,包括发行人本身作为一个合法设立和存续的股份有限公司,必须具有三年以上历史、清晰的产权、明确的主管业范围、稳定的管理层、完善的业务体系和独立经营能力、人员与财务独立、良好的公司治理和规范运行、良好的资产、连续的盈利能力和积极的商业前景等。在中国的股票发行,申请文件必须延请保荐人保荐和申报,且都必须采取承销的方式。保荐人需对申请文件和信息披露材料进行审慎核查,并在股票发行上市后对发行人富有持续督导责任。文件上报中国证监会后,还要经过其下设的发行审核委员会进行正式审核并经参会委员投票决定。证监会通过发行后,承销人和发行人应当通过询价制度确定发行价格,并根据情况同时进行网上和网下发行。中国证券法制度同时设定了相当严格的信息披露制度,规定凡是对投资者做出投资决策有着重大影响的信息,均应予以披露。在正式披露之前,发行人需将招股说明书进行预披露。本文最后部分对中国现行的发行制度作以简单的评价并就其改革趋势进行前瞻性的评估。作者认为,从发行人的角度讲,现有制度耗时耗力。质言之,在正式采取注册制之前,中国必须建立起有效的框架来保证发行人的信息披露准确,证监会和其他政府机构能够有效执行法律,同时法律能够加强公司治理,强化董事高管和控股股东为公司的信托义务,并建立有效的司法民事赔偿制度,使投资者的损失能够通过法院诉讼得到赔偿。
This article focuses on the initial public offering of shares in China’s securities market. IPO is the most important act in the stock market and also the most important way for Chinese enterprises to raise funds in the stock market and one of the most important ways for investors to participate in the Chinese stock market. Correspondingly, the IPO system is one of the basic systems in the securities market and lives at the core of securities regulation. With regard to the IPO system, there are two ways of registering a system and approving a system globally. Under the compulsory disclosure-based registration system, the issuer only needs to provide the securities regulatory authorities with the registration documents and disclose the statutory information to the public according to the requirements of the compulsory disclosure, and the supervisory authority will not conduct a review on the specific agreed operation of the issuer . Under the approval system, the issuer must meet a series of substantive conditions, whether or not the issuance of regulatory authorities still need the final approval. At present, China is implementing a system of “approval” that combines disclosure and approval. In short, on the one hand, the issuer must meet the statutory requirements of all kinds of issuance, undergo substantive examination by the regulatory body and obtain its approval, and on the other hand, it must meet the requirement of mandatory information disclosure. According to the current issuance system in China, the CSRC requires the issuer itself to satisfy certain substantive requirements, including that the issuer itself, as a legally established and surviving joint stock limited company, must have a history of three years or more and have clear property rights and a clear ownership Scope, stable management, sound business system and independent management ability, personnel and financial independence, good corporate governance and standardized operation, good assets, continuous profitability and positive business prospects. In China’s stock issuance, the application documents must be sponsor sponsor and reporting, and must take the form of underwriting. The sponsor shall carefully examine the application documents and information disclosure materials and shall have continuous supervision over the issuer after the listing of the shares. Documents submitted to the China Securities Regulatory Commission, but also through the issuance of its audit committee to conduct a formal review and vote by participating members. After the issuance by the CSRC, the underwriter and the issuer shall determine the issue price through the inquiry system and issue online and offline at the same time according to the circumstances. At the same time, China’s securities law system has set quite strict information disclosure system and stipulated that all information that has a significant impact on investors’ investment decisions should be disclosed. Before the official disclosure, the issuer must pre-disclose the prospectus. In the last part of the paper, we make a simple assessment of China’s current issuance system and make a forward-looking assessment of its reform trend. The author believes that from the issuer’s point of view, the current system is time consuming. In other words, before formal registration, China must establish an effective framework to ensure that the issuer’s information disclosure is accurate, that the CSRC and other government agencies can effectively enforce the law, and that laws can strengthen corporate governance and strengthen directors’ The controlling shareholder is the fiduciary duty of the company and establishes an effective civil judicial compensation system so that investors’ losses can be compensated through the court proceedings.