【摘要】 资本市场的生命在于其自由市场的本质,任何管制的设定都应服从于将资本市场理解为自由市场的理念———以“市场检验”为首要原则,强调私法自治和理性者自我判断的价值。依此衡量,我国资本市场尚遗存诸多病态的管制思维———禁止股票折价发行和亏损公司股票暂停上市或终止上市成规即属此例。未来资本市场法律规制的改革应趋向自治和宽容,以“市场检验”为基础,构造股票折价发行机制,去除折价发行中的管制思维。同时,还应取消关于亏损公司股票暂停上市和终止上市的规定,许可亏损公司的股票继续挂牌交易,凸显“信息公开”和“买者谨慎”为基础的交易安全维护理念。更多还原

【Abstract】 The life of capital market is based on its essence as a free market.Any setting on the control of it should submit to considering the capital market as a free one,i.e,having“the inspection of market”as the paramount principle and emphasizing the autonomy of private law and the value of the self-judgement of rationalists.Accordingly,in the capital market of China,there are still a great deal of unreasonable control including forbidding to issue the discount stocks and having the stocks of a company with a deficit suspend of terminate to come into market.In the future,having“the inspection of market”as its foundation,the reform of the legal control on capital market should oriented to be autonomous and tolerant,constructing the discount issuing system of stocks and abolishing the control on the said issuing.Meanwhile,the stipulations related to suspend or terminate the stocks of a company with a deficit to come into market should also be abandoned.In order to emphasize the maintenance of trade security,which is based on the principles of“openness of information”and “the cautousness of buyer”,the socks of a company with a deficit should be permitted to being exchanged更多还原