【作者】 张景三；

【导师】 庄善裕；

【作者基本信息】 华侨大学 ， 经济法学， 2005， 硕士

【摘要】 证券私募发行是经济发达国家和地区运作比较成熟的融资工具,其作为现代资本市场中不可或缺的环节,是我国证券立法进程中不容回避的一项重要内容。美国是证券私募发行法律制度的发源地且发展最为完善,越来越多的国家纷纷引为借鉴。我国台湾地区在借鉴美国证券私募发行法律制度方面颇为成功,这为我国大陆地区相关法律制度的发展提供了有益的经验。本论文以美国和我国台湾地区为借鉴点,综合运用比较分析、经济分析、历史分析以及语境分析等方法,重点研究证券私募发行的运作程序及法律规范的完善进程,并对我国相关法律制度的完善提出倾向性立法建议。 除了引言和结语外,正文部分共分为五章: 第一章旨在描述证券私募发行制度的法律地位。首先着眼于其基本性质及特征的解析,以此为全文设定研究基础。随后通过美国和我国台湾地区相关法律制度的演变过程阐明证券私募发行制度在整个证券发行体系中的法律地位。 第二章介绍我国大陆地区证券私募发行法律制度整体发展状况。在资本市场发展不够完善的环境下,我国证券私募发行向来没有统一的标准可言,存在着诸多严重的问题。主要诱因在于法律体制的不完善,这对证券私募发行的发展造成了较大危害。 第三章对美国和我国台湾地区证券私募发行法律制度进行了较全面的分析比较。二者的相关规范虽有区别,但在主体内容方面仍呈现出诸多共性。同时本文着重论述美国和我国台湾地区证券私募发行法律制度方面的诸多成功运作经验,当然二者所存在的缺陷之处也不可忽视。 第四章归结我国大陆地区证券私募发行法律制度的构建问题。作为公开发行的有益补充,私募发行有理由成为我国证券市场的重要组成部分,但必须消除现有法律、市场、制度以及认识等方面的滞后将会带来的负面影响。最后本论文提出了完善证券私募发行法律制度的初步设想。更多还原

【Abstract】 The securities private placement is a comparatively mature financing instrument in developed countries and areas. As an indispensable part of current capital market, it shouldn’t be evaded during the process of securities legislation in China. Since the US, which has already construct the most overall legal system, is the cradle of securities private placement, more and more countries are following the US steps in succession and transplanting such an institution into their respective laws. Taiwan area of China goes well in such field and offers us much useful experience for the construction of the relevant legal system in the mainland area of China. With references to US and Taiwan area of China, this research mainly utilizes such means as comparative analysis, economic analysis, historical analysis and contextual analysis. With a focus on the procedure of securities private placement and the evolution of legal rules, this research represents its oriented legislative suggestion about how to improve the relevant legal system in China.Other than the preface and epilogue, the scheme of the discussion is divided into five chapters as follows:The legal status of securities private placement will be illustrated in Chapter I. First, the nature and characteristic of it, which are regarded as the basis of this research, are fully analyzed. The legal system of securities private placement in US and in Taiwan area both has its own evolution process, through which its legal status can be clearly revealed.In Chapter II, the whole development of securities private placement in mainland area of China will be introduced. Under the circumstance of deficient capital market, we have never had an uniform standard for the private placement, which result in quite a lot of serious problems. The faultiness of this legal system is probably considered as the main inducement and it does much harm to the development of securities private placement.In Chapter III, we fully analyze and contrast the legal system of securities private placement in US and in Taiwan area. In spite of some differences about private placement rules between them, they still have much common in the aspect of the main body. At the same time, this research focuses on the successful operating experiences about the legal system of securities private placement in US and in Taiwan area. Of course, the existing limitation for their relevant legal systems should not be ignored.This research summarizes issues on how to build up the legal system regarding securities private placement in the mainland area of China in Chapter IV. As an important supplement to public offering, private placement has good reasons to become part of our securities market, but the negative influence has to be removed in the areas of law, market, institution and cognition. At last this research put forward its initiative plan on how to improve the legal system of securities private placement.更多还原