【作者】 黄茜；

【导师】 刘辉；

【作者基本信息】 湖南大学 ， 法学， 2023， 硕士

【摘要】 随着我国证券市场的发展,证券发行中欺诈发行屡禁不止,欺诈发行行为影响投资者信心,撼动金融市场健康发展基础,遏制欺诈发行行为、保护投资者利益成了具有理论与实践的意义。中国证监会2020年8月21日为落实《证券法》第24条欺诈发行责令回购制度这一改革注册制配套措施,发布《欺诈发行上市股票责令回购实施办法(试行)(征求意见稿)》,历时两年半修改后,于2023年2月17日发布《欺诈发行上市股票责令回购实施办法(试行)》,该办法在征求意见稿基础上进行补充和完善,但在制度构建方面仍然面临制度定位不明确、实施细则条件宽泛、与其他制度衔接不清晰、无法适应复杂条件、欺诈发行方自主权限无保障、证券监督管理部门干预无第三方参与的问题。这些问题将会影响到责令回购制度实施的可行性以及最终效果,为解决现有责令回购制度实施问题,将其他学科的成果作为完善责令回购制度设计的工具,通过投资者差异化理论和矩阵分析方法对适格回购对象进行区分,从而明确适用责令回购制度的受欺诈投资者,为体现责令回购制度投资者保护原则和可执行原则,在回购适用范围、回购价格确定时引入财务管理中无风险收益率、沉没成本、货币时间价值等概念,同时在程序上保障欺诈发行人自主权限和强调投资者保护机构参与,多措施并举开拓落实责令回购制度的思路。更多还原

【Abstract】 With the development of China’s securities market,fraudulent issuance of securities is repeatedly prohibited,which affects investors’ confidence and shakes the foundation of healthy development of financial market.It is of theoretical and practical significance to curb fraudulent issuance and protect investors’ interests.On August 21,2020,in order to implement the reform registration system supporting measures of Article 24 of the Securities Law,the China Securities Regulatory Commission issued the "Measures for the Implementation of Fraudulent Issuance of Listed Stocks Ordered Repurchase(Trial)(Draft for Comments)",which lasted for two and a half years.On February 17,2023,the "Measures for the Implementation of Fraudulent Issuance of Listed Stocks Ordered to Buy Back(Trial)" was issued,which was supplemented and improved on the basis of the draft for comments.However,in the aspect of system construction,it still faces the problems of unclear system positioning,broad conditions of implementation rules,unclear connection with other systems,inability to adapt to complex conditions,no guarantee of independent authority of fraudulent issuers,and no third party participation in the intervention of securities supervision and administration departments.These problems will affect the feasibility and final effect of the implementation of the ordered repurchase system.In order to solve the implementation problems of the existing ordered repurchase system,the results of other disciplines are used as a tool to improve the design of the ordered repurchase system,and the eligible repurchase objects are distinguished through the investor differentiation theory and matrix analysis method,so as to identify the defradefraed investors who apply the ordered repurchase system.In order to reflect the investor protection principle and enforceability principle of the ordered repurchase system,the concepts of risk-free rate of return,sunk cost and time value of money in financial management are introduced in the scope of repurchase application and the determination of the repurchase price,while the independent authority of fraudulent issuers is protected in procedures and the participation of investor protection institutions is emphasized,and the ideas of implementing the ordered repurchase system are developed by taking multiple measures simultaneously.更多还原