【作者】 陈颖；

【导师】 曾洋；

【作者基本信息】 南京大学 ， 经济法学， 2014， 硕士

【摘要】 本文从梳理我国新股发行市场行政监管权的历史演变出发,分析目前我国新股发行市场的行政监管权配置格局及其不合理的问题,结合理论研究及国外的经验,得出我国新股发行市场应积极创造条件,逐步实现由核准制向注册制的过渡的结论。论述分为四章,第一章概述我国新股发行市场的行政监管权及其历史演变；第二章对域外新股发行的审核体制进行总结和分析；第三章是本文的重点之一,即分析我国新股发行市场由核准制向注册制过渡的理论基础、内在原因、外在原因以及过渡方式；第四章是本文的另一重点,即具体分析向注册制过渡的措施。以下对各个章节内容做简要概括。第一章介绍我国新股发行市场的行政监管权及其历史演变。新股发行市场的行政监管必不可少、意义重大,其与新股发行审核制度密切相关,按照监管理念、方式等的不同,可将新股发行的审核制度划分为审批制、核准制和注册制。我国新股发行市场的行政监管权历经了审批制、核准制的历史演变,市场化改革的措施还在继续推进。经过历次改革,我国新股发行市场形成了证监会对新股发行进行实质审查、通过保荐制实现市场分权以及通过询价制实现市场化定价的行政监管权的配置格局。第二章对域外新股发行的审核体制进行总结和分析。目前,世界各国采用的新股发行审核制度主要有核准制和注册制两种,其中,美国的新股发行实行联邦层面的注册制与州的实质审查并行的制度,英国、德国等欧盟国家实行新股发行的核准制,我国台湾地区经历了长期的改革,实现了新股发行由核准制向注册制的过渡。通过学习美国和英国的发行审核体制以及台湾地区由核准制向注册制逐步过渡的方式,我们可以得出以下经验：首先,核准制和注册制各有利弊并不断融合,采取何种审核体制关键是要根据各国证券市场的历史传统和现状,趋利避害,完善相关的法律制度体系,形成适合本国新股发行市场的一整套制度。其次,由核准制向注册制过渡不能一蹴而就,需要立足本国新股发行市场的现状,按照注册制的要求,不断创造条件,逐步完成过渡。第三章分析我国新股发行市场由核准制向注册制过渡的理论基础、内在原因、外在原因以及过渡方式。当前,我国新股发行市场行政监管权的配置仍存在诸多不合理的地方,在新股发行核准制的制度背景下,证监会对新股发行市场的行政监管权仍然比较集中且未受到充分的监督和约束,不仅容易滋生腐败、使投资者形成依赖心理,还导致了从发达证券市场引入的保荐制和询价制在我国的“水土不服”,严重限制了两制度的作用的发挥,阻碍了新股发行市场的发展。注册制的信息披露、形式审查、事后控制等制度优势,可以解决我国新股发行市场在市场化改革过程中面临的权力配置不合理的问题,是未来改革的方向。由“行政控制主义”向“市场中心主义”的转变是完善我国新股发行市场行政监管权的配置格局、实现向注册制过渡的理论基础。采取何种方式向注册制过渡是我国进行注册制改革面临的首要问题,结合国外的经验和我国新股发行市场的现状,我国向注册制过渡应采取循序渐进的方式推进。第四章具体分析向注册制过渡的措施。总结数次改革的经验教训,借鉴国外新股发行的审核制度及其演变方式,我国新股发行行政监管权的市场化改革方向应为逐步向注册制过渡。为此,需要从证监会的主体属性、监管职能以及监管体系这三个方面完善改革,一方面将证监会定位为独立的监管机构,另一方面实现证监会监管权的市场分权,并通过自律监管完善新股发行的监管体系,为向注册制过渡创造条件。更多还原

【Abstract】 The paper starts with the summary with the historical evolution of the administrative supervision authority in China’s IPO market.Then it analyzes the problem of allocation pattern of administrative supervision authority in China’s IPO market.At Last it concludes that we should create conditions actively to transit to the Registration System in China’s IPO market after combining theory study with related foreign experience.In the first chapter,the paper talks about the administrative supervision authotiry and its historical evolution in China’s IPO market.The administrative supervision in IPO market is essential and significant,which is closely related to the issuing authorizing system.The issuing authorizing system of IPO can be divided into the Approval System,the Reviewed System and the Registered System. The administrative supervision authority in China’s IPO market experienced with The historical evolution of the Approval System and the Reviewed System,the market-oriented reforms continue to be advanced.After several reforms,the allocation pattern of administrative supervision authority in China’s IPO market forms with substantive examination by the Security Supervision Commission,market decentralization of the Sponsor System and market pricing of the Inquiry System.The second chapter of the paper summarizes and analyzes the foreign issuing authorizing systems.There are the Reviewed System and the Registered System in the world now.In America,the issuing authorizing system is the Registration System at the federal level,but the issuing must be examed substantively at the state level.Britain, Germany and other EU countries imply the Reviewed System.Taiwan has transited to the Registration System after a long-term reform. By learning the above-mentioned foreign system and experience, we can draw the following lessons:Firstly, the Reviewed System and the Registration System have their own advantages and disadvantages, so what system should be implied must accord to historical tradition and the status of the country’s securities market.Then the country should use its advantages and avoid its disadvantages, improve the relevant legal system to form a set of systems of IPO market which are suitable for the country. Secondly, the gradual transition from the Reviewed System to the Registration System need be based on their current situation of the IPO market and continue to create conditions for the Registration System,which can not be accomplished overnight.The third chapter is one of the focus of this article.This chapter analyzes the theoretical basis, the underlying causes,the external causes and the transition mode of the transition from the Reviewed System to the Registration System in China. The current configuration of the administrative supervision authority of China’s IPO market still exists some problems. According to the Registration System,the Security Supervision Commission’s power of administrative supervision of the IPO market remains relatively concentrated and also isn’t supervised adequately,which may led to corruption, psychological dependence of investors, the "acclimatized"of the introduced Sponsor System and Inquiry System,thus hindering the development of the IPO market.The information disclosure system, the unsubstantial review and the afterwards control system of the advantages of the Registration System can solve the problem of the allocation of administrative supervision authority of China’s IPO market in the process of reform.So it is the future direction of the reform of China’s IPO market.Changing from "administrative control doctrine " to "market-centrism doctrine" is the theoretical basis of the transition of the issuing supervision system. We should take a gradual approach to transit to the Registration System.The fourth chapter is the other focus of the article which talks about the measures of transition of the Registration System.Summarying the lessons learned from several reforms and studying the foreign issuing supervision systems and their transition modes, the direction of the market-oriented reforms of the China’s IPO market is gradual transition to the Registration System. The reform should be improved on the subject nature and the regulatory functions of the Security Supervision Commission and the total supervision system to create conditions for the transition.I In this paper, I applied both theory and practice,deductive method and comparative method to discuss how to improve the administrative supervision in China’s IPO market.更多还原