【作者】 王彤；

【导师】 杨健；

【作者基本信息】 天津大学 ， 法律（非法学）， 2021， 硕士

【摘要】 证券发行注册制推行后,上市公司价值将更多交由市场判断,在投资者自主决策的同时其投资风险也会释放。因此,信息披露必须向着高质量的方向发展。保荐人作为规避证券市场风险的重要“看门人”,其法律地位得到显著提升。不过,保荐人在证券市场上的表现却饱受争议。只“荐”不“保”的现象屡见不鲜,既损害了投资者利益,也扰乱了证券市场的正常秩序。因此,保荐人责任亟待压实,保荐人制度的完善成为了题中应有之义。具体而言,本文主要可分为四个部分。第一部分阐释了注册制及保荐人制度的相关涵义,从经济学和法学维度分析保荐人制度的理论基础,以明晰其内在原理。通过梳理注册制下保荐人的基本定位,为后文保荐人制度的研究奠定逻辑基础。第二部分展开研究了我国保荐人的任职资格、任职期限与注册制的不相协调之处,并同其他成熟国家或地区的相关制度作出比较,提出了新的设计构想,指明了保荐人任职资格与任职期限的完善方向。第三部分具体分析了保荐人与其他相关主体的法律关系,发现域外保荐人责任划分的可鉴之处,为保荐人与承销商、保荐代表人和证券服务机构的责任划分逐一提出建议,以避免责任不明或畸轻畸重的情形。第四部分立足于现行保荐人的法律责任追究,辅之以域外保荐人法律责任追究的制度设计,分别就民事、刑事和行政责任方面提出完善构想,为健全我国保荐人的法律责任提供一定的理论依据。更多还原

【Abstract】 After the implementation of the registration system for securities issuance,the value of listed companies will be more determined by the market,and the investment risk will be released while the investors make their own decisions.Therefore,information disclosure must be developed in the direction of high quality.As an important “Gatekeeper” to avoid the risk of the securities market,the sponsor’s legal status has been significantly promoted.But the performance of sponsors on the stock market has been controversial.It is not uncommon to see the phenomenon of“Recommendation” without “Insurance”,which not only damages the interests of investors,but also disturbs the normal order of the securities market.Therefore,the responsibility of sponsors to be compacted,the sponsor system to improve the meaning of the topic.Specifically,this paper can be divided into four parts.The first part explains the relevant meaning of registration system and sponsor system,and analyzes the theoretical basis of the sponsor system from the economic and legal dimensions,in order to clarify its internal principles.By combing the basic position of the sponsor under the registration system,the paper makes a logical preparation for the study of the sponsor system.In the second part,the author studies the discordance between the sponsor’s qualification,term of office and registration system in China,and compares it with the relevant systems in other mature countries or regions,and puts forward a new design idea.The author points out the perfect direction of the sponsor’s qualification and term.The third part specifically analyzes the legal relationship between the sponsor and other relevant subjects,and finds out the referential points of the division of the sponsor’s responsibility outside the territory,to propose the responsibility division of sponsor and underwriter,sponsor representative and securities service organization one by one,in order to avoid the situation of unclear responsibility or overweighed.The fourth part is based on the current sponsor’s legal responsibility investigation,supplemented by the outside sponsor’s legal responsibility investigation system design,separately on the civil,the criminal and the administrative system aspect proposed the consummation idea,to improve the legal responsibility of sponsors to provide a theoretical basis.更多还原