【摘要】：股票發(fā)行注冊(cè)制改革作為我國(guó)資本市場(chǎng)進(jìn)一步走向市場(chǎng)化的一場(chǎng)變革,居于發(fā)行人和投資者之間的證監(jiān)會(huì)、中介機(jī)構(gòu)在信息披露中的地位和作用將不可避免地發(fā)生變化。作為中介機(jī)構(gòu)牽頭者的保薦人,對(duì)信息披露承擔(dān)著全面的核查義務(wù),應(yīng)當(dāng)承擔(dān)起證券市場(chǎng)"看門人"的角色。注冊(cè)制改革也需要倚重保薦人功能的良好實(shí)現(xiàn),而目前的核準(zhǔn)制下保薦人在股票發(fā)行中并未體現(xiàn)這一市場(chǎng)化的定位,違規(guī)行為也并不鮮見(jiàn)。因此,以注冊(cè)制下保薦人的角色定位和規(guī)制完善作為研究主題,首先對(duì)注冊(cè)制的內(nèi)涵進(jìn)行分析,得出與核準(zhǔn)制相比,其實(shí)質(zhì)在于股票發(fā)行中純粹形式審查的存在與否,建議從市場(chǎng)化這—制度改革的方向和意義上去理解注冊(cè)制。然后結(jié)合我國(guó)核準(zhǔn)制的實(shí)際情況,論證了保薦人角色在此種改革中面臨著由發(fā)行人雇傭、行政權(quán)附庸到資本市場(chǎng)"看門人"的重要轉(zhuǎn)變,并對(duì)因應(yīng)這種角色轉(zhuǎn)變、保證角色作用發(fā)揮的規(guī)制邏輯進(jìn)行了以強(qiáng)化責(zé)任為基本原則,以完善法律約束、結(jié)合市場(chǎng)聲譽(yù)機(jī)制的探索為具體思路的明確。接著在第三部分介紹了對(duì)保薦人進(jìn)行規(guī)制的理論路徑和具體實(shí)踐。保薦人規(guī)制的理論路徑包括基于聲譽(yù)資本市場(chǎng)理論的市場(chǎng)化的規(guī)制和基于規(guī)則的政府的規(guī)制模式兩種,其中政府的規(guī)則體系又可分為保薦人資格管理制度、獨(dú)立性保障制度、法律責(zé)任制度三個(gè)層次。在此基礎(chǔ)上,梳理我國(guó)保薦人規(guī)制的具體實(shí)踐,認(rèn)為我國(guó)尚未建立起市場(chǎng)化的聲譽(yù)機(jī)制,但聲譽(yù)機(jī)制需要長(zhǎng)期實(shí)踐才能真正發(fā)揮效果,且域外也正不斷加強(qiáng)對(duì)保薦人的監(jiān)管,故在注冊(cè)制改革的現(xiàn)階段應(yīng)將重點(diǎn)放在規(guī)則層面的政府規(guī)制。第四部分則對(duì)學(xué)界的討論進(jìn)行展開(kāi),對(duì)我國(guó)保薦人規(guī)則層面的具體問(wèn)題進(jìn)行研究。由此提出基于改革的情境,需要對(duì)我國(guó)保薦人規(guī)制作出如下完善:首先要明確保薦人"看門人"法律地位,其次要重構(gòu)保薦委托鏈條、公開(kāi)保薦費(fèi)用來(lái)保障其獨(dú)立性;最后要從明確保薦人內(nèi)部和外部的責(zé)任界限、完善其民事責(zé)任兩個(gè)方面來(lái)完善保薦人法律責(zé)任制度。
[Abstract]:The reform of stock issuance registration system, as a reform of China's capital market towards marketization, will inevitably change the position and role of intermediary institutions in the disclosure of information by the Securities Regulatory Commission (CSRC), which is located between issuers and investors. As the lead sponsor of the intermediary institution, the sponsor should assume the role of "gatekeeper" in the securities market. The reform of the registration system also needs to rely on the good realization of the sponsor's function, but the sponsor does not reflect this market-oriented orientation in the stock issue under the current approval system, and the violation of the rules is not uncommon. Therefore, taking the role orientation and regulation perfection of sponsors under the registration system as the research topic, the connotation of the registration system is first analyzed, and compared with the approval system, the essence of the registration system lies in the existence or not of the pure formal examination in the stock issue. It is suggested that the registration system should be understood from the orientation and significance of the market-oriented system reform. Then combined with the actual situation of the approval system in our country, this paper demonstrates that the role of sponsor is facing an important change from issuer employment, administrative power subordination to capital market "gatekeeper" in this kind of reform, and in response to the change of this role, The regulation logic of ensuring the role is based on the principle of strengthening responsibility, perfecting the legal restriction and exploring the mechanism of market reputation. Then the third part introduces the theory and practice of the sponsor regulation. The theoretical path of sponsor regulation includes market-oriented regulation based on reputation capital market theory and regulation mode of government based on rules, in which the government rules system can be divided into sponsor qualification management system and independence guarantee system. There are three levels of legal liability system. On this basis, combing the concrete practice of sponsor regulation in our country, we think that our country has not yet established a market-oriented reputation mechanism, but the reputation mechanism needs long-term practice in order to play a real role, and the extraterritorial supervision of sponsors is also constantly strengthened. Therefore, at the present stage of registration system reform, emphasis should be placed on government regulation at the level of rules. The fourth part carries on the discussion to the academic circles, carries on the research to our country sponsor rule level concrete question. Therefore, based on the situation of reform, we need to perfect our sponsor regulation as follows: firstly, we should make clear the legal status of sponsor "doorman"; secondly, we should reconstruct the chain of sponsor entrustment and publicly sponsor fee to protect its independence; Finally, it is necessary to perfect the sponsor's legal liability system from two aspects: defining the internal and external liability limits of sponsor and perfecting its civil liability.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：D922.287
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本文編號(hào)：2200197