本文關鍵詞： 證券非公開發(fā)行 注冊/審核豁免 安全港規(guī)則 信息披露　出處：《華東政法大學》2013年碩士論文　論文類型：學位論文

【摘要】：證券非公開發(fā)行融資制度是我國證券融資制度的重要組成部分，其核心是注冊/審核豁免，豁免制度是證券非公開發(fā)行制度中最關鍵的制度設置。相對于公開發(fā)行，證券非公開發(fā)行的最大優(yōu)勢在于融資成本較低、效率高，其理論前提和基礎是非公開發(fā)行的投資者具有專業(yè)的自我保護能力，具備專業(yè)的投資知識并對投資風險預期有充分的了解，從而不需要注冊/審核制度為其提供保護，而進實現(xiàn)發(fā)行人降低融資成本、高效融資之目的�；砻庵贫仍趪H發(fā)達國家尤其是美國的建立和完善極大促進了本國證券市場繁榮，被廣泛應用到證券非公開發(fā)行各個環(huán)節(jié)中，這不是個別國家的偶然現(xiàn)象，而是由證券非公開發(fā)行的本質決定的�；砻庵贫鹊谋举|在于給發(fā)行人充分自由，使其低成本地高效融資，解決企業(yè)發(fā)展的融資需要。因此，構建證券非公開發(fā)行豁免制度要從證券非公開發(fā)行的本質出發(fā)。 我國法律體系中雖未引入“非公開發(fā)行豁免”之概念，但是從我國立法成果來看，豁免制度已經(jīng)廣泛存在于我國法律體系中。然而，作為證券非公開發(fā)行制度中的一項重要制度，我國目前的豁免制度顯然不能滿足有效制度供給的需要，，我國的經(jīng)濟發(fā)展也迫切需要立法對豁免制度進行構建和完善。 通過法條分析、理論探討、比較法研究和歷史對比等方法，本文剖析出我國證券非公開法律制度依然存在很多問題亟待解決，如法律規(guī)范體系混亂、證券種類單一、概念邊界模糊、監(jiān)管模式保守、缺乏對發(fā)行對象即合格投資者的界定標準、缺乏信息披露的法律規(guī)制等。對此，本文建議應當以《證券法》為核心，建立協(xié)調統(tǒng)一的證券法律體系；進一步拓展《證券法》調整的證券范圍，迎合市場需求；明確界定公開發(fā)行與非公開發(fā)行范圍，構建合理的豁免模式；系統(tǒng)構建我國豁免制度的安全港標準；構建證券非公開發(fā)行豁免制度的信息披露機制。
[Abstract]:The financing system of non-public issuance of securities is an important part of the securities financing system in our country. Its core is registration / audit exemption. The exemption system is the most important institutional setting in the system of non-public issuance of securities. The biggest advantage of non-public issuance of securities lies in its low financing cost and high efficiency. Its theoretical premise and foundation is that the investors of non-public issuance have professional self-protection ability. Having professional investment knowledge and a good understanding of investment risk expectations, so as not to require a registration / audit system to protect them and to enable issuers to reduce their financing costs, The purpose of efficient financing. The establishment and perfection of the exemption system in the developed countries, especially the United States, has greatly promoted the prosperity of the domestic securities market, and has been widely used in all aspects of the non-public issuance of securities. This is not an accidental phenomenon of individual countries. The essence of the exemption system is to give the issuer sufficient freedom to raise funds efficiently and at a low cost, and to meet the financing needs of the development of the enterprise. In order to construct the exemption system of non-public issuance of securities, we should proceed from the essence of non-public issue of securities. Although the concept of "non-public exemption" has not been introduced into the legal system of our country, the exemption system has been widely existed in the legal system of our country from the point of view of the legislative achievements of our country. As an important system in the system of non-public issuance of securities, the current exemption system of our country obviously can not meet the demand of effective system supply, and the economic development of our country also urgently needs legislation to construct and perfect the exemption system. Through the methods of law analysis, theoretical discussion, comparative law research and historical contrast, this paper analyzes that there are still many problems to be solved in China's securities non-public legal system, such as the confusion of the legal norm system, the single type of securities, and so on. The concept boundary is blurred, the supervision mode is conservative, the definition standard of the issuing object, that is, the QFII, and the legal regulation of information disclosure are lacking. In this paper, it is suggested that the securities law should be taken as the core. To establish a coordinated and unified securities legal system; to further expand the scope of securities adjusted by the Securities Law to meet the needs of the market; to clearly define the scope of public and non-public issuance; to build a reasonable exemption model; The system constructs the safe harbor standard of the exemption system of our country and the information disclosure mechanism of the exemption system of non-public issuance of securities.
【學位授予單位】：華東政法大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：D922.287

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本文編號：1499560