本文選題：預披露 + 靜默期��； 參考：《吉林大學》2011年碩士論文

【摘要】：現(xiàn)行《證券法》第一次確立了證券公開發(fā)行預披露制度,然后在一些證監(jiān)會制定的法規(guī)中對證券公開發(fā)行預披露制度作了細化,使得預披露制度能夠在實際中操作。作為一項較新的制度,證券公開發(fā)行預披露制度在我國證券發(fā)行前,起到了社會監(jiān)督的作用。但現(xiàn)行法律法規(guī)對證券公開預披露制度的規(guī)定還是比較少的,因此這項制度無法充分發(fā)揮其制度優(yōu)勢。 我國證券公開發(fā)行審核制度正在向證券發(fā)行注冊制過渡,證券發(fā)行注冊制十分強調(diào)信息披露。證券公開發(fā)行預披露制度作為一種信息披露制度,與證券發(fā)行注冊制的精神是一致的。要完善預披露制度,可以借鑒證券發(fā)行注冊制的典范——美國證券法的相應制度。通過分析,證券公開發(fā)行預披露制度與美國證券登記發(fā)行注冊的靜默期有很多相似之處,可以借鑒。從對靜默期的分析得到啟示,對完善預披露制度提出建議。本文分為四部分： 第一部分,我國證券公開發(fā)行預披露制度概述。要想研究一個制度,必須首先弄清楚這個制度的特點、作用、理論基礎等最基礎的問題,才能夠進一步研究完善這一制度。在本文的第一部分中,先介紹了預披露制度的立法現(xiàn)狀,《證券法》和《首次公開發(fā)行股票并上市管理辦法》等法律法規(guī)對預披露制度都有所規(guī)定,這些法律法規(guī)都是預披露制度的立法基礎。然后探討了證券公開發(fā)行預披露制度的理論基礎。并且分別從對社會公眾投資者、申請發(fā)行證券的公司、證監(jiān)會的作用三個方面分析了證券公開發(fā)行預披露制度的作用,預披露制度的設立促進了這三個證券市場主體的發(fā)展。從根本上,預披露制度有利于我國證券公開發(fā)行制度向高透明、高效率的方向發(fā)展,并能夠節(jié)約證券發(fā)行的成本,從而保障了證券發(fā)行市場的安全。預披露制度還能夠充分保護社會投資者的權益,防止社會投資者被欺詐�！蛾P于調(diào)整預披露時間的通知》公布之后,明確了預披露的時間,增強了預披露制度的可行性。 第二部分,借鑒美國證券法完善預披露制度。要借鑒美國證券法,應該首先分析美國證券法的登記程序,才能夠找出與預披露制度相對應的制度。作為證券發(fā)行注冊制的典范的美國證券法采用的是登記注冊制,這種登記注冊制分為三個時期：注冊說明書送達前時期(re-filing period)、靜默期(waiting period)和注冊說明書生效時期(post-effective period),這三個時期相互銜接,.構成了一個完整的登記注冊制。通過對美國證券發(fā)行登記注冊制的分析,可以看出預披露制度與美國證券發(fā)行登記注冊制的靜默期有幾分相似,預披露制度可以借鑒美國證券登記注冊制的靜默期。 第三部分,美國證券法靜默期。為了更好地分析美國證券法靜默期,首先應該弄明白美國證券法的禁止搶跑原則(Gun-jumping)。禁止搶跑原則(Gun-jumping)明確了在注冊說明書生效之前,不可以對證券的價值進行預測,并且禁止形成銷售證券的要約和要約邀請。并且從四個方面明確了設置靜默期的目的。在靜默期可以通過路演推介宣傳證券,形成證券承銷團,從而為在注冊說明書生效之后成功銷售證券做準備。證券注冊發(fā)行靜默期在證券注冊發(fā)行的三個階段中起著承上啟下的重要作用。因此,美國證監(jiān)會特別規(guī)定了20天的靜默期,以在這段時間內(nèi)完成靜默期應有的作用,從而提高證券市場的發(fā)行效率,增加證券市場的收益。 明確了設置靜默期的目的之后,介紹了在靜默期可以公布的幾種文件,這些文件分別是口頭要約、初步招股說明書、簡要招股說明書、墓碑廣告和要約性招股說明書。2005年美國證券法公開發(fā)行改革放松了對靜默期公布文件的限制,對不同的發(fā)行人有不同的文件公布要求。發(fā)行人被分為合格發(fā)行人、不合格發(fā)行人。合格發(fā)行人被分為知名成熟發(fā)行人、成熟發(fā)行人和合格發(fā)行人。知名成熟發(fā)行人的概念對靜默期的影響最大,知名成熟發(fā)行人可以采取自動擱置注冊。知名成熟發(fā)行人只要支付注冊費用,可以注冊無限數(shù)量的證券。 第四部分,美國證券注冊發(fā)行靜默期對我國證券公開發(fā)行預披露制度的啟示。我國證券發(fā)行預披露制度應該借鑒美國證券注冊發(fā)行靜默期的制度設計。筆者認為,可以從三個方面完善預披露制度：1.預披露制度不應該只出現(xiàn)在證券首次公開發(fā)行并上市程序中。在我國證券法中,預披露制度只是出現(xiàn)在證券首次公開發(fā)行并上市的程序中,而在公司再次發(fā)行證券時,因為存在持續(xù)信息披露制度,則不再需要預披露制度。通過理論上的分析,我國預披露制度不應該只出現(xiàn)在證券首次公開發(fā)行并上市的程序中。2.發(fā)掘預披露制度的宣傳功能。美國證券法靜默期公布的文件有宣傳證券的作用,但我國證券法明確禁止在證券核準發(fā)行前宣傳證券。但預披露制度既然是一種信息披露制度就一定能夠起到宣傳證券的作用。本文從預披露制度宣傳證券功能的理論基礎和立法可行性兩個方面分析了預披露制度的宣傳證券功能。3.完善預披露制度與詢價制度的銜接。在美國證券靜默期,通過路演能夠完成對證券的定價行為。在我國證券公開發(fā)行預披露制度之后的一個制度就是詢價制度,兩種制度緊密相連,因為詢價制度的基礎就是預披露制度披露的信息。在這一部分對完善我國證券發(fā)行過程中的電子路演提出了建議。 總之,我國證券公開發(fā)行預披露要從多個方面進行了完善。這是我國證券發(fā)行核準制向注冊制過渡的必然要求,也是必然結果。完善我國證券公開發(fā)行預披露制度有利于我國證券公開發(fā)行核準制向注冊制過渡。
[Abstract]:The current securities law has established the pre disclosure system for the first time, and then refines the pre disclosure system of the public securities issued by some regulations made by the SFC so that the pre disclosure system can be operated in practice. As a new system, the pre disclosure system of the securities public development bank plays an important role before the issuance of securities in China. However, the provisions of the current laws and regulations on the public disclosure of securities are still relatively small, so this system can not give full play to its institutional advantages.
The system of public issuance of securities in China is being transferred to the securities issue registration system. The registration system of securities issuance emphasizes information disclosure. The pre disclosure system of securities open issue is a kind of information disclosure system, which is consistent with the spirit of the securities issuance registration system. The corresponding system of American securities law. Through the analysis, there are many similarities between the pre disclosure system of the securities public issuance and the silent period of the registration and registration of the United States, which can be used for reference. From the analysis of the silence period, some suggestions are given to improve the system of pre disclosure. This paper is divided into four parts:
The first part is an overview of the pre disclosure system of China's securities open issue. In order to study a system, the first part of this paper, in the first part of this article, introduces the legislative status of the pre disclosure system, "Securities Law >" and "" The pre disclosure system, such as the first public issuance of stock and the management method of listing, is the basis of the pre disclosure system. Then the theoretical basis of the pre disclosure system of the public securities is discussed. And from the public investors, the companies that apply for the issuance of securities, and the SFC's work This paper analyzes the role of the pre disclosure system in three aspects. The establishment of the pre disclosure system promotes the development of the three securities market subjects. Fundamentally, the pre disclosure system is beneficial to the high transparency and high efficiency of the public securities issuing system in China, and can save the cost of securities issuance, thus ensuring the proof of the certificate. The pre disclosure system can also fully protect the rights and interests of the social investors and prevent the social investors from being fraudulent. After the announcement on the adjustment of the pre disclosure time, the pre disclosure time has been clarified and the feasibility of the pre disclosure system has been enhanced.
In the second part, we should use the American securities law to improve the pre disclosure system. To learn from the American securities law, we should first analyze the registration procedure of the securities law in the United States to find out the system that corresponds to the pre disclosure system. As a model of the securities issuance registration system, the American Securities Law adopts the registration system, which is divided into three categories. Period: the pre service period (re-filing period), the silent period (waiting period) and the period of the entry into force of the registration instructions (Post-effective period), the three periods joined together, and formed a complete registration system. Through the analysis of the registration system of the US securities issuance, the pre disclosure system and the American certificate can be seen. The silence period of coupon issuance registration system is somewhat similar, and the pre disclosure system can learn from the silent period of the US securities registration system.
The third part, the silent period of the American securities law. In order to better analyze the silent period of the securities law of the United States, we should first understand the principle of "Gun-jumping" in the United States Securities Law. The principle of prohibiting rush to run (Gun-jumping) can not predict the value of the certificate before the entry into force, and prohibit the formation of the sale of securities. The purpose of setting the silent period is clearly defined in four aspects. In the silent period, a road show can be used to introduce securities and form a securities underwriting group to prepare for the successful sale of securities after the entry into force. The silent period of the securities issuance and issuance of securities plays a link between the three stages of the securities registration issue. As a result, the CSRC specifically stipulates a 20 day silence period to complete the role of silence in this period, thus improving the efficiency of the stock market and increasing the earnings of the stock market.
After clarified the purpose of setting the silent period, it introduces several documents that can be published in the silent period, such as oral offer, preliminary prospectus, brief prospectus, tombstone advertising and the open issuance of American Securities Law in.2005. The issuer has different document disclosure requirements. The issuer is divided into a qualified issuer and a disqualified issuer. The issuer is divided into a well-known mature issuer, a mature issuer and a qualified issuer. The concept of a well-known mature issuer has the greatest impact on the silence period, and the well-known mature pedestrians can take automatic shelving and registration. Issuers can register an unlimited number of securities as long as they pay the registration fees.
The fourth part is the Enlightenment of the silent period of the United States securities issue on the pre disclosure system of the public issuance of securities in China. The system of pre disclosure of securities issuance in China should be drawn from the system design of the silent period of the United States securities registration and issuance. The author believes that the pre disclosure system can be perfected from three aspects: the 1. pre disclosure system should not only appear in the securities head. In the procedure of public issuance and listing, in our securities law, the pre disclosure system is only in the procedure of the initial public issuance and listing of securities, and the system of pre disclosure is no longer necessary because of the existence of a continuous disclosure system. In the procedure of the initial public issuance and listing of securities,.2. excavated the publicity function of the pre disclosure system. The documents published in the silent period of the United States Securities Law have the role of propagating securities, but our securities law explicitly prohibits the publicity of securities before the approval of the securities. From two aspects of the theoretical basis and legislative feasibility of the pre disclosure system, this paper analyzes the connection between the pre disclosure system and the inquiry system of the pre disclosure function.3.. In the silent period of the United States, the pricing behavior of the coupons can be completed through a road show. After the pre disclosure system, an inquiry system is an inquiry system, and the two systems are closely linked, because the basis of the inquiry system is the information disclosed by the pre disclosure system. In this part, it puts forward some suggestions on the improvement of the electronic road performance in the process of securities issuance in China.
In a word, the pre disclosure of China's securities open issue should be perfected from many aspects. This is the inevitable requirement and inevitable result of the transition from the approval system of securities issuing to the registration system in China.

【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2011
【分類號】：D922.287;F832.51

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