本文選題：證券市場(chǎng)中介機(jī)構(gòu)　切入點(diǎn)：看門人　出處：《現(xiàn)代法學(xué)》2017年04期 　論文類型：期刊論文

【摘要】：在我國(guó)股票發(fā)行注冊(cè)制改革的歷史機(jī)遇下,證券市場(chǎng)中介機(jī)構(gòu)在保護(hù)投資者利益方面的作用更加凸顯。但在實(shí)踐中,"委托—代理"關(guān)系畸形、聲譽(yù)約束機(jī)制失靈和違法違規(guī)成本低廉等三方面原因?qū)е伦C券市場(chǎng)中介機(jī)構(gòu)IPO違法違規(guī)行為頻發(fā),并進(jìn)一步形成證券市場(chǎng)中介機(jī)構(gòu)回歸"看門人"角色本位的桎梏。從制度根源上,應(yīng)改變既有的發(fā)行人委任模式,重構(gòu)以證監(jiān)會(huì)為委任人的"委托—代理"關(guān)系。同時(shí)從營(yíng)造自由競(jìng)爭(zhēng)的市場(chǎng)環(huán)境和加大力度方便投資者查詢聲譽(yù)信息兩方面推進(jìn),建立市場(chǎng)化的聲譽(yù)約束機(jī)制。此外,還應(yīng)完善責(zé)任約束機(jī)制,建立民事責(zé)任、行政責(zé)任、刑事責(zé)任三者形成良好銜接的責(zé)任格局。
[Abstract]:In the historical opportunity of the reform of the registration system of stock issuance in China, the role of securities market intermediary organizations in protecting the interests of investors is more prominent, but in practice, the relationship between "principal-agent" is deformed. The failure of reputation restraint mechanism and the low cost of violating laws and regulations lead to the frequent illegal behavior of IPO in the securities market. And further form the shackles of the return of intermediary institutions in the securities market to the "gatekeeper" role-based. From the root of the system, the existing mode of issuer appointment should be changed. Reconstructing the "principal-agent" relationship with CSRC as its appointees. At the same time, it promotes the establishment of a market-oriented reputation constraint mechanism from two aspects: creating a free competitive market environment and making it easier for investors to query reputation information. It is also necessary to perfect the liability restraint mechanism and establish a good liability pattern of civil liability, administrative liability and criminal liability.
【作者單位】： 廈門大學(xué)法學(xué)院;
【基金】：2017年度國(guó)家社科基金項(xiàng)目“新發(fā)展理念下中國(guó)金融機(jī)構(gòu)社會(huì)責(zé)任立法問題研究”(17BFX009) 廈門大學(xué)“中央高�；究蒲袠I(yè)務(wù)費(fèi)專項(xiàng)資金資助”(20720151038)
【分類號(hào)】：D922.297;F832.51

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