本文選題：IPO + 行政監(jiān)管��； 參考：《四川省社會科學(xué)院》2017年碩士論文

【摘要】：IPO(首次公開發(fā)行股票)作為我國多層次資本市場最為重要的板塊,也是市場經(jīng)濟(jì)資源配置重要方式之一,而證券行政監(jiān)管作為證券市場的有形之手,對于整個證券市場來說顯得尤為重要。證券行政監(jiān)管是多方面的,其主要體現(xiàn)在三個方面:行政立法、發(fā)行審核、行政執(zhí)法,三者相輔相成,缺一不可。行政立法為證券市場發(fā)展提供了法律保障,但是證券監(jiān)管機(jī)構(gòu)的法律主體地位、行政立法的合法性飽受爭議。目前我國股票發(fā)行采用核準(zhǔn)制,證券監(jiān)管機(jī)構(gòu)對發(fā)行人是否滿足上市條件進(jìn)行實質(zhì)審核,對于某些上市的軟性條件具有一定的自由裁量權(quán)。近些年來,證券監(jiān)管機(jī)構(gòu)對發(fā)行人、中介機(jī)構(gòu)等行政相對人的行政執(zhí)法力度明顯加大,行政處罰明顯增多,始終保持著高壓態(tài)勢。證券監(jiān)管機(jī)構(gòu)在對發(fā)行人核準(zhǔn)以及監(jiān)管過程中的自由裁量權(quán),人們對其權(quán)力行使是否扭曲,仍然保持了一份警醒。隨著證券市場的發(fā)展和政府對上市公司監(jiān)管價值目標(biāo)的變化,核準(zhǔn)制仍然需要繼續(xù)改革,即是近一兩年我國正在加快實施的IPO注冊制改革。在此改革過程中,如何做到IPO行政監(jiān)管的權(quán)力規(guī)范行使,同時又能實現(xiàn)監(jiān)管價值目標(biāo),平衡行政監(jiān)管主體、上市主體與投資者等不同主體之間的利益關(guān)系。筆者認(rèn)為,需要從行政立法、發(fā)行審核、行政執(zhí)法三個方面進(jìn)行制度完善,以更好地促進(jìn)IPO市場健康發(fā)展。
[Abstract]:IPO (initial public offering) is the most important plate of the multi-level capital market in our country, and it is also one of the important ways to allocate resources in the market economy, and the securities administrative supervision is the tangible hand of the securities market. For the entire securities market is particularly important. There are many aspects of securities administrative supervision, which are mainly reflected in three aspects: administrative legislation, issue audit and administrative law enforcement, which complement each other and are indispensable. Administrative legislation provides legal protection for the development of securities market, but the legal subject status of securities regulatory bodies and the legitimacy of administrative legislation are controversial. At present, the approval system is adopted in our country's stock issuance, and the securities regulatory body carries on the substantive examination to whether the issuer meets the listing conditions, which has certain discretion for some soft conditions of listing. In recent years, the securities regulatory agencies have significantly increased the enforcement of administrative law and penalties on the issuers, intermediary organizations and other administrative counterparts, and have always maintained a high-pressure situation. The discretion of securities regulators in the approval of issuers and in the process of supervision, and whether the exercise of their powers is distorted, remains a cautionary note. With the development of the securities market and the change of the value target of the government's supervision on the listed companies, the approval system still needs to be reformed, that is, the reform of the IPO registration system that our country is speeding up in the past one or two years. In the course of the reform, how to exercise the power of IPO administrative supervision, at the same time, can realize the goal of supervision value, balance the interest relationship between the main body of administrative supervision, listed subject and investor, etc. In order to promote the healthy development of IPO market, it is necessary to perfect the system from three aspects: administrative legislation, issue audit and administrative law enforcement.
【學(xué)位授予單位】：四川省社會科學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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本文編號：1818423