【摘要】：美國本土公司在美國境內(nèi)IPO,在聯(lián)邦制的憲政結(jié)構(gòu)中,一般必須在聯(lián)邦與州(發(fā)行或銷售涉及的州)兩個(gè)層面同時(shí)注冊(聯(lián)邦或州豁免注冊的情形除外),這就是所謂的雙重注冊制(Dual Registration):聯(lián)邦注冊制以信息披露為主,聯(lián)邦證券監(jiān)管權(quán)限受到嚴(yán)格限定,而各州的證券發(fā)行監(jiān)管一百多年來普遍實(shí)行實(shí)質(zhì)審核,控制證券的投資風(fēng)險(xiǎn)。這是完整的美國本土公司IPO監(jiān)管制度。目前我國國內(nèi)教科書以是否存在實(shí)質(zhì)審核為標(biāo)準(zhǔn),將證券發(fā)行制度分為注冊制與核準(zhǔn)制,認(rèn)為美國的注冊制讓公司IPO不必經(jīng)受實(shí)質(zhì)審核,從而引以為中國本土IPO監(jiān)管改革的方向;而事實(shí)上,美國的雙重注冊制審核中充滿了實(shí)質(zhì)審核。中國公司赴美上市,屬于在美國的國際板上市,豁免州的注冊與實(shí)質(zhì)審查,只需要在聯(lián)邦注冊。若只從外在視角單向度觀察美國的IPO監(jiān)管制度,將限制人們認(rèn)識(shí)美國本土公司首發(fā)上市監(jiān)管制度的全貌。
[Abstract]:In a federal constitutional structure in the United States, American domestic companies generally have to be registered at both federal and state levels (except in cases where federal or state exemptions are granted). This is the so-called dual registration system, the (Dual Registration): federal registration system is mainly based on information disclosure, the federal securities regulatory authority is strictly limited, and the securities issuance regulation of the states has been generally subject to substantive review for more than 100 years. Control the investment risk of securities. This is a complete IPO regulatory system for local American companies. At present, our domestic textbooks divide the securities issuance system into registration system and approval system based on the standard of whether there is a substantial audit or not. It is believed that the registration system in the United States makes it unnecessary for IPO companies to undergo substantive audit. Therefore, it is the direction of China's local IPO regulatory reform; In fact, the dual registration system in the United States audit is full of substantive audit. Chinese companies listed in the United States are listed on international boards in the United States, exempt from state registration and substance review, and only need to be registered at the federal level. If we only observe the IPO regulatory system in the United States from an external angle of view, it will limit people's understanding of the overall situation of the regulatory system of the listing of American local companies.
【作者單位】： 清華大學(xué)法學(xué)院;
【分類號(hào)】：F832.51

【共引文獻(xiàn)】

相關(guān)期刊論文 前10條

1 曾世紅;;證券交易機(jī)制研究[J];青年文學(xué)家;2011年17期

2 熊s，

本文編號(hào)：2406602