本文選題：保薦人制度　切入點(diǎn)：證券發(fā)行　出處：《上海經(jīng)濟(jì)研究》2010年11期

【摘要】：我國(guó)保薦人制度推出前,券商在證券市場(chǎng)的發(fā)行上市環(huán)節(jié)中僅僅扮演"推薦"一角,往往導(dǎo)致承銷(xiāo)時(shí)與其它中介機(jī)構(gòu)及發(fā)行人合謀造假,騙取上市資格,斂聚不義之財(cái)。而現(xiàn)行的保薦人制以"正式規(guī)則"的形式規(guī)定,擔(dān)任保薦人的券商機(jī)構(gòu)不僅要將擬上市公司扶上馬,還得護(hù)送一程,即持續(xù)承擔(dān)一系列擔(dān)保和監(jiān)督職責(zé),從而在一定程度上降低了道德風(fēng)險(xiǎn)的發(fā)生概率。從"推薦"到"保薦",作為證券發(fā)行制度改革和變遷的產(chǎn)物,保薦人制對(duì)于我國(guó)證券市場(chǎng)的長(zhǎng)足發(fā)展來(lái)說(shuō)無(wú)疑具有深遠(yuǎn)意義。然而,實(shí)踐操作中仍然存在部分保薦人"薦而不保"以及保薦過(guò)程中的嚴(yán)重利益輸送,卻折射出該制度本身依然存在著缺陷和弊端,制約了其應(yīng)有的效應(yīng)發(fā)揮。因此如何進(jìn)一步完善保薦制度的各項(xiàng)具體細(xì)則,強(qiáng)化保薦人的市場(chǎng)監(jiān)管,維持保薦人權(quán)利、義務(wù)與責(zé)任的對(duì)等平衡,都直接影響著我國(guó)公司發(fā)行上市效率乃至整個(gè)證券市場(chǎng)能否有效運(yùn)行。
[Abstract]:Before the introduction of the sponsor system in our country, the securities firms only played the role of "recommendation" in the process of issuing and listing in the securities market, which often led to collusion with other intermediary organizations and issuers in the underwriting to obtain listing qualifications and collect ill-gotten profits.The current system of sponsors, in the form of "formal rules," stipulates that securities agencies that act as sponsors not only need to support the companies to be listed, but also have to escort them for a long time, that is, to continue to undertake a series of guarantee and supervisory duties.Thus, the probability of moral hazard is reduced to a certain extent.From "recommendation" to "recommendation", as the product of the reform and change of the securities issuance system, the sponsor system is undoubtedly of far-reaching significance to the rapid development of China's securities market.However, in practice, there are still some sponsors "recommended but not insured" and serious interest transmission in the process of sponsorship, which reflects that the system itself still has defects and drawbacks, which restricts its due effect.Therefore, how to further improve the specific details of the sponsorship system, strengthen the market supervision of sponsors, and maintain the balance of rights, obligations and responsibilities of sponsors,Both of them directly affect the efficiency of our company's issuing and listing and even whether the whole securities market can operate effectively.
【作者單位】： 上海社會(huì)科學(xué)院經(jīng)濟(jì)研究所;
【分類(lèi)號(hào)】：F832.51

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