本文選題：IPO + 核準(zhǔn)制��； 參考：《安徽大學(xué)》2017年碩士論文

【摘要】：隨著我國多層次資本市場(chǎng)的不斷發(fā)展,當(dāng)前的股票發(fā)行制度已經(jīng)逐漸無法適應(yīng)資本市場(chǎng)的發(fā)展需求。注冊(cè)制作為成熟股票市場(chǎng)普遍采取的一種股票發(fā)行制度,成為我國股票發(fā)行制度市場(chǎng)化改革的方向。2013年11月,中共十八屆三中全會(huì)發(fā)布《中央關(guān)于全面深化改革若干重大問題的決定》,提出推進(jìn)我國股票發(fā)行注冊(cè)制改革的意見。2014年上半年,國務(wù)院先后發(fā)布了 "國六條"和新"國九條",提出要積極穩(wěn)妥地推進(jìn)我國股票發(fā)行注冊(cè)制改革。同年11月,李克強(qiáng)總理在國務(wù)院常務(wù)會(huì)議上指出:"抓緊出臺(tái)股票發(fā)行注冊(cè)制改革方案,取消股票發(fā)行持續(xù)盈利條件,降低小微和創(chuàng)新型企業(yè)上市門檻。"緊接著,在2015年全國證券期貨監(jiān)管工作會(huì)議上,注冊(cè)制改革作為2015年資本市場(chǎng)頭等大事被提上議事日程。本文通過介紹我國股票發(fā)行制度的實(shí)踐,發(fā)現(xiàn)我國的股票發(fā)行審核制度是隨著我國證券市場(chǎng)的發(fā)展而不斷變革的。在證券市場(chǎng)發(fā)展初期,股票發(fā)行核準(zhǔn)制度能夠在一定程度上防止經(jīng)營業(yè)績(jī)差的不良證券進(jìn)入市場(chǎng),為獲準(zhǔn)發(fā)行證券的投資價(jià)值提供一定的保障,從而有利于保護(hù)投資者權(quán)益,穩(wěn)定證券市場(chǎng)的秩序[1]。但是,隨著我國證券市場(chǎng)的不斷成熟,核準(zhǔn)制在股票發(fā)行過程中存在的弊病開始凸顯出來,使得我國股票發(fā)行審核制度越來越難以適應(yīng)當(dāng)今中國的經(jīng)濟(jì)體制,股票發(fā)行制度注冊(cè)制改革勢(shì)在必行。然而,就當(dāng)前的國內(nèi)和國際大環(huán)境來看,注冊(cè)制改革不可能一步到位,它必然要經(jīng)歷一個(gè)漸進(jìn)的過程,應(yīng)當(dāng)隨著各項(xiàng)配套制度的改革而逐步推進(jìn),從而為最終實(shí)現(xiàn)注冊(cè)制提供一個(gè)緩沖期。那么具體如何實(shí)現(xiàn)我國股票發(fā)行制度由核準(zhǔn)制向注冊(cè)制的平穩(wěn)過渡呢?他山之石,可以攻玉。采用何種發(fā)行制度雖然是由本國的證券市場(chǎng)發(fā)育水平和監(jiān)管體制所決定的[2],而各國的資本市場(chǎng)成熟度、社會(huì)歷史背景也存在著較大的差異,但學(xué)習(xí)成熟的股票發(fā)行注冊(cè)制經(jīng)驗(yàn)可以帶給我們很多啟迪,同時(shí)提供給我們一個(gè)參照物,促使我們思考和行動(dòng)。因此,本文以注冊(cè)制的成熟典范,資本市場(chǎng)巨頭——美國為例,通過介紹美國股票發(fā)行注冊(cè)制的運(yùn)行環(huán)境,對(duì)比反思我國當(dāng)前不具備立即實(shí)行注冊(cè)制的相關(guān)條件以及為加快注冊(cè)制實(shí)施的腳步,我們需要在配套措施方面做哪些努力。需要強(qiáng)調(diào)的是,雖然美國股票注冊(cè)制能夠與更高的市場(chǎng)發(fā)育程度相適應(yīng),但不代表注冊(cè)制就是完美無瑕的,注冊(cè)制本身也存在著難以避免的缺陷,所以我國股票發(fā)行核準(zhǔn)制在向注冊(cè)制變革的過程中決不能照搬美國模式,而應(yīng)在學(xué)習(xí)美國做法的基礎(chǔ)上,根據(jù)我國國情和監(jiān)管經(jīng)驗(yàn),取其精華,去其糟粕,從而走出一條獨(dú)具中國特色的IPO注冊(cè)制改革道路。
[Abstract]:With the continuous development of the multi-level capital market in China, the current stock issuing system has been gradually unable to adapt to the demand for the development of the capital market. The registered production is a common stock issuing system adopted in the mature stock market, which has become the direction of the market reform of the stock issuing system in China in November.2013, and the Communist Party of China issued in the third Plenary Session of the 18th CPC Central Committee. In the first half of.2014, the State Council issued the "six countries" and the new "nine countries" in the first half of the year. The State Council proposed to actively and steadily promote the reform of the stock issuance system in China. In November of the same year, Premier Li Keqiang was standing in the State Council. The meeting pointed out: "pay close attention to the reform plan of the stock issuance registration system, cancel the continuous profit conditions of the stock issue and reduce the threshold of the small and innovative enterprises to go on the market." then, at the national securities and futures regulatory conference in 2015, the reform of the registration system was put on the agenda as the top priority of the capital market in 2015. The practice of the system of stock issuance in China has found that the system of stock issuance and auditing in China is constantly changing with the development of China's securities market. In the early stages of the development of the securities market, the approval system of stock issuance can prevent the bad securities from poor operating performance into the market to a certain extent and provide a certain value for the investment value of the approved issue of securities. It is beneficial to protect the rights and interests of investors and stabilize the order of the securities market. However, with the continuous maturity of the securities market in China, the drawbacks of the approval system in the process of stock issuance have become prominent, which makes it more and more difficult for China's stock issuing and auditing system to adapt to the economic system of today's China, and the stock issue system is injected into the [1].. The reform of the book system is imperative. However, as far as the current domestic and international environment is concerned, the reform of the registration system is unlikely to be in place. It is bound to experience a gradual process and should be progressively promoted with the reform of the various supporting systems, so as to provide a buffer period for the final realization of the registration system. What kind of issuing system is determined by the development level of the domestic securities market and the regulatory system of [2], while the maturity of the capital market and the social and historical background of various countries are different, but the mature stock issuance registration system is a mature system. Experience can bring us a lot of enlightenment, and provide us with a reference, which encourages us to think and act. Therefore, this paper, taking the mature model of the registration system and the capital market giant as an example, introduces the operating environment of the American stock issuance registration system, and contrasts the correlation of the immediate registration system in China. We need to emphasize what we need to do in supporting measures in order to accelerate the implementation of the registration system. It should be emphasized that although the US stock registration system can adapt to the higher market development, it does not represent the perfection of the registration system, and the registration system itself has an unavoidable defect. In the course of the change to the registration system, the issuing and approval system must not copy the American model, but on the basis of learning the American practice, we should take the essence and go to the dross according to the national conditions and supervision experience of our country, so as to get out of the path of the reform of the IPO registration system with unique Chinese characteristics.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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本文編號(hào)：1911011