發(fā)布時(shí)間：2018-02-08 16:13

  本文關(guān)鍵詞： IPO 審批制 核準(zhǔn)制 注冊(cè)制 改革　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：我國(guó)首次公開(kāi)發(fā)行股票(簡(jiǎn)稱IPO)核準(zhǔn)制起源于具有濃厚行政色彩的審批制,自身存在著不少問(wèn)題。我國(guó)IPO發(fā)行制度于1990到2000年一直是運(yùn)用行政審批制。而我國(guó)IPO發(fā)行核準(zhǔn)制正式啟用于2001年3月17日�，F(xiàn)今,我國(guó)的核準(zhǔn)制保留了濃重的審批制色彩,隨之而來(lái)的是各種弊端。首先,由于我國(guó)政府對(duì)于擬上市企業(yè)進(jìn)行嚴(yán)格的審核程序,政府把所有責(zé)任往身上攬,社會(huì)就容易變懶,因此投資者對(duì)政府產(chǎn)生很強(qiáng)的依賴感,自身對(duì)風(fēng)險(xiǎn)的評(píng)估能力變得很弱。其次,政府審核過(guò)于嚴(yán)格,一些十分具有發(fā)展前景但暫時(shí)不符合上市條件的小企業(yè)往往被阻擋在上市門(mén)檻之外。第三,證券監(jiān)管部門(mén)事無(wú)巨細(xì)將權(quán)責(zé)統(tǒng)統(tǒng)攬上身,極易導(dǎo)致“尋租”現(xiàn)象。最后,證券監(jiān)管部門(mén)重視事前審核,對(duì)于企業(yè)上市后的監(jiān)管機(jī)制過(guò)于松散,容易導(dǎo)致上市公司出現(xiàn)“脫軌”現(xiàn)象。中國(guó)前任證監(jiān)會(huì)主席郭樹(shù)清在2012年曾因一句話引出一個(gè)延續(xù)了十幾年并頗受熱議的話題：IPO不審行不行?因此,徹底廢除IPO審批制,轉(zhuǎn)向注冊(cè)制的條件是否已經(jīng)成熟成為熱烈討論和研究的話題。而改革,已經(jīng)成為當(dāng)前中國(guó)證券市場(chǎng)最熱門(mén)的詞匯 本文正是在這種背景下,在總結(jié)和回顧了國(guó)內(nèi)外已有文獻(xiàn)的基礎(chǔ)之上,對(duì)IPO管理制度的改革與否作出比較研究。
[Abstract]:The approval system of IPO in China originates from the examination and approval system with strong administrative color. There are many problems in our country. From 1990 to 2000, China's IPO issuance system has been using the administrative examination and approval system. However, our country's IPO issue approval system was officially launched on March 17th 2001. Nowadays, our country's approval system retains a strong color of examination and approval system. There are all sorts of drawbacks that follow. First of all, because our government carries out a strict vetting procedure for the enterprises to be listed, the government takes all the responsibilities on it, and society tends to become lazy, so investors have a strong sense of dependence on the government. Their ability to assess risks has become weak. Second, government scrutiny is too strict, and small businesses that have very good prospects but do not meet the listing criteria for the time being are often blocked from the listing threshold. Third, The securities regulatory authorities take all their powers and responsibilities into account, which can easily lead to "rent-seeking". Finally, the securities regulatory authorities attach importance to prior examination, and the regulatory mechanism after the listing of enterprises is too loose. Guo Shuqing, the former chairman of China's Securities Regulatory Commission, in 2012, led to a topic that lasted for more than a decade and received heated discussion: is it OK not to review the IPO? Therefore, abolishing the IPO approval system completely and turning to the registration system has become a hot topic of discussion and research. Reform has become the hottest word in China's securities market. Under this background, this paper makes a comparative study on the reform of IPO management system on the basis of summarizing and reviewing the existing literature at home and abroad.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D630;F832.51

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本文編號(hào)：1495840