發(fā)布時(shí)間：2018-04-28 05:30

  本文選題：預(yù)披露 + 靜默期��； 參考：《吉林大學(xué)》2011年碩士論文

【摘要】：現(xiàn)行《證券法》第一次確立了證券公開(kāi)發(fā)行預(yù)披露制度,然后在一些證監(jiān)會(huì)制定的法規(guī)中對(duì)證券公開(kāi)發(fā)行預(yù)披露制度作了細(xì)化,使得預(yù)披露制度能夠在實(shí)際中操作。作為一項(xiàng)較新的制度,證券公開(kāi)發(fā)行預(yù)披露制度在我國(guó)證券發(fā)行前,起到了社會(huì)監(jiān)督的作用。但現(xiàn)行法律法規(guī)對(duì)證券公開(kāi)預(yù)披露制度的規(guī)定還是比較少的,因此這項(xiàng)制度無(wú)法充分發(fā)揮其制度優(yōu)勢(shì)。 我國(guó)證券公開(kāi)發(fā)行審核制度正在向證券發(fā)行注冊(cè)制過(guò)渡,證券發(fā)行注冊(cè)制十分強(qiáng)調(diào)信息披露。證券公開(kāi)發(fā)行預(yù)披露制度作為一種信息披露制度,與證券發(fā)行注冊(cè)制的精神是一致的。要完善預(yù)披露制度,可以借鑒證券發(fā)行注冊(cè)制的典范——美國(guó)證券法的相應(yīng)制度。通過(guò)分析,證券公開(kāi)發(fā)行預(yù)披露制度與美國(guó)證券登記發(fā)行注冊(cè)的靜默期有很多相似之處,可以借鑒。從對(duì)靜默期的分析得到啟示,對(duì)完善預(yù)披露制度提出建議。本文分為四部分： 第一部分,我國(guó)證券公開(kāi)發(fā)行預(yù)披露制度概述。要想研究一個(gè)制度,必須首先弄清楚這個(gè)制度的特點(diǎn)、作用、理論基礎(chǔ)等最基礎(chǔ)的問(wèn)題,才能夠進(jìn)一步研究完善這一制度。在本文的第一部分中,先介紹了預(yù)披露制度的立法現(xiàn)狀,《證券法》和《首次公開(kāi)發(fā)行股票并上市管理辦法》等法律法規(guī)對(duì)預(yù)披露制度都有所規(guī)定,這些法律法規(guī)都是預(yù)披露制度的立法基礎(chǔ)。然后探討了證券公開(kāi)發(fā)行預(yù)披露制度的理論基礎(chǔ)。并且分別從對(duì)社會(huì)公眾投資者、申請(qǐng)發(fā)行證券的公司、證監(jiān)會(huì)的作用三個(gè)方面分析了證券公開(kāi)發(fā)行預(yù)披露制度的作用,預(yù)披露制度的設(shè)立促進(jìn)了這三個(gè)證券市場(chǎng)主體的發(fā)展。從根本上,預(yù)披露制度有利于我國(guó)證券公開(kāi)發(fā)行制度向高透明、高效率的方向發(fā)展,并能夠節(jié)約證券發(fā)行的成本,從而保障了證券發(fā)行市場(chǎng)的安全。預(yù)披露制度還能夠充分保護(hù)社會(huì)投資者的權(quán)益,防止社會(huì)投資者被欺詐�！蛾P(guān)于調(diào)整預(yù)披露時(shí)間的通知》公布之后,明確了預(yù)披露的時(shí)間,增強(qiáng)了預(yù)披露制度的可行性。 第二部分,借鑒美國(guó)證券法完善預(yù)披露制度。要借鑒美國(guó)證券法,應(yīng)該首先分析美國(guó)證券法的登記程序,才能夠找出與預(yù)披露制度相對(duì)應(yīng)的制度。作為證券發(fā)行注冊(cè)制的典范的美國(guó)證券法采用的是登記注冊(cè)制,這種登記注冊(cè)制分為三個(gè)時(shí)期：注冊(cè)說(shuō)明書(shū)送達(dá)前時(shí)期(re-filing period)、靜默期(waiting period)和注冊(cè)說(shuō)明書(shū)生效時(shí)期(post-effective period),這三個(gè)時(shí)期相互銜接,.構(gòu)成了一個(gè)完整的登記注冊(cè)制。通過(guò)對(duì)美國(guó)證券發(fā)行登記注冊(cè)制的分析,可以看出預(yù)披露制度與美國(guó)證券發(fā)行登記注冊(cè)制的靜默期有幾分相似,預(yù)披露制度可以借鑒美國(guó)證券登記注冊(cè)制的靜默期。 第三部分,美國(guó)證券法靜默期。為了更好地分析美國(guó)證券法靜默期,首先應(yīng)該弄明白美國(guó)證券法的禁止搶跑原則(Gun-jumping)。禁止搶跑原則(Gun-jumping)明確了在注冊(cè)說(shuō)明書(shū)生效之前,不可以對(duì)證券的價(jià)值進(jìn)行預(yù)測(cè),并且禁止形成銷(xiāo)售證券的要約和要約邀請(qǐng)。并且從四個(gè)方面明確了設(shè)置靜默期的目的。在靜默期可以通過(guò)路演推介宣傳證券,形成證券承銷(xiāo)團(tuán),從而為在注冊(cè)說(shuō)明書(shū)生效之后成功銷(xiāo)售證券做準(zhǔn)備。證券注冊(cè)發(fā)行靜默期在證券注冊(cè)發(fā)行的三個(gè)階段中起著承上啟下的重要作用。因此,美國(guó)證監(jiān)會(huì)特別規(guī)定了20天的靜默期,以在這段時(shí)間內(nèi)完成靜默期應(yīng)有的作用,從而提高證券市場(chǎng)的發(fā)行效率,增加證券市場(chǎng)的收益。 明確了設(shè)置靜默期的目的之后,介紹了在靜默期可以公布的幾種文件,這些文件分別是口頭要約、初步招股說(shuō)明書(shū)、簡(jiǎn)要招股說(shuō)明書(shū)、墓碑廣告和要約性招股說(shuō)明書(shū)。2005年美國(guó)證券法公開(kāi)發(fā)行改革放松了對(duì)靜默期公布文件的限制,對(duì)不同的發(fā)行人有不同的文件公布要求。發(fā)行人被分為合格發(fā)行人、不合格發(fā)行人。合格發(fā)行人被分為知名成熟發(fā)行人、成熟發(fā)行人和合格發(fā)行人。知名成熟發(fā)行人的概念對(duì)靜默期的影響最大,知名成熟發(fā)行人可以采取自動(dòng)擱置注冊(cè)。知名成熟發(fā)行人只要支付注冊(cè)費(fèi)用,可以注冊(cè)無(wú)限數(shù)量的證券。 第四部分,美國(guó)證券注冊(cè)發(fā)行靜默期對(duì)我國(guó)證券公開(kāi)發(fā)行預(yù)披露制度的啟示。我國(guó)證券發(fā)行預(yù)披露制度應(yīng)該借鑒美國(guó)證券注冊(cè)發(fā)行靜默期的制度設(shè)計(jì)。筆者認(rèn)為,可以從三個(gè)方面完善預(yù)披露制度：1.預(yù)披露制度不應(yīng)該只出現(xiàn)在證券首次公開(kāi)發(fā)行并上市程序中。在我國(guó)證券法中,預(yù)披露制度只是出現(xiàn)在證券首次公開(kāi)發(fā)行并上市的程序中,而在公司再次發(fā)行證券時(shí),因?yàn)榇嬖诔掷m(xù)信息披露制度,則不再需要預(yù)披露制度。通過(guò)理論上的分析,我國(guó)預(yù)披露制度不應(yīng)該只出現(xiàn)在證券首次公開(kāi)發(fā)行并上市的程序中。2.發(fā)掘預(yù)披露制度的宣傳功能。美國(guó)證券法靜默期公布的文件有宣傳證券的作用,但我國(guó)證券法明確禁止在證券核準(zhǔn)發(fā)行前宣傳證券。但預(yù)披露制度既然是一種信息披露制度就一定能夠起到宣傳證券的作用。本文從預(yù)披露制度宣傳證券功能的理論基礎(chǔ)和立法可行性兩個(gè)方面分析了預(yù)披露制度的宣傳證券功能。3.完善預(yù)披露制度與詢價(jià)制度的銜接。在美國(guó)證券靜默期,通過(guò)路演能夠完成對(duì)證券的定價(jià)行為。在我國(guó)證券公開(kāi)發(fā)行預(yù)披露制度之后的一個(gè)制度就是詢價(jià)制度,兩種制度緊密相連,因?yàn)樵儍r(jià)制度的基礎(chǔ)就是預(yù)披露制度披露的信息。在這一部分對(duì)完善我國(guó)證券發(fā)行過(guò)程中的電子路演提出了建議。 總之,我國(guó)證券公開(kāi)發(fā)行預(yù)披露要從多個(gè)方面進(jìn)行了完善。這是我國(guó)證券發(fā)行核準(zhǔn)制向注冊(cè)制過(guò)渡的必然要求,也是必然結(jié)果。完善我國(guó)證券公開(kāi)發(fā)行預(yù)披露制度有利于我國(guó)證券公開(kāi)發(fā)行核準(zhǔn)制向注冊(cè)制過(guò)渡。
[Abstract]:The current securities law has established the pre disclosure system for the first time, and then refines the pre disclosure system of the public securities issued by some regulations made by the SFC so that the pre disclosure system can be operated in practice. As a new system, the pre disclosure system of the securities public development bank plays an important role before the issuance of securities in China. However, the provisions of the current laws and regulations on the public disclosure of securities are still relatively small, so this system can not give full play to its institutional advantages.
The system of public issuance of securities in China is being transferred to the securities issue registration system. The registration system of securities issuance emphasizes information disclosure. The pre disclosure system of securities open issue is a kind of information disclosure system, which is consistent with the spirit of the securities issuance registration system. The corresponding system of American securities law. Through the analysis, there are many similarities between the pre disclosure system of the securities public issuance and the silent period of the registration and registration of the United States, which can be used for reference. From the analysis of the silence period, some suggestions are given to improve the system of pre disclosure. This paper is divided into four parts:
The first part is an overview of the pre disclosure system of China's securities open issue. In order to study a system, the first part of this paper, in the first part of this article, introduces the legislative status of the pre disclosure system, "Securities Law >" and "" The pre disclosure system, such as the first public issuance of stock and the management method of listing, is the basis of the pre disclosure system. Then the theoretical basis of the pre disclosure system of the public securities is discussed. And from the public investors, the companies that apply for the issuance of securities, and the SFC's work This paper analyzes the role of the pre disclosure system in three aspects. The establishment of the pre disclosure system promotes the development of the three securities market subjects. Fundamentally, the pre disclosure system is beneficial to the high transparency and high efficiency of the public securities issuing system in China, and can save the cost of securities issuance, thus ensuring the proof of the certificate. The pre disclosure system can also fully protect the rights and interests of the social investors and prevent the social investors from being fraudulent. After the announcement on the adjustment of the pre disclosure time, the pre disclosure time has been clarified and the feasibility of the pre disclosure system has been enhanced.
In the second part, we should use the American securities law to improve the pre disclosure system. To learn from the American securities law, we should first analyze the registration procedure of the securities law in the United States to find out the system that corresponds to the pre disclosure system. As a model of the securities issuance registration system, the American Securities Law adopts the registration system, which is divided into three categories. Period: the pre service period (re-filing period), the silent period (waiting period) and the period of the entry into force of the registration instructions (Post-effective period), the three periods joined together, and formed a complete registration system. Through the analysis of the registration system of the US securities issuance, the pre disclosure system and the American certificate can be seen. The silence period of coupon issuance registration system is somewhat similar, and the pre disclosure system can learn from the silent period of the US securities registration system.
The third part, the silent period of the American securities law. In order to better analyze the silent period of the securities law of the United States, we should first understand the principle of "Gun-jumping" in the United States Securities Law. The principle of prohibiting rush to run (Gun-jumping) can not predict the value of the certificate before the entry into force, and prohibit the formation of the sale of securities. The purpose of setting the silent period is clearly defined in four aspects. In the silent period, a road show can be used to introduce securities and form a securities underwriting group to prepare for the successful sale of securities after the entry into force. The silent period of the securities issuance and issuance of securities plays a link between the three stages of the securities registration issue. As a result, the CSRC specifically stipulates a 20 day silence period to complete the role of silence in this period, thus improving the efficiency of the stock market and increasing the earnings of the stock market.
After clarified the purpose of setting the silent period, it introduces several documents that can be published in the silent period, such as oral offer, preliminary prospectus, brief prospectus, tombstone advertising and the open issuance of American Securities Law in.2005. The issuer has different document disclosure requirements. The issuer is divided into a qualified issuer and a disqualified issuer. The issuer is divided into a well-known mature issuer, a mature issuer and a qualified issuer. The concept of a well-known mature issuer has the greatest impact on the silence period, and the well-known mature pedestrians can take automatic shelving and registration. Issuers can register an unlimited number of securities as long as they pay the registration fees.
The fourth part is the Enlightenment of the silent period of the United States securities issue on the pre disclosure system of the public issuance of securities in China. The system of pre disclosure of securities issuance in China should be drawn from the system design of the silent period of the United States securities registration and issuance. The author believes that the pre disclosure system can be perfected from three aspects: the 1. pre disclosure system should not only appear in the securities head. In the procedure of public issuance and listing, in our securities law, the pre disclosure system is only in the procedure of the initial public issuance and listing of securities, and the system of pre disclosure is no longer necessary because of the existence of a continuous disclosure system. In the procedure of the initial public issuance and listing of securities,.2. excavated the publicity function of the pre disclosure system. The documents published in the silent period of the United States Securities Law have the role of propagating securities, but our securities law explicitly prohibits the publicity of securities before the approval of the securities. From two aspects of the theoretical basis and legislative feasibility of the pre disclosure system, this paper analyzes the connection between the pre disclosure system and the inquiry system of the pre disclosure function.3.. In the silent period of the United States, the pricing behavior of the coupons can be completed through a road show. After the pre disclosure system, an inquiry system is an inquiry system, and the two systems are closely linked, because the basis of the inquiry system is the information disclosed by the pre disclosure system. In this part, it puts forward some suggestions on the improvement of the electronic road performance in the process of securities issuance in China.
In a word, the pre disclosure of China's securities open issue should be perfected from many aspects. This is the inevitable requirement and inevitable result of the transition from the approval system of securities issuing to the registration system in China.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類(lèi)號(hào)】：D922.287;F832.51

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