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本文对自2004年证券保荐制度实施以来,证监会、深交所、证券业协会共查处保荐机构和保荐代表人的72起保荐违法违规案件进行实证研究。本文对保荐违法违规案件的处罚特征进行了分析,并总结出我国目前针对保荐违法违规行为处罚制度存在的问题:处罚体系不完整,执法力度失之以软,对保荐人的威慑力不够;中介机构相互制衡机制未形成,保荐机构缺乏外部监督;保荐机构和保代之间权责配置不对称,“双罚”机制不合理;保荐人与发行人之间权责分配不清,因发行人失信等原因作为处罚依据不合理。据此,本文提出相应的完善建议:第一,采取刑事追责武器,增加监管威慑力;第二,吸纳中介机构成为监管执法的助手,使中介机构成为发现案件线索、防范违法违规行为的前线“岗哨”;第三,改革保荐责任制度,消除“双罚”制度的不合理;第四,细化对保荐人处罚的相关规定,明确发行入与保荐人之间的权责边界。
This article conducts an empirical study on 72 cases of sponsoring illegal activities investigated and dealt with by the CSRC, the Shenzhen Stock Exchange and the securities industry associations since the implementation of the securities sponsorship system in 2004. This article analyzes the punishment characteristics of cases of illegal and illegal sponsor, and summarizes the current problems in the system of punishment for illegal and guilty of sponsor in our country: the punishment system is not complete, the law enforcement is lost to soft, and the deterrent to the sponsor is not enough; Institutional mechanisms of checks and balances are not formed, the lack of external supervision of the sponsor agencies; sponsor agencies and Baodi distribution of power and responsibility between the asymmetry, “double fines” mechanism unreasonable; sponsor and distributor of the distribution of power and responsibility is not clear, due to the issuance Defective people and other reasons as a basis for punishment is unreasonable. Accordingly, this article puts forward the corresponding perfect suggestion: First, take the weapon of criminal responsibility, increase the deterrent force of supervision; Second, attract intermediary agencies to become the assistant of supervision and law enforcement, make the intermediary agencies become the frontlines of discovering the case clues and preventing illegal acts Third, reform the sponsor responsibility system to eliminate “double punishment ” system unreasonable; fourth, refine the relevant provisions of the sponsor penalties, a clear issue of rights and responsibilities between the sponsor boundary.