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从核准制到注册制应转变股票发行权、价值取向、资源配置和监管的理念。证券法修订草案以信息披露为中心,要求监管机构超然于价值判断之外,只对发行上市进行形式审查,将实质审查下移给中介机构。规定了股票发行、上市各自独立注册与发行与上市一体化注册并存的折中模式,兼顾了不同需要,提高了效率。我国须划清政府与市场的边界,重塑中介机构的角色,引导理性投资,培育合理的投资结构,健全投资者保护的惩罚和救济机制,才能营造注册制运作的良好环境。
From the approval system to the registration system should change the concept of stock rights, value orientation, resource allocation and supervision. The draft revision of the securities law focuses on the disclosure of information. It requires the supervisory authority to go beyond the value judgments to conduct a formal examination of the issuance and listing and move the substantive examination down to the intermediary agencies. It stipulates the compromise model of independent registration of the issuance and listing of shares and the co-existence of issuance and listing, taking into consideration different needs and improving efficiency. Only by delimiting the boundary between government and market, we can reshape the role of intermediary institutions, guide rational investment, foster a reasonable investment structure, improve the punishment and relief mechanism for investor protection, and create a good environment for the registration system.