证券发行是证券市场的第一道门槛,证券市场监管的首要和关键环节在于把住市场入口。证监会的《国九条》提出要建立和完善以信息披露为中心的股票发行制度,在这一制度下,审核机构只进行形式审查,强调事后监管,这与原来的证券发行有着本质的区别。为此,监管理念需要转变、一系列的配套措施需要建立,本文将从职权、责任、披露等方面进行相关制度的建设进行探析。 Stock issuance is the first threshold of the stock market. The primary and key link in the supervision of the stock market lies in the market entrance. The “CS9” proposed by the CSRC proposes to establish and improve the system of stock issuance focusing on information disclosure. Under this system, the auditing agency only conducts formal examination and emphasizes after-the-fact supervision. This is essentially different from the original issuance of securities. To this end, regulatory concepts need to change, a series of supporting measures need to be established, this article from the authority, responsibility, disclosure and other aspects of the construction of the system to conduct an analysis.