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虽然长期以来以“注册制”替代“核准制”的发行监管制度改革呼声一直存在,但理论界与监管层对我国证券发行制度改革中的“注册制”的理解并不一致,而且在对“注册制”的研究过程中,无论是理论界与实务界都缺少对“注册制”本身所应有的具体内容的研究。对此,本文从我国学界与监管层对“注册制”的不同主张出发,通过对现有证券发行监管制度的体制分析,在“发行监管”与“上市监管”监管分离的基础上对如何推动以“注册制”为方向的发行监管制度改革进行具体的监管内容研究与监管制度设计。
Although there has always been a voice of reform in the regulatory system of issuance that has been replaced by the “registration system” for a long time, the understanding of the “registration system” in the reform of the securities issuance system between the theoretical circles and regulators is not consistent , And in the process of studying the “registration system,” neither the theoretical nor the substantive circles study the specific contents of the “registration system” itself. In this regard, starting from the different opinions of the scholars and regulators on the “registration system” in our country, through the institutional analysis of the existing regulatory system of securities issuance, this paper analyzes the separation between the “issuance supervision” and “supervision of the listing” On the basis of how to promote the “registration system ” as the direction of the regulatory reform of the regulatory system to conduct specific regulatory research and regulatory design.