论文部分内容阅读
注册制改革是从行政主导向市场主导转变,建立一个以市场为主导的新股发行制度。其本质是明晰政府与市场的边界,政府放权,回归到维护公平、公开、透明的市场环境这一监管角色。李克强总理在今年的政府工作报告中指出,要“实施股票发行注册制改革”。对比去年政府工作报告中“推进”二字,这一表述被解读为注册制将在2015年落地。如今注册制的脚步声愈加清晰,最新消息显示,证监会发审委即将解散,取而代之的是交易所各自组建的聆讯质询委员会,对股票发行企业做形式上的审查。
The registration system reform is to change from executive-led to market-oriented and establish a market-led IPO system. Its essence is to clarify the boundary between the government and the market and the government to delegate power back to the regulatory role of maintaining a fair, open and transparent market environment. In his government work report this year, Premier Li Keqiang pointed out that it is necessary to “reform the registration system for stock issuance.” Compared with the words “promotion” in the government work report last year, this expression is interpreted as a registration system that will take place in 2015. The footsteps of the registration system now become clearer. The latest news shows that the Commission will soon dissolve its issuance examination committee and replace it with a hearing panel set up by the exchanges to conduct a formal review of the stock issuers.