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我国现行证券发行审核制度是以“发审委制度”和“保荐制度”为核心的审批制。在核准制代替审批制之初,其对证券市场的发展起到了一定的积极作用;然而,随着市场的发展,核准制所积累的弊端逐渐显露,其已不再适应资本市场的发展需求。本文从证券发行的一般理论出发,通过对现行核准制的弊端与注册制改革的可行性进行分析,得出应尽快将证券发行核准制改为注册削;进而通过对美国、香港等成熟市场相关经验的考察,和对中国相关制度和实践的分析,给出了注册制下相关制度的设计和安排。
The current system of examination and approval of securities issuance in our country is based on the examination and approval system with the core of “system of examination and approval” and “system of sponsorship”. However, with the development of the market, the drawbacks accumulated by the approval system are gradually revealed. They no longer meet the needs of the development of the capital market. This article, starting from the general theory of securities issuance, analyzes the defects of the current approval system and the feasibility of the registration system reform, and concludes that the issuance of the securities issuance approval system should be changed to registration cutting as soon as possible. Furthermore, through the correlation of mature markets such as the United States and Hong Kong, Experience inspection, and analysis of China’s relevant systems and practices, gives the design and arrangement of the relevant systems under the registration system.