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第四轮新股发行制度改革以行政干预定价和强化中介责任两个维度展开,体现了投资者保护的改革逻辑,在此基础上,监管机构要求发行人和中介服务机构对投资者权利进行针对性保护,并行使行政处罚权对中介机构违法行为予以规制。干预定价的政策导向和律师法律责任的扩张解释助推了新股发行以来的乱局,而以信托市场的刚性兑付、债券市场的违约兜底、银行业的大而不倒、股票市场的退出不畅为代表的市场怪相,则是“过度保护投资者”之路径依赖的典型衍生品。理性的新股改革方向,必须明定投资者保障的边界、赋予证券监管机构中立化定位和单一化价值取向,在此基础上,以法律的稳定性来约束规则的适应性,以此来调整证券监管规则中的民粹主义倾向。
The reform of the fourth round of IPO system launches in two dimensions: the pricing of administrative interventions and the strengthening of intermediary responsibilities, which reflects the reform logic of investor protection. On this basis, regulators require issuers and intermediary service agencies to target investors’ rights Protect and exercise the power of administrative penalty to regulate the illegal acts of intermediaries. The policy orientation of intervention pricing and the expansion of lawyers’ legal liability have encouraged the chaos since the issuance of new shares. However, due to the rigidity of the trust market, the default of the bond market, the collapse of the banking industry and the withdrawal of the stock market As the representative of the market weird, it is “overprotective investors ” path dependent on the typical derivatives. Rational direction of the reform of new shares, we must define the boundaries of investor protection, to give securities regulators a neutral position and a single value orientation, on this basis, the stability of the law to restrain the rules of adaptability, in order to adjust the securities regulatory Populist tendencies in the rules.