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美国证券法律严格禁止承销商发布研究报告,我国反而强制性要求承销商发布研究报告。在美国先发行后批准的注册制度下,美国监管机构禁止承销商发布研究报告源于对研究报告可能误导投资者的担心;在中国先核准后发行的核准制下,发行材料经过审阅和认可,中国证监会对研究报告误导投资者的担心大大减轻。美国对研究报告采取禁止态度还源于对研究独立性和券商内部利益冲突的担心,而中国对研究报告的鼓励态度缺乏长久持续的基础。
Under the securities law of the United States, it is strictly forbidden for underwriters to release research reports. Instead, China urges the underwriters to issue research reports. Under the registration system approved after the initial issuance in the United States, the U.S. regulatory agencies’ ban on underwriters from publishing research reports stems from concerns that the research report may mislead investors. Under the approval system that was first approved and issued by China, the issued materials were reviewed and approved, China Securities Regulatory Commission greatly ease the fear of misleading investors in the research report. The United States’ prohibition on research reports stems from concerns about research independence and conflicts of interest among brokerage firms. China’s lack of a long-lasting basis for its encouragement of research reports is still lacking.