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一国的制度安排具有互补性,即每种制度都 与其他制度保持着相互依存性。股票发行制度 同样需要其他制度的配合。在大的体制环境未 发生重大变化的情况下,现行股票发行制度的改 革就只能是一种过渡性安排。从根本方向上讲, 股票发行制度改革要与政府体制改革相配套和 相一致。从具体内容上讲,股票发行制度要逐步 减少行政干预色彩并向注册制过渡。目前,我国 证券市场发展尚处于初级阶段,实施核准制符合 我们渐进改革的要求,我们切不可拔苗助长,要 做好充分的心理准备。
The institutional arrangements in a country are complementary, that is, each system is interdependent with other systems. Equity issuance system also needs the cooperation of other systems. In the absence of any major changes in the institutional environment, the current reform of the stock issuance system can only be a transitional arrangement. From a fundamental point of view, the reform of the stock issuance system should be compatible with and consistent with the reform of the government system. Speaking from the specific content, the stock issuance system should gradually reduce the color of administrative intervention and the transition to the registration system. At present, the development of the securities market in our country is still at an early stage. The implementation of the approval system conforms to the requirements of our gradual reform. We must not make any mistakes but also make full preparations.