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IPO公开承诺的履行关切到投资者利益的保护和一级市场的信用建设。其中,单方承诺本质属于平等主体之间的私法律关系,却由于证券市场的特殊性,超越了相互制约和自主抗辩的私法自治理念,具有了外部监管和强制监管的正当性。公开承诺的监管体系和制度呈现出政府监管过于强势与监管权源缺失的问题。因此《证券法》修改构建公开承诺的监管制度时,应将有限的政府监管放在利用公开承诺实施欺诈交易的行为上,并修补监管权源问题。
The fulfillment of the public commitment to IPO concerns the protection of investors’ interests and the credit building in the primary market. However, due to the particularity of the stock market, the unilateral commitment goes beyond the concept of private law autonomy that restricts and autonomously defames each other and has the legitimacy of external supervision and compulsory supervision. The publicly promised regulatory system and system present the problem of too overriding government regulation and lack of regulatory power. Therefore, when the Securities Law changes the regulatory regime for establishing an open commitment, it should place limited government supervision on the use of public promises to carry out fraudulent transactions and fix the issue of the power of supervision.