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储架发行是美国的一种再融资监管方式,它允许上市公司一次注册,获得一次批准后,根据市场条件择机多次发行。通过设定主体资格等条件,美国储架发行制度允许守法、守信的上市公司采用便捷方式进行再融资,但并不排除不符合条件的上市公司通过传统的逐次注册、逐次发行的方式进行再融资。借鉴美国储架发行制度的经验,我国可以通过设定主体资格、界定适用交易类型、设置宽严不同的审批机制、规定繁简不同的申请文件等方式,为守法、守信的上市公司提供更为便捷的股权和债权的再融资渠道,通过正向激励方式促进上市公司的诚信建设。
Storage shelf issue is a kind of refinancing supervision mode in the United States, which allows listed companies once registered, once approved, according to market conditions, multiple choice issue. By setting the eligibility of the main body and other conditions, the US shelf distribution system allows compliance and trustworthy listed companies to adopt a convenient way to refinance, but does not rule out the ineligible of listed companies through the traditional successive registration, successive issuance of ways to refinance . Drawing on the experience of the American shelf distribution system, China can provide more compliance for listed companies that abide by the law and trustworthiness by setting the qualification of the main body, defining the applicable transaction types, setting up different approval mechanisms, Convenient equity and debt refinancing channels, through positive incentives to promote the integrity of listed companies.