一、现行的证券监管制度及其存在的问题 １．证券发行监管制度。 早在１９９９年７月１日《证券法》中就规定，我国股票发行实行核准制，但直到２００１年３月中旬才开始真正实行由行政审批制向发行核准制转变，这是证券发行市场上重要的制度创新。但新制度的实行，并不能很快 First, the current securities regulatory system and its problems 1. Securities issuance supervision system. As early as July 1, 1999, “Securities Law” stipulated that China’s stock issuance should be subject to the approval system. However, it was not until mid-March 2001 that a real change from the administrative examination and approval system to the issuance examination and approval system was made. This is a matter on the securities issuance market Important institutional innovation. However, the new system can not be implemented quickly