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一、存在问题 (一)面对证券市场的蓬勃发展,缺乏强有力的监管制度 中国证券市场尚处于发展初期,各种规章制度在试行之中。同时由于理论界的不同观点,《证券法》、《证券交易法》等有关法规难以出台,而各省、市、部门制订的证券管理办法和条件,不仅有待完善,而且各自为政,影响了对全国证券市场的统一管理。虽然目前中国证券会已开始接管原来由人行等机构执行对证券市场监管的职能,但管理行为仍显得无序和紊乱,并缺乏应有的力度。加上中国证券交易所和交易中心分散在全国各地,由地方政府和证监会实行双重领导,使交易所难以在地方利益和中央利益相悖时做出正确取舍。 (二)部分上市公司为实现自身利益,违规行为层出不穷 公司把取得上市资格看成筹取资金的重要手段,却忽视证券市场对公司改制的作用。公司的上市实际上就是一次“圈钱运动”。正因此,有的公司在招股说明书上大作文章,甚至有公司为提高发行价格,在上市前把处于闹市中心土地出售,使发行新股前一会计年度获得巨额投资收益,从而提高每股收益,提高了发行价;也有的公司为取得配股资格,冒着被处罚的风险,串通会计师事务所等中介机构修改上市公司报表等。上市公司的这种行为极大的损害了投资者的利益,也带来了证券市场不规范的隐患。 (三)证券市场
I. Problems (I) Faced with the booming stock market, the lack of a strong regulatory regime China’s securities market is still in the early stages of its development, and various rules and regulations are under trial. At the same time, due to the different viewpoints of theorists, the relevant laws and regulations such as the Securities Law and the Securities Exchange Act are difficult to be promulgated. However, the securities management methods and conditions formulated by provinces, municipalities and departments not only need to be perfected, but also make their own merits, Unified management of the market. Although China Securities Regulatory Commission (CSRC) has begun to take over the functions of supervision by the PBOC and other agencies on the stock market, the management behavior remains disorderly and disorderly and lacks due diligence. In addition, the Chinese stock exchanges and trading centers are scattered all over the country and are under the dual leadership of the local governments and the CSRC, making it difficult for exchanges to make the right choices when the interests of the locality and the central interests run counter to each other. (B) some listed companies in order to achieve their own interests, irregularities emerging companies to obtain listed as an important means of raising funds, but ignored the stock market on the company’s restructuring. The company’s listing is actually a “misappropriating campaign.” Because of this, some companies made a fuss about the prospectus. Even companies that raise the issue price to raise the investment yield of a single fiscal year prior to the sale of the land in downtown areas and IPO of new shares increase the earnings per share and increase The issue price; some companies to obtain rights issue, risking the risk of being punished, collusive CPAs and other intermediary agencies to amend the statements of listed companies. This behavior of listed companies has greatly damaged the interests of investors, but also brought about the hidden dangers of the securities market is not standardized. (C) the stock market