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论文编号：	6765
作者编号：	2120122717
上传时间：	2014/12/5 23:21:49
中文题目：	中国新股发行注册制改革对于发行人及中介机构影响研究
英文题目：	Research on the Influences to the Issuer and Agencies from Stock Issuing Registration System Reform
指导老师：	覃家琦
中文关键字：	注册制改革、利益相关者、发行人、中介机构、改革政策、股票发行、政策建议
英文关键字：	Registration system reform; the stakeholders the share issuer; the agency?institution; the reform policy; the stock issue; suggestions and countermeasures
中文摘要：	我国证券市场起步较晚，随着经济发展的进程而不断探索、发展。正因国情不同，所借鉴和适应的股票发行制度伴随着证券市场所适应的经济发展需要而进行着或大或小的调整。近年来我国股票发行市场监管环节干预过多的弊端日益显现，股票发行整体面临前期申报关卡过多、申报中期监管不到位及发行资源稀缺导致发行价畸高未能正常、客观反映企业价值从而降低投资者长线投资的信心、丧失发挥资本市场资源优化配置的基础功能。 从学习西方成熟资本市场的股票发行制度角度，我国高度行政干预的现行股票发行制度--核准制亟需向更加市场化的注册制进行转变。基于现状，近几年对于新股发行注册制的呼声迭起，适应股票发行制度改革的市场条件日趋成熟。股票发行改革的历史车轮正毫不迟疑地向前行进，对于股票发行改革过程中的政策红利研究、改革对于过程主要利益相关者的影响研究显得日趋重要。 本文从剖析新股发行中的的主动方，即发行人及其配合的股票发行中介机构两方，从发行人门槛、融资方式和发行节奏及中介机构职责变化和业务方向予以分析，尝试在该环境下详细重点阐述此次改革所能给新股发行主动人，即发行人及中介机构带来的宏观影响，从而得出对于股票发行的另两方从动利益方，即投资者和监管机构提出相关政策建议。 本文分析了我国证券市场已施行的股票发行制度，即审批制、核准制，对于股票发行核准制下日益产生的问题和对应改革方向进行了相应阐述，对三种制度特质进行了归纳和总结，从而肯定了改革的必要性，同时通过分析新股新股发行注册制改革对发行人和中介机构方各个层面的影响，能够挖掘各相关方改革后对于股票发行工作的重点和方向把握，并提出了相应的建议和解决对策，在具体工作中有一定的指导作用。
英文摘要：	China started late on securities market, which explores and develops continuously along with the economic development. Because of specific national condition and different phases in economic development, China has experienced some adjustments on the stock-issuance system. In recent years, the disadvantages of excessive intervention on stock offering supervision have emerged in China. The stork offering faces a strong administrative intervention in the early phase of application and a weak subsequent regulation. Due to the scarcity of the new issues, the investors cannot tell the real value of the enterprise, which reduce the confidence of the investors for the long term investment and optimization the allocation of resources, the basic function of capital market, has been weakened. From learning stock issuance system in the western mature capital market , China’s current issuance system--Authorized System, which has high administrative intervention, needs to shift to a more market-oriented one, i.e. Registration System. Based on the current situation, calls for the Registration System occur repeatedly in recent years, and the market conditions to adapt to stock issuance system reform has become mature. Stock issuance reform is marching forward without hesitation, and the importance for studying the policy in the process of stock issuance reform and the influences for the related stakeholders has increased. This paper analyzes the stakeholders of the stock issuance system reform, namely, issuers and the share issuance agencies from the aspects of issuing threshold, financing and rhythm of stock offering and responsibilities and regulatory direction and strength of the intermediary agencies and attempts to mainly expound the macroeconomic effects brought to the share issuer and agency?institutions, with the help of the analysis, mains to supply some suggestions to the investors and regulators. This paper analyzes the stock issuance systems that the securities market in our country has implemented , namely, Approval System, Authorization System and elaborates the problems aroused by the current issuance system and the corresponding reform direction, and hence affirms the necessity of reform, at the same time, through the analysis of the reform's influences on the stakeholders, the emphasis and the direction of the stock offering work can be digged out and the corresponding suggestions and countermeasures are proposed.
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