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中国新股发行市场政府监管研究

作者:罗龙秋 出版日期:2013年09月 报告页数:29 页 报告大小: 报告字数:25319 字 所属丛书:金融监管蓝皮书 所属图书:中国金融监管报告(2013) 浏览人数: 下载人数:

文章摘要:现阶段我国证券市场处于“新兴加转轨”时期,相关制度、法规和政策还不健全。国内外经济发展和市场环境变化将推进中国逐步建立和完善“中国特色”的证券发行制度和监管模式。本文以历史的视角梳理中国新股发行制度监管演变过程,总结经验和教训,并以全球的视野审视对中国的股票发行制度及监管进行比较分析,探寻股票发行市场化改革中如何实现保持审慎监管问题。伴随着中国新股发行市场化改革的稳步推进,行政干预将逐步淡出而市场力量将不断加强,现代的监管应该顺应市场... 展开

文章摘要:现阶段我国证券市场处于“新兴加转轨”时期,相关制度、法规和政策还不健全。国内外经济发展和市场环境变化将推进中国逐步建立和完善“中国特色”的证券发行制度和监管模式。本文以历史的视角梳理中国新股发行制度监管演变过程,总结经验和教训,并以全球的视野审视对中国的股票发行制度及监管进行比较分析,探寻股票发行市场化改革中如何实现保持审慎监管问题。伴随着中国新股发行市场化改革的稳步推进,行政干预将逐步淡出而市场力量将不断加强,现代的监管应该顺应市场化发展路径,放松行政管制,树立以保护投资者合法权益为主的监管目标,采取现代的监管模式和手段,不断改进和提高监管水平。

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Abstract:At this stage, the mechanisms, regulations and policies in China's securities market are not perfect. Domestic and international economic development and the changing market environment will promote China gradually established and perfected the "Chinese characteristics" securities distribution system and the regulatory approach. In this paper, the evolution of IPO supervision system in China has been comprehensively and systematically... 展开

Abstract:At this stage, the mechanisms, regulations and policies in China's securities market are not perfect. Domestic and international economic development and the changing market environment will promote China gradually established and perfected the "Chinese characteristics" securities distribution system and the regulatory approach. In this paper, the evolution of IPO supervision system in China has been comprehensively and systematically analyzed, the experiences and lessons of the evolution of the system has been summed up; a systematic comparative analysis has been done to study the IPO supervision system in different markets. The paper examines the relations between IPO market-oriented reforming and the strengthening supervision in China's stock market. On the basis of systematic analyzing, the paper presents some recommendations on improving China's IPO supervision level, points out that a correct supervision philosophy and principles should be established, and that supervision must be strengthened during the market-oriented reforming.

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作者简介

罗龙秋:经济学博士,金融学博士后,主要研究方向为管制经济学、金融监管。