证券非公开发行制度研究

发布时间：2018-01-20 04:18

本文关键词： 非公开发行豁免注册合格投资人证券转售信息披露　出处：《华东政法大学》2011年硕士论文　论文类型：学位论文

【摘要】：证券发行根据发行的对象、发行方式的不同分为公开发行和非公开发行,它们是证券市场的两个重要组成部分,分别满足不同主体的融资需求。长期以来我国证券相关的法律法规以规制公开发行为出发点,缺少对证券非公开发行制度的设计,随着我国经济和金融的快速发展,公开发行已经远远不能满足市场的需求,导致了以私募基金为代表的非公开发行主体成长在制度的空隙当中,游走于非法集资与公开发行的灰色地带,严重影响和抑制了非公开发行市场的发展。虽然新修订的证券法和公司法均给予证券非公开发行于合法地位,为我国证券非公开发行与转让打开了制度空间,《上市公司非公开发行股票细则》也对上市公司非公开发行股票有了具体的规制,但是对非上市公司以及私募基金等主体缺少系统性的关于证券非公开制度规范,比如在非公开发行的证券范围、非公开发行的审核备案、非公开发行的对象及人数限制、非公开发行的信息披露以及非公开发行转售制度上都应进行明确的规定,只有具体明确的法律才能给予市场主体有效地指引,才能促进非公开发行市场健康有序的成长,同时也只有公开发行市场与非公开发行市场共同成长的资本市场才是健全的能满足各种不同投融资需求的有效市场。本文试图对非公开发行证券种类、证券范围的确定、非公开发行与公开发行、非公开发行与非法集资的区别以及对非公开发行的在效率、成本、公平、秩序上的优势分析出发,结合非公开发行在我国的发展和实践,分析得出我国私募监管存在的问题,比如不是适度监管而是像规范公开发行一样过于严苛的监管,偏离了私募发行豁免注册的本质,进而论证建立和完善非公开发行的必要性与紧迫性。最后本文通过对美国、日本、我国台湾地区的私募发展历史进行回溯,借鉴境外市场的非公开发行制度的经验,从我国制度规范的漏洞和缺陷入手,提出关于建立和完善我国非公开发行体系的相关制度建议。主要体现在扩大我国证券种类的范围、明确非公开发行的监管主体、合格投资人的标准及人数限制非公开发行转售制度和信息披露制度的相关意见。
[Abstract]:According to the object of issue, the different ways of issuing securities can be divided into public issue and non-public issue. They are two important parts of the securities market. For a long time, China's securities related laws and regulations to regulate public issuance as the starting point, the lack of securities non-public issuance system design. With the rapid development of our economy and finance, the public offering has been far from meeting the needs of the market, leading to the private equity fund as the representative of the non-public issue of the main growing in the gap in the system. Wandering in the grey areas of illegal fund-raising and public offering seriously affects and inhibits the development of the non-public issuance market, although the newly revised Securities Law and the Company Law both give the non-public issuance of securities a legal status. It opens up the system space for the non-public issuance and transfer of securities in our country. The detailed rules of Non-public issuance of shares of listed companies also have specific regulations on the non-public issuance of shares of listed companies. But the non-listed companies and private equity funds and other subjects lack of systematic regulations on the non-disclosure of securities, such as in the scope of non-public securities, non-public issuance of the audit record. The object and the number of people of the non-public issue, the information disclosure of the non-public issue and the resale system of the non-public issue should be clearly stipulated. Only specific and clear laws can give effective guidance to the main body of the market. In order to promote the non-public distribution market healthy and orderly growth. At the same time, only the capital market in which the public offering market and the non-public offering market grow together is a sound and efficient market which can meet the different needs of investment and financing. This paper attempts to determine the types of non-public securities, the scope of securities, non-public issuance and public issuance, non-public issuance and illegal fund-raising differences, as well as the efficiency, cost and fairness of non-public issuance. Starting from the analysis of the advantages of order, combined with the development and practice of non-public issuance in China, the analysis of the problems of private placement supervision in China. For example, it is not moderate regulation but too strict regulation, which deviates from the nature of exemption registration. And then demonstrate the necessity and urgency of establishing and perfecting the non-public offering. Finally, this paper retrospect the development history of private equity in the United States, Japan and Taiwan. Based on the experience of the non-public issuance system in the overseas market, this paper starts with the loopholes and defects of the system norms in our country. Put forward the establishment and improvement of the system of non-public issuance system in China, mainly reflected in the expansion of the range of securities in China, to clarify the regulatory body of non-public issuance. The criteria and number of qualified investors are limited by the non-public offering and resale system and the information disclosure system.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.287;F832.51

【引证文献】