保荐制度与我国证券市场诚信建设研究

发布时间：2018-06-26 04:34

本文选题：保荐制度 + 诚信建设　；参考：《西南政法大学》2007年硕士论文

【摘要】： 引入保荐制度，，是我国证券发行制度的一次革命性变革，也是我国证券市场诚信建设过程中的关键一环。保荐制度起源于英国，发展于香港，大多运用于创业板市场上。2004年2月1日起正式实施的《证券发行上市保荐制度暂行办法》标志着我国主板市场正式引入了保荐制度，在此之前，国际主板市场上还没有成功引入保荐制度的先例。我国确定的保荐制度，结合了证券市场的实际情况，总结了过去实施证券发行上市核准制以来的经验，对发行上市责任体系进行了明确界定，建立了责任落实和责任追究机制，为资本市场的持续、稳定、健康发展以及证券市场的诚信建设提供了一个更加市场化的制度框架。本文主要基于目前我国证券市场诚信缺失的现状，从保荐制度完善的角度，论述了保荐制度对于我国证券市场诚信建设的重大意义。在此之前，为了使本文具有更强的逻辑性和说服力，第一、二部分专门对保荐制度的相关理论问题进行了深入分析。这样的安排，使本文既具有实践意义，又不缺乏理论支撑。本文主要由以下四个部分构成：第一部分：主要是对保荐制度基本理论的阐述。首先，保荐制度是指由保荐人负责发行人的上市推荐和辅导，核实公司发行文件和上市文件的真实性、准确性和完整性，协助发行人建立严格的信息披露制度并承担风险防范责任，并且在公司上市后的规定时间内继续协助该发行人建立规范的法人治理结构，督促其遵守上市规定，完成招股说明书中的承诺，同时对该已发行上市人的信息披露负有连带担保责任的证券发行制度。其核心要素有三：保荐人、保荐对象和保荐业务。保荐制度的法律特征有：严格的资质条件，保荐责任的持续性以及严格的监管措施和法律责任。其次，文章阐述了保荐制度的历史沿革，它起源于英国，发展于香港，现已普遍应用于美国、法国、德国、加拿大等国家。再次，文章进一步阐明了保荐制度产生的直接原因是二板市场的高风险，而其产生的根本原因则是证券市场普遍存在的信息不对称问题。在本部分的最后，文章回顾了我国证券发行制度历史衍变的四个阶段，从审批制下的额度指标管理到审批制下的家数指标管理，再到核准制下的通道制和保荐制，表明我国证券发行制度正在趋于成熟和完善，为最终实现注册制打下了坚实的基础。第二部分：主要论述了保荐制度的法律价值及其制度设计上的民法学理论基础。保荐制度的公平性价值主要体现为提高信息披露质量，公平维护广大投资者利益，它是保荐制度的核心价值；而其安全性价值则主要通过强化保荐担保职责和行政监管职能来实现，主要体现在对投资者的投资安全、融资者的融资安全以及整个证券市场的发行与交易安全的保护上。民法委托代理理论和保证担保理论构成了保荐制度设计上的理论基础。保荐机构和保荐代表人的产生与民法上委托代理人一样，都是源于现代社会无人能够事必躬亲的现实；保荐机构和保荐代表人所承担的担保责任主要体现在对第三方承担的连带赔偿责任上。同时，为了使保荐制度与民法上的委托代理、保证担保理论之间的关系更加清晰、明确，文章比较了保荐制度与二者之间的区别与联系，着重突出了保荐制度自身的特色和价值。第三部分：主要论述了保荐制度与我国证券市场诚信建设的关系。作为全文论证的核心，该部分首先分析了民商法诚信原则的内涵，强调了民法上的诚信与证券市场的诚信之间的差异，以此作为整个第三部分的理论基础。然后，阐明了我国证券市场诚信缺失的现状：证券市场主体自始缺乏诚信意识，并且在证券市场建立初期没有形成“法律先行”的传统。在此基础上，深入分析了我国证券市场诚信缺失的原因，包括中介机构的证券投资安全防护机制不到位，信息披露制度自身的局限性和公司法人治理机制存在缺陷三方面。结果表明：只有不断完善我国保荐制度，才能最终完成证券市场的诚信建设。第四部分：承接第三部分的结论，从英国和我国香港地区保荐制度的相关规定入手，论述了完善我国内地保荐制度的具体措施。文章从发行上市公司和保荐人两个不同的角度论述了我国保荐制度的完善：第一，建立控股股东诚信义务制度，保证保荐人的独立性；第二，建立完善的保荐人职责和责任承担机制和对其他中介机构的监督约束机制。
[Abstract]:Introducing the sponsor system is a revolutionary change in the securities issuing system of our country. It is also a key link in the process of the construction of the securities market in our country. The sponsor system originated in the UK and developed in Hongkong. Most of them are used in the market of the gem on February 1st.2004. The sponsor system was formally introduced in the national motherboard market. Before this, there was no precedent for the successful introduction of the sponsor system in the international motherboard market. The recommended system in our country, combined with the actual situation of the securities market, summed up the experience of the past implementation of the approval system for the issuance of securities, and made a clear definition of the liability system for issuing and listing. The mechanism of responsibility implementation and accountability has been set up to provide a more marketable institutional framework for the sustainable, stable, healthy development of the capital market and the construction of the integrity of the stock market.
Based on the present situation of the lack of credibility in China's securities market, this paper discusses the significance of the recommendation system to the construction of the integrity of the securities market in China from the perspective of the recommendation system. In order to make this article more logical and persuasive, the first, second part of this paper is devoted to the related theoretical problems of the sponsor system. In depth analysis, this arrangement has both practical significance and theoretical support.
This article is mainly composed of the following four parts:
The first part is mainly about the basic theory of sponsor system.
First, the sponsor system refers to the recommendation and guidance of the issuer in charge of the issuer, verifying the authenticity, accuracy and integrity of the company's issuance and listing documents, assisting the issuer to establish a strict information disclosure system and taking on the responsibility for risk prevention, and to continue to assist the issuer within the prescribed time after the company's market. The standard legal person governance structure, supervise and urge it to comply with the listing regulations, complete the promise in the prospectus, and have a security issue system with joint guarantee responsibility for the disclosure of the listed person's information. Its core elements are three: sponsor, recommendation object and sponsor business. The legal characteristics of the recommendation system are: strict qualification conditions, Secondly, the article expounds the historical evolution of the sponsor system, which originated in Britain and developed in Hongkong. It is now widely used in the United States, France, Germany, Canada and other countries. Again, the article further elucidates that the direct reason for the introduction of the sponsor system is the high market of the second board. At the end of this part, the article reviews four stages of the historical evolution of China's securities issuance system, from the quota management under the examination and approval system to the index management under the examination and approval system, and then to the channel system and the sponsor system under the approval system. China's securities issuance system is becoming mature and perfect, laying a solid foundation for the final realization of registration system.
The second part mainly discusses the legal value of sponsor system and the theoretical foundation of civil law in system design.
The equity value of the sponsor system is mainly reflected in the improvement of the quality of information disclosure and the fair maintenance of the interests of the majority of investors. It is the core value of the recommendation system, and its security value is realized mainly through strengthening the guarantee duty and administrative supervision function of the sponsor, mainly reflected in the investment safety of investors and the financing security of the financiers. As well as the protection of the security of the issue and transaction of the whole stock market, the theory of civil law principal-agent theory and guarantee guarantee theory constitute the theoretical basis of the design of the sponsor system. The emergence of the sponsor and the sponsor representative is the same as the principal agent in the civil law. The guaranty responsibility undertaken by the sponsor is mainly embodied in the joint liability for the third party. At the same time, in order to make the relationship between the sponsor system and the principal agent of the civil law and guarantee the guarantee theory more clear and clear, the article compares the difference and connection between the sponsor system and the two parties, and emphasizes the recommendation system. Its own characteristics and values.
The third part mainly discusses the relationship between the sponsor system and the integrity construction in China's securities market.
As the core of the full text argument, this part first analyzes the connotation of the principle of good faith in civil and commercial law, emphasizes the difference between the integrity of the civil law and the integrity of the securities market, and uses it as the theoretical basis for the whole third part. Then, it clarifies the status of the lack of integrity in the securities market of our country: the main body of the securities market lacks the sense of honesty and credibility from the beginning. And in the early period of the establishment of the securities market, there is no tradition of "legal advance". On this basis, the reasons for the lack of integrity in the securities market of China are deeply analyzed, including three aspects: the security mechanism of securities investment in the intermediary institutions is not in place, the limitation of the information disclosure system itself and the defects of the public judiciary's governance mechanism exist. Ming: only by constantly improving our sponsorship system can we ultimately achieve the integrity building of the securities market.
The fourth part: Taking the third part of the conclusion, starting with the relevant provisions of the sponsor system in the Hongkong region of the UK and China, the concrete measures to improve the sponsor system in the mainland of China are discussed.
From the two different angles of issuing listed companies and sponsors, the article discusses the perfection of the sponsor system in China: first, to establish the system of the integrity obligation of the controlling shareholders, to ensure the independence of the sponsor; and second, to establish a perfect responsibility and responsibility mechanism for the sponsor and the mechanism of supervision and restriction to other intermediaries.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2007
【分类号】：D922.287

【引证文献】