证券小额发行豁免制度的理论基础研究——基于成本收益方法和监管比例原则的分析

证券小额发行豁免制度,是对发行数额较小且受法定最高额度限制的证券公开发行免于注册或核准的法律制度,其创设旨在促进中小企业融资。深入剖析此项制度的理论基础,有利于为我国未来的制度构建提供理论支撑。从发行人及证券监管者视角看,经济学的成本收益理论、行政法中的比例原则均与该制度密切相关。本文依据成本收益理论对股票公开发行及上市费用进行的数据分析表明,此项制度设计具有经济合理性。由于证券监管权隶属于行政权,因此该制度行使受比例原则约束具有应然性。鉴于小额发行的额度较小,可适当降低监管强度。简化发行审核程序及信息披露等设计,既可便利中小企业的资本形成,又可给予投资者必要的保护,且避免了监管资源浪费,较好地均衡了各方利益,体现了比例原则的内核。本研究得出如下结论:成本收益理论、比例原则均可作为支持小额发行豁免制度得以产生的前提性理论基础,并可在证券法促进资本形成与保护投资者之间达成平衡的层面上,为小额发行豁免制度搭建理论框架。

The exemption system of small issues of securities refers to the legal system that exempts public issues of securities with small issue amounts and limited by the statutory maximum amount from registration or approval,which is created to promote the financing of small and medium-sized enterprises.An in-depth analysis of the theoretical basis of this system is conducive to providing theoretical support for the future construction of China's system.From the perspective of issuers and securities regulators,the cost-benefit theory of economics and the principle of proportion in administrative law are closely related to this system.Based on the cost-benefit theory,this paper conducts a data analysis on the public offering and listing expenses of stocks,indicating that this institutional design is economically reasonable.Due to the fact that securities regulatory power is subordinate to administrative power,the exercise of this system is bound by the principle of proportionality,which is necessary.Given the relatively small amount of small issues,the intensity of its regulation should be appropriately reduced.Simplifying the issue review process and information disclosure design can not only facilitate the capital formation of small and medium-sized enterprises,but also provide necessary protection to investors,and avoid wasting regulatory resources.It better balances the interests of all parties and reflects the core principle of proportionality.This paper concludes that the cost-benefit theory and the proportionality principle can both serve as a prerequisite theoretical basis for the emergence of the exemption system of small issues,and can be used to establish a theoretical framework for the exemption system for small issues at the level of balancing the promotion of capital formation and the protection of investors in securities law.