“证券发行”的概念探讨

The Discussion of the Definition of "Issuing of Securities "

我国现行的法律法规对证券发行的相关概念表述显得有些混乱 ,不够严谨。应该在证券法修改时 ,给“证券发行”予以定义。根据我国证券发行的现有的法律体系和证券发行的实务操作流程 ,同时参照国外的相关立法例 ,证券发行宜定义为 :“证券发行是发行人依照法律规定的程序向投资人就其证券作出的要约邀请、要约或者销售行为。”同时在证券法中应区分证券公开发行和非公开发行两种发行方式 ,分别适用不同的法律规定和程序。其中对于证券公开发行 ,可以在概念上再分为“证券募集”和“证券销售”两个概念 ,同时对这个概念分别进行定义 ,以求更准确地适用法律 ,同时与现有的法律规定相衔接和协调一致。

The definition of the 'issuing of securities 'in securities law is something deficient.We should make a new definition when the law is revised. In accordance of our legal system and practice,this paper contends the definition of the 'issuing of securities' should be definite to 'the issuer's behavior of inviting offering, offering and sale to investor by accordance of procedure of law'. And at the same time, public offering and private placement should be divided in securities law and adapt different rule and procedures. For public offering, in order to adapt law correctly and to coordinate with the law, it can be divided into two notions, 'recruiting of securities ',and 'sale of securities '.