由“推荐”到“保荐”——论证券上市保荐制度中的保荐责任

From “introduction" to “ sponsorship" ——on the duty of sponsor in securities issue institution

以往我国券商在证券发行上市时 ,仅仅是扮演“推荐”角色 ,导致许多券商在承销时与拟上市公司、其它中介机构共同造假 ,骗取上市资格。而现在实行的保荐制度则要求保荐人不仅要将拟上市公司扶上马 ,还要送一程 ,从而承担一系列“保荐”责任。本文由“推荐”到“保荐”的发展变化过程入手 ,通过与“推荐”的比较 。

As the days before, securities underwriter only “introduce' their securities, this leads to many securities crime in securities market. But, securities underwriter now have to entail “sponsor duty', which means they bear the burden not only in issuing stage but also in the following days. This paper analysis the core —sponsor obligation by the comparison of “introducer' and “sponsor'.