试论公平原则在我国IPO中的理解与适用

Principle of Equitability in Chinese IPOs

公平原则是民法和商法的基本原则,也是我国证券法的基本原则,其理论基础的核心是证券发行人或者上市公司应当平等对待所有投资者。笔者从民商法、证券法中公平原则的涵义分析入手,针对我国现行首次公开发行股票的几项具体制度,论述了如何正确理解公平原则对我国首次公开发行股票的指导意义,指出了由于僵化理解公平原则而导致的我国股票首次公开发行制度中的缺陷,根据公平原则的合理内涵以及国内外股票发行的实践提出了完善我国首次公开发行股票制度的建议。

In China, the principle of equitability is at the core of the Civil Law, Commercial Law and Securities Law, which requires that securities issuers should treat all investors in a fair manner. Based on the analysis of the concept of the principle in the relevant laws and with reference to the IPO system in China, the paper analyzes the significance of principle of equitability and points out the existing drawbacks resulting from mechanically understanding of the principle. Based on the reasonable connotation of this principle and the stock issuance practice all over the world, the paper makes proposal on how IPO system in China can be optimized.