论证券发行上市中保荐人职责制度的完善

On Perfecting Sponsor's Responsibility in Securities Issuing and Listing

被称为"第一看门人"的保荐人对自己所承诺保荐的产品具有法定的担保责任,其保荐意见是投资者作出投资决策的参考依据,可见保荐人肩负着巨大的职责。我国现行法律规定证券发行上市中保荐人要承担辅导、调查、核查、推荐等职责,但是该制度规定存在着保荐人职责过于繁重、职责的界限模糊等缺陷。借鉴英国和我国香港地区保荐人职责的相关规定,本文试图对改进我国保荐人职责制度提出一些建议。

The sponsor, called ＂the first goalkeeper＂ in securities market, is under legal obligation to guarantee the truth of securities information. A sponsor takes on a heavy responsibility because its utterance is the important reference that affects investors. According to China＇s current sponsor system, in the cause of securities issuing and listing, the sponsor is responsible for tutoring, investigating, nominating company, etc.. However, there are some shortcomings in sponsor system such as over- heavy sponsor＇s responsibility, unreasonable definition of sponsor＇ responsibility, etc.. Based on referring and analyzing relevant regulations on sponsor＇s responsibilities in the U. K and Hongkong, the article tries to put forward suggestions on improving country＇s system, of sponsor＇s responsibility .