中美证券发行审核制度的比较及启示

Comparison of Securities Issuance System between China and United States

证券发行制度的改革是整个证券市场制度建设中最重要的基础环节之一。中国证券发行制度改革的方向是从政府主管部门的实质性审核过渡到注册制。目前,美国是证券发行审核制度比较完善的国家,实行的是证券发行的注册制。因此,研究美国证券发行的注册制,分析比较其与我国现行核准制(实质性审核制)的差异,对完善我国证券发行的保荐人制度有着重要的借鉴意义。

The reform of the securities issuance system is the most important foundation links ot system construcuon in me securities market. The direction of China＇s securities issuance system reform is to change Approval System to substantive examination registration system. Currently, issuance of securities system of the United States is perfect, implementing a system of registration. Therefore, the study differences between registration system and approval system （substantive screening system） can make help to perfect China＇s issuance securities system.