论证券发行审核中的监管权配置

Reconstruction of the Regulation Power in the Issuance of Securities Regulatory

我国证券虚假发行上市问题屡禁不止,这折射出证券发行监管无力。透过证券发行监管中的问题,可以看到根源在于证监会、保荐人及证券交易所监管权配置被扭曲,因而应当重新定位三者的职能,合理配置监管权。证监会应当逐步放松股票公开发行审核的行政管制,回归执法者角色,配合完善的保荐人制度和证券交易所的一线监管职能;这样,可以在很大程度上解决虚假发行上市问题。

False issuing and listing remain incessant after many measures of regulation system. The core of this problem is that the regulation system is being taken. It reflects the defect not suitable for the market. The decentralization of supervision powers among China Securities Regulatory Commission, sponsors and stock exchange should be reset. The adminstrative surveillance of China Securities Regulatory Commission should be loosened systematically, and the Commission should merely play the role of a law-executor. The function of sponsors and stock exchanges should be strengthened .