中国新股发行体制改革研究

A Study on the Reform of China's IPO System

在梳理境外主要证券市场股票发行上市制度以及总结中国新股发行制度改革实践的基础上,文章提出中国新股发行体制改革的方向,即遵循市场化方向,从价值判断为主转向以信息披露为核心,强化市场约束,放松行政管制,发行人的投资价值由市场自主判断,监管部门负责督促发行人及时、准确、充分地披露信息,同时,强化事后审查和处罚,通过事后处罚,惩治造假者与欺诈者,并对其他发行人形成威慑,切实保障投资者权益。

After combing the stock issuing ＆ listing systems in major overseas stock markets and summarizing China＇s IPO reform practice, this paper points out China＇s IPO reform direction, that is to say, sticking to marketlization, transferring from value judgments to information disclosure, strengthening market discipline and relaxing administrative controls; and the issuer＇s investment value should be judged by the market independently, while the regulatory authorities ought to supervise the issuer＇s timely, accurate and full disclosure of information. At the same time, the regulatory authorities need to strengthen the ex post facto review and punishment by which counterfeiters and fraudsters are punished, creating deterrent to other issuers in order to truly protect the investor＇s interests.