从信息披露制度的完善谈我国证券发行制度改革

The reform of securities issue system from the perfection of the information disclosure

贸然地从核准制转变为注册制,并不能解决我国证券市场的"柠檬化"问题。我国证券发行制度的改革,首先必须要完善与信息披露相应的基础制度建设,包括:转变证监会定位和职能,将证监会的职责定位于行政监管和审查信息披露的真实性、完整性和准确性上,而将证券发行的价值判断交由相对独立于政府的第三方监管机构———证券交易所;同时进一步完善和加强虚假信息披露的民事诉讼赔偿制度——降低民事诉讼门槛,提高诉讼赔偿数额、扩大诉讼主体和优化诉讼程序。

Hastily switching from the approval system to the registration system does not solve China＇s securities market problem- ＂ The Market for Lemons＂. For the reform of securities issuance system of china, we must improve the basic system construction of information disclosure： changing the position and function of the China Securities Regulatory Commission into the administrative supervision and verifying the authenticity、integrity and accuracy of the information disclosure, while the value judgments of securities will be in the charge of the Stock Exchange a third party regulatory agency which is relatively independent of the government; and further improving and strengthening the civil procedure system of false information disclosure——decreasing the threshold of civil action, increasing the amount of civil compensation, expanding subjects of civil action, and optimizing the civil procedure.