我国证券发行注册制改革的法经济学分析

Law and Economics Analysis of Registration System Reform of Chinese Securities Issuing Regulations

证券发行审核制度在我国经历了由行政审批制到核准制下的券商通道制再到核准制下的保荐人制度的历史演变过程,以法经济学的视角进行分析,这是证券发行的社会成本由高向低逐级递减的体现。公共选择理论揭示了政府失灵的经济学原理,要求政府对市场的干预保持谦抑性,就证券发行监管而言,政府的监管权力应当退出市场,将发行上市获得融资机会的决定权归还给投资者等市场主体,而这正是发行注册制改革的目标和宗旨。

The security issuing supervision system has experienced a historical development from the administra-tive authorizing system to the broker aisle system and to the sponsor system. This reflected the decreasing of the social costs of the security issuing from perspective of the law and economic analysis . The public choice theory reveals the economic principles of the government failure,which requires the government regulation to the market should be kept modesty. With respect to the issuing regulation,the supervision of the government shall withdrew from the market,the decisive power of issuing to get financing support shall be returned to the market players,and that is the purpose and goal of the reform of the issuing registrations.