证券私募发行的法律责任及其制度构建

Research on the Legal Liability of Securities Private Offering

证券私募发行作为一种与公募发行彼此对应又相互补充的证券发行方式,在各国的资本市场都十分常见,是指向具有特定资格的特定对象的非公开方式的发行。相较公募发行,私募发行节约交易成本、融资成本可控等优势,使其越来越受到个人富裕群体和机构投资者的青睐。然而,我国私募发行目前整体上处于实务先行、法规滞后的局面,尤其是对法律责任缺乏专门规定。应在以行政责任为证券法本法责任的背景下,深入分析私募发行中法律责任的定位问题,构建符合私募发行特点的责任制度。

Securities private offering is a kind of securities issue way which correspond to public offering and complement each other,it＇s very common in the capital market,it is pointing to a particular object with a specific qualification in non public issuance.Compared with public offering,private offering has the advantage of saving the transaction cost and controlling the financing cost,which make it more and more get the favour of individual rich group and institutional investors.However,private offering in our country situation in practice first and regulations lag behind on the whole,especially the lack of special provisions on legal liability.Therefore,under the background of administrative liability for the primary liability of the Securities Act,we must in-depth analysis the legal liability of securities private offering,build the liability system which accords with the characteristics of private.