新股发行注册制改革的若干重大问题探讨

Discussion on Several Major Issues in the Reform of Registration System of IPO

我国的新股发行核准制扭曲了市场力量,建立以信息披露为核心的注册制是改革方向。从核准制到注册制改革的过程乃从行政力量到市场力量回归的过程,在这一过程中,现有的发审委可改为股票发行聆讯委员会,独立于证监会和交易所,成为注册制的重要制度机制。在实际操作层面,聆讯机制前期可以作为替代性的审核机制,随后市场成熟则转变为建议机制,最后转变为市场的参考机制。推进注册改革必须加强信息披露,以解决信息不对称问题。同时,还须完善发行定价监管机制、优化新股发行条件,从而形成推进注册制改革的合力,使我国新股发行回归市场本质。

The approval system of IPO in China has distorted and the establishment of registration system is the orientation. The the market power of IPO, reform is needed process from approval system to registration system is the return of market power from administrative power. During this process, the Issuance Examination Committee （IEC） can be replaced by the Issuance Hearing Committee （IHC）, which is independent from the CSRC and stock exchange. In the beginning of the reform, the IHC can act as an examination mechanism, then transform into a suggestive mechanism when market is mature, and become a reference mechanism in the mar- ket ultimately. To promote the reform of IPO, it is also need to strengthen the information disclosure, improve the pricing mechanism and other conditions of IPO, so that the IPO in China can return to the market nature.