关于中国证券发行制度改革的环境要素分析

The Environmental Elemental Analysis of Chinese Stock Issuance Registration System Reform

随着中国资本市场的进一步发育,长期以来实行的股票发行核准制的弊端逐渐显现,甚至阻碍了资本市场融资功能的发挥。＂推进股票发行注册制改革＂的提出,表明实行股票发行注册制已成为中国资本市场改革的必然选择。然而,这一改革不可能一蹴而就,一步到位,注册制的实施也要结合中国资本市场的实际,适合资本市场发育的生态环境的状况才能适得其所。因而,为了注册制的建立和有效实施,需要改变环境,创造必要的改革举措。

With the further development of Chinese capital market,the disadvantage of stock issuance approval system has appeared gradually and even impeded the development of capital market financing function. Registration system has become the inevitable choice of Chinese capital market reform. However,this reform will not happen overnight,the registration system will combine the actual conditions of Chinese capital market,in accordance with ecological environment of capital market development. Therefore, necessary reforms are required to change the environment and create the conditions for establishment and effective implementation of registration system.