股票发行注册制成功实施的三个体制机制条件

Three Institutional Conditions of Successful Implementation of Stock Offering Registration System

"注册制"与"核准制"是有本质区别的:注册制实际上起着一种信号的作用,政府以后不再对股价的涨跌负责,不再对股票的内在投资价值做出判断。实行注册制之后,证券监管部门不再干预和调控股市。证券监管部门作为市场规制主体,不再从事所谓的"股市宏观调控",其职能主要是行政执法,打击证券欺诈。要做到这一点,前提有三:一是让证券监管机构真正独立起来,不再屈从于民众、媒体以及上级的压力,甩掉为股市涨跌负责的包袱;二是负责审核的证券交易所也独立起来,不再屈从于民众、媒体以及证券监管机构和其他上级的压力,不要接过为股市涨跌负责的包袱,而是把这个包袱甩给市场:让市场决定企业融资,不再让市场不能承受之重转变为监管部门的不能承受之重;三是通过发展多层次资本市场(主要是新三板),分流主板、创业板的压力。这三个条件是股票发行注册制成功实施的体制机制条件。

The registration system and the approval system of the stock offering have essential differences.The registration system actually plays a signal role,under which the government is no longer responsible for the rise and fall of the stock prices and does not judge the stock's intrinsic investment value.After the implementation of the stock offering registration system,securities regulators no longer intervene in the stock market.As the market regulation subject,securities regulators no longer take the responsibility of'macro regulation of the stock market',and its main function is law enforcement and fighting against securities frauds.To this end,there are three conditions.First,the securities regulators should be truly independent,no longer subject to the pressure of the public,media,and higher authorities,and get rid of the burden of responsibility for the stock market.Second,the securities exchange who reviews the registration documents should also be truly independent,no longer subject to the pressure of the public,media,and higher authorities,and shall not be responsible for the rise and fall of the stock market,but throw the burden to the market.Third,shunt the pressure of the Main Board and Growth Enterprise Market Board by the development of multi-level capital market(mainly the NEEQ).These three conditions are the institutional conditions of successful implementation of stock offering registration.