股票发行注册制改革的内涵、本质和措施

The Purpose,Key Features and Implementation of the Share Registration Reform in China

注册制改革已经超越了可行性论证阶段,正进入具体制度设计和实施阶段。在这个阶段,进一步理解注册制的内涵,明晰注册制的本质,并提出具体措施和风险防范手段非常重要。本文认为,注册制具备以下三个特点:第一,股票发行效率高、业内对发行流程有稳定预期;第二,股票发行有责任约束、股票发行诚信度高;第三,政府、市场主体各司其职,角色不错位。注册制的本质在于调整政府和市场的关系,一方面减少行政审批、提高制度的效率和可预期性,另一方面落实法律责任、发挥市场主体的积极性。推进和实施注册制需要重点做好三个方面的工作:第一,不纠结概念,落实注册制的实质;第二,研究和推动法律责任落实问题;第三,提高监管机构招股书审核能力。

The share offering registration reform has passed the feasibility study phase,and has entered into the implementation stage.During the implementation stage,it is critical to review the purpose of the reform,understand its key features and propose concrete implementation measures and risk control measures.This article shows that the share offering registration system has three key features.The first feature is the high efficiency of the share offering review process that also allows participants to form a stable expectation of the process.The second feature is the enforcement of a civil liability regime that helps reduce fraudulent activities of issuers.The third feature is the proper roles of the government and market participants in the process.This article also points out that the purpose of the share offering registration reform is to reform the relationship between government and market.Specifically,the reform is intended to reduce government intervention into,to improve the efficiency of and to enhance the predictability of,the share offering review process.Three major measures are necessary for the implementation of the reform,namely focusing on the purpose of the reform and not its name,conducting thorough research on the civil liability issue and exploring the enforcement of civil liabilities as well as enhancing the reviewers'ability to review and comment on prospectuses.