我国资本市场改革的逻辑转换与法律因应

Logical Conversion and Legal Response of China's Capital Market Reform

以前,我国的资本市场一直坚持从融资企业角度出发的资本市场改革逻辑。现在,我国正在走向从投资者角度出发的资本市场改革逻辑。前者集中体现在股票发行额度制和核准制方面,后者集中体现在股票发行注册制方面。我国资本市场改革逻辑转换之后,法律需要作出相应的因应,这既包括《证券法》的修改、《全国股转系统监督管理法》的制定以及相应的规章和规则的制定等,也包括法院和仲裁机构应否认上市公司定增过程中的保底保收益条款的效力,以发挥市场在资源配置中的决定性作用。

China’s capital market has always adhered to the logic of capital market reform from the perspective of enterprises before. At present,China is shifting toward the logic of capital market reform from the perspective of investors. The former is embodied in the quota system and approval system of stock issuance,while the latter is embodied in the registration system of stock issuance. After the logical transformation of China’s capital market reform,the law needs to respond accordingly,including the revision of the Securities Law,the enactment of the Law on Supervision and Management of the NEEQ Market and the enactment of relevant rules and regulations,etc.,as well as the denial by courts and arbitration institutions of the effectiveness of the guaranteed return clause in the targeted offering process of Listed Companies in order to let the market play the decisive role in resource allocation.