论我国股票发行审核制度发展与完善

On the Development and Improvement of China's Stock Issuance Examination System

上海证券交易所设立科创板并试点注册制,这是自十八届三中全会提出推进股票发行注册制改革以来,股票发行注册制改革首次落地实施,对我国证券市场来说是巨大的转变。我国股票发行审核制度开始实行注册制彰显了我国资本市场的不断成熟与完善。面对注册制的实行,使得对企业发行股票的价值判断由政府回归市场,但仍然需要关注由“注册制”的宽进产生的风险性,对此我国仍需要建立配套机制予以发展与完善。

The Shanghai Stock Exchange established the Science and Technology Innovation Board and piloted the registration system,which is the first time that the reform of the stock issuance registration system has been implemented since it was put forward in the Third Plenary Session of the Eighteenth Central Committee.This is an enormous change for the domestic securities market.The registration system of stock issuance auditing demonstrates the continuous maturity and improvement of China's capital market.With the implementation of the registration system,the value judgment of stock issuing companies would be transferred to the market from the government.Therefore,it is necessary to pay attention to the risks arising from the“elastic admission”of the system,and establish supporting mechanisms to improve it.