注册制、法律实验与学习型监管

Share Registration Reform,Legal Experiment and Regulation Through Learning

法律实验范式强调,揭示试点变化幅度大、效果差异大的法律规则(激进规则)的试点效果信息,有助于发现更优法律规则。采用法律实验范式立法应具备两个前提:一是被实验的法律规则具备可逆性,存在制度纠错机制,能够及时终止负面效果明显的法律规则;二是实验者具备学习能力,能够通过法律实验获得信息、发现更优规则。从法律实验角度观察,我国股票发行注册制改革存在三个突出特点:法律规则的激进程度高、由外力助推实现激进规则的可逆性、学习型监管能力有待提升。未来注册制改革取得成效的关键在于加强党中央对金融工作的集中统一领导,对尝试法律规则保持更高容忍度以及金融监管部际协调,不断提升监管机构的学习能力。

Legal experimentalists emphasize that experiment of high-variance rules may help formulate better rules by revealing information on experiment results.However,the effectiveness of legal experiment depends upon the reversibility of experimental rules and the ability of regulators to learn from legal experiment.Analyzing the share registration reform in China from the legal experiment perspective,this article shows three distinct features of the reform,namely,extremely high variances of experimental rules,the reversibility of experimental rules as the result of factors outside securities regulation and the room for improvement of the learning ability of securities regulators.The future success of the continuing share registration reform will depend upon the continuing experiment of even higher-variance rules,thefirm leadership of the Central Committee of the Communist Party of China onfinancial regulation,the closer inter-ministry coordination amongfinancial regulators as well as the increase of learning ability of securities regulators.