《证券法》的市场与监管分析

An Analysis of the Market and Regulation of Securities Law

修订《证券法》首先要坚持市场机制的理念,平衡证券发行核准制与注册制的'双轨制'关系,以强制性信息披露为核心,厘清证券市场主体发行、保荐、上市、投资、交易与审核之间的民事法律关系,以及民事主体与行政主体之间的行政监管关系,发挥证券监管矫正市场失灵的作用。同时,需要解决证券违法的先行赔付、行政和解、行政处罚与司法诉讼对接的程序冲突,协调行政罚款和没收、上缴国库与投资者保护之间的关系。从实证分析,《证券法》应当界定市场主体与行政主体之间的权利配置与责任边界;从规范分析,《证券法》需要权衡市场与监管之间的公正与效率、成本与收益。

This paper discusses the IPO merit regulatory regime and registration regime of the Securities Law in China.The revision of Securities Law should stick to the concept of market mechanism,and center around the institution of mandatory information disclosure.It is important to clarify the civil relationship among market participants in the stages of offering,underwriting,listing,transacting and reviewing,and the administrative relationship between civil subjects and administrative bodies,which should facilitate the regulation to correct market failure.At the same time,the beforehand compensation,administrative settlement,administrative penalties and civil litigation should be streamlined to avoid conflicts.From the empirical perspective,Securities Law should define the allocation of rights and boundary of liabilities between market entities and administrative bodies.From the normative perspective,Securities Law should tradeoff the justice and efficiency,and the costs and benefits of the market and regulation.