股票公开发行的监管合约选择——交易费用视角下中国股票公开发行审核制度的变迁

随着股权分置改革的顺利进行,我国股票公开发行审核制度改革已被提上议程。但与实践的迫切需求不相适应的是,我国学界对于股票公开发行审核制度的研究尚处于一个不成熟的阶段,现有研究文献未能对我国股票公开发行审核制度的变迁予以有说服力的解释,因此,无法为决策者提供可资借鉴的改革方案或思路。运用交易费用理论框架,对中国股票公开发行审核制度的变迁过程进行梳理,识别出在审批制和核准制下政府为降低交易费用而选择的监管合约,剖析了这些监管合约的内容和选择的原因,并在此基础上对我国股票公开发行审核制度的改革方向及可行性予以分析。

The Option of Regulatory Contract on Public Stock Issue: Research on the Evolution of Verifying System of China's Public Stock Issue Based on Transaction Cost Theory

The success in share splitting reform of China's listed companies advances the reform of verifying system of public stock issue.However,at present,researches can't give persuasive explanations for the evolution of verifying system of China's public stock issue.So decision-makers can rarely find any constructive reform advice from related researches.Based on transaction cost theory,this paper focuses on the option of regulatory contracts,which government uses to decrease transaction cost,and analyzes the contents of regulatory contracts and the reasons for government's choosing these contracts,after reviewing the developing process of the evolution of verifying system of China's public stock issue.Furthermore,the author analyzes the orientation of the reform of verifying system and its feasibility.