我国证券市场转轨时期保荐制度研究

我国证券市场正处于由计划模式向市场模式的转轨过程中,发行制正处于由审核制向注册制过渡阶段。我国保荐制度所处的这种宏观环境,决定了其当前的目标定位与运行的客观状态。现阶段的保荐制度既受到发行制度转轨进程的制约,又能有效推动这一转轨进程。在发行制度的转轨过程中,为了最大限度地发挥保荐制度的功效,推动制度设定目标的实现,除需转变监管理念和改革发行审核方式等制度外,还需完善保荐制度本身的各项具体制度,包括强化保荐人市场监管,平衡保荐人权利、义务与责任,加强行业自律监管等。

On Sponsor System in a Transitional Stage of China''''s Securities Market

The securities market of China is in transition from planned economy to marketoriented economy.Meanwhile the issue approval mechanism is switching from audit system to registration system.The existing conditions determine the targets and the progress of the issue approval mechanism.The sponsor system promotes the process of transition of the issuance approval mechanism;meanwhile they condition each other simultaneously.In order to give full play to the sponsor system and realize the targets during the slow transitional period,it is necessary to transform the ideas of supervision and the issuance approval mechanism,besides,the sponsor system itself need to be improved,including the supervision of the sponsors market,the equilibrium of the sponsor's rights and duties,and the enforcement of self-discipline.