我国证券保荐制度的外部制约与完善

我国证券发行机制正处于由发行审核制向注册制过渡的阶段,现阶段的保荐制度既受到发行制度转轨进程的外部制约,又能有效推动这一进程.在发行制度转轨过程中,为了最大限度地发挥保荐制度的功效,除需转变监管理念和改革发行审核方式等制度外,还应当进一步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.

Conditions and Improvement of Sponsor System in China's Transitional Securities Market

Sponsor system of China lies in the transitional course of securities market from plan to market and in the transitional course of issuance approval mechanism from merit regulation to registration.Sponsor system and the issuance approval mechanism interact with each other.In order to bring the sponsor system into play and realize the target under the slow transition background,besides the exterior transformation of the supervision instruction and approval programs,it is still necessary to improve some aspects on the tier of the system itself,such as the supervision of the sponsors market,the equilibrium of rights and duties,the enforcement of the sponsor's liabilities and the self-regulation mechanism.