我国发审方式改革的制度分析:一个研究框架  

An Institutional Study of the Reform of China's Initial Public Offering System:A Research Framework

作　　者：李敏才[1] 刘峰[2] 

机构地区：[1]中山大学管理学院,广东广州510275 [2]厦门大学会计系,福建厦门361005

出　　处：《当代财经》2012年第7期98-107,共10页Contemporary Finance and Economics

基　　金：国家自然科学基金项目"审计师选择与审计质量"(70772080);广东省人文社会科学重点基金重大项目"法律风险.政治关系与审计师选择"

摘　　要：我国新股发行问题的深层次原因是行政监管力度较弱,法律风险水平较低,而核准制并不是主要原因。因此,我国发审方式改革的关键不是从核准制转变为注册制,而是完善相应的制度安排,有效地约束发行人或上市公司及其聘请的中介机构的机会主义行为,进而保护投资者利益。包括加强对发行人及其中介机构的行政监管;健全民事赔偿法律制度,提高发行人及其中介机构的法律风险;完善发行上市相关配套制度,比如提高审核透明度、完善退市制度等。The underlying reasons for the problems of initial public offering （IPO） in China are the weaker administrative supervision and lower awareness of legal risks. The authorized system is not the main reason. Therefore, the key point of the reform of IPO system in China is not to change the authorized system into the registered system, but to improve the relevant institutional arrangement so as to effectively restrain the opportunistic behavior of the issuers or the listed companies and their in- termediaries, and protect the interests of investors. The following aspects should be included： strength- ening the administrative supervision on the issuers and their intermediaries; perfecting the legal system of civil compensation to raise the legal risks against the issuers and their intermediaries; improving the supporting arrangement for IPO system, such as promoting the transparency of examination and ratification, improving the delisting system, etc..

关 键 词：发审方式 行政监管 法律风险 

分 类 号：F230[经济管理—会计学]