论证券储架发行制度在上市公司IPO中的拓展适用  

The Application of Shell Offering to IPO

作　　者：刘志伟[1] 

机构地区：[1]西南政法大学经济法学院,重庆401120

出　　处：《证券市场导报》2015年第4期71-78,共8页Securities Market Herald

基　　金：国家社科基金重点项目"新时期金融法变革中的消费者保护研究"(12-AFX012);西南政法大学科研创新计划重点项目"创建与完善民间金融监管协调机制法律保障体系"(XZYJS2014012)]

摘　　要：无论从资本配置,抑或从投资者保护层面进行分析,将证券储架发行制拓展适用于上市公司股票公开发行领域均有必要。然而,证券储架发行制在上市公司股票公开发行中的拓展适用需要考察其与既有法律制度之间的契合性。既有的公司法定资本制与核准制证券发行不会对其拓展适用造成实质障碍,关键阻滞乃是证券储架发行制自身制度设计过于粗陋、缺乏系统性,以及现行二元化的信息披露规则和不完备的券商尽职调查权责配置规则。因此,有必要重构我国证券储架发行制度,并构建综合信息披露规则和建立完备的券商尽职调查权责配置规则。Both the benefits from allocation of capital and interests of investor show that securities shelf offering system shall be available to IPO. But it is important to reconcile the difference between shelf offering and existing laws. Existing statutory capital system and approval system applicable to the issuance of securities will not cause substantial obstacles to expand the applicability of securities shelf offering system, and the key obstacles include that shelf offering system is too simple, existing information disclosure is in dichotomy and due diligence requirements are inadequate. So it is necessary to reconstruct the securities shelf offering system, establish comprehensive information disclosure system and improve due diligence rules.

关 键 词：储架发行 股票公开发行 证券发行制度 

分 类 号：F832.5[经济管理—金融学]