论新股发行制度改革背景下欺诈上市的法律规制  

On the Legal Regulation of Fraud Listing under the Background of the Reform of New Share Issuance System

作　　者：张磊[1] Zhang Lei(School of Law,Central University of Finance and Economics,Beijing 100081,China)

机构地区：[1]中央财经大学法学院,北京100081

出　　处：《税务与经济》2019年第2期6-12,共7页Taxation and Economy

摘　　要：我国新股发行制度正在经历由核准制向注册制的变革,治理欺诈上市是注册制改革的重要任务之一。欺诈上市现象将会在新的发行制度中呈现出新的特征,如何用市场化的方法代替行政手段来治理欺诈上市成为一个新的课题。新股发行制度是资本市场规则的一部分,欺诈上市首先应该由发行制度的改革来规制,同时它又涉及到证券发行的各方主体和各类规则,考虑到资本市场的体系性,欺诈上市的治理也需要其他配套措施共同作用实现标本兼治。在新股发行制度改革背景下,规制欺诈上市应从合理配置发行监管权、重塑证监会的监管定位、完善注册制下发现违规的方式、强化欺诈上市的处理、健全投资者利益保护机制等方面采取有效的对策。China’s new share issuance system is undergoing a change from the approval system to the registration system. The Governance of fraud listing is one of the major tasks of the registration system reform. The phenomenon of fraud listing will present new features in the new issuance system. It is a new topic that how the state makes use of market-based methods instead of administrative means to control fraud listing. The new share issuance system is a part of the capital market rules. Fraud listing should first be regulated by the reform of the issuance system. At the same time,the parties and various rules of securities issuance are involved in it. Considering the systemic nature of the capital market,the governance of fraud listing needs other supporting measures to work together in order to address both the symptoms and root causes. In the context of the reform of the new share issuance system,several effective measures should be taken: firstly,it is important to rationally allocate regulatory powers;secondly,it is necessary to reshape the regulatory position of the CSRC;thirdly,it is essential to improve the ways in which violations are found under the registration system;fourthly,it is vital to strengthen the handling of fraud listing;last but not least,it is crucial to improve the protection mechanism for investors’ interests.

关 键 词：欺诈上市 新股发行制度改革 注册制 市场化方案 

分 类 号：F121.26[经济管理—世界经济]