浅析证券私募发行法律制度  

The Legal System Governing Private Placements

作　　者：杨博涵 

机构地区：[1]中国社会科学院大学(研究生院)法学系

出　　处：《金融市场研究》2020年第9期110-119,共10页Financial Market Research

摘　　要：本文通过梳理我国证券私募发行法规与市场现状认为,宏观层面上,我国私募证券发行制度在制度规范层面存在缺失且规定模糊等情形;微观层面上,我国证券私募尚存在立法关于"合格投资者"资格界定标准模糊、私募转售市场多样且分散等问题。本文在通过分析我国私募发行现状并分析美国证券私募发行的立法经验及启示,对我国证券私募发行法律制度的完善以及建立统一、集中的监管证券私募转售市场制度提供相关建言。This paper examines the regulations and market conditions of private placements in China and concludes that at the macro level the issuance system lacks institutional norms and many regulations need greater clarity. At the micro level, there are problems with vague definitions of what constitutes a "qualified investor" and there is an excessively dispersed resale market.By analyzing the regulations governing the private placement market in China and comparing them with the legislative experience in the United States, this paper provides useful advice on how to improve the legal framework in China and establish a unified supervisory system for the market for private resales of securities.

关 键 词：证券私募 发行制度 合格投资者 信息披露 

分 类 号：D922.287[政治法律—经济法学]