直接上市制度改革及其“看门人”机制分析  

Analysis of the Direct Listing System Reform and Its Gatekeeper Mechanism

作　　者：高振翔 Gao Zhenxiang

机构地区：[1]中国社会科学院大学法学院 [2]深圳证券交易所

出　　处：《财经法学》2021年第5期139-160,共22页Law and Economy

摘　　要：直接上市允许公司在不经IPO流程、不使用承销机构的情况下,自主选择是否发行新股,并将股票直接在交易所上市交易,是一种新型上市模式。美国直接上市改革的重要动因是私募市场繁荣发展对交易所市场造成压力,具体制度演变经历了仅限老股上市和2020年8月起兼容新股发行上市两个阶段。“看门人”弱化是直接上市改革的争议焦点问题,直接上市财务顾问仅提供顾问服务,所面临声誉压力、合同责任压力和法定责任压力远小于IPO承销商,难以起到市场“看门人”功能,现有应对路径包括递延财务顾问报酬给付、财务顾问承担承销商法律责任等。美国直接上市改革离不开发达私募市场、完备诚信环境和良好做市机制等条件。尽管我国引入直接上市制度的条件尚不成熟,在发行定价、上市路径、保荐承销制度等方面,直接上市改革仍然给我国带来启示。The direct listing is a new type of listing that allows companies to choose whether to issue new shares without going through the IPO process or using underwriting institutions,and to list the shares directly on the exchange.The main motivation of the direct listing reform in the United States is that the prosperity and development of the private equity market has exerted pressure on the exchange market.The specific system evolution has gone through two stages,which are listing only old shares and listing compatible with new shares since August,2020.The weakening of gatekeeper is the focus of controversy in the reform of direct listing.Financial advisors in direct listing only provide advisory services.The reputation pressure,contract liability pressure and legal liability pressure faced by financial advisors are far less than that of IPO underwriters.Thus,it is difficult for financial advisors to play the role of market gatekeeper in a direct listing.Response paths include deferred payment of financial advisors'remuneration,financial advisors assuming legal liabilities of underwriters,etc.The reform of direct listing in the United States cannot be separated from the developed private equity market,a complete integrity environment and a good market-making mechanism.Although the conditions for introducing the direct listing system in China are not yet mature,the reform of direct listing still brings enlightenment to China in terms of issue pricing,listing path and sponsorship and underwriting system.

关 键 词：直接上市 IPO上市 证券私募发行 看门人 保荐承销 

分 类 号：D912.28[政治法律—民商法学]