摘要
证券储架发行制本为化解上市或公众公司再融资困境之制度良选,但我国证券储架发行制设计与运行却支离破碎不相统一,尤受诟病的是其适用领域过于狭窄。究其原因,或源于目前我国证券市场发展不够成熟,抑或证券规制理念过于保守等缘故。然而,证券市场发展的现实诉求却激励着规制理念的转换及制度上的创新。有必要对既存证券储架发行条款从宏观到微观、从结构到内容、静态到动态进行系统性评估,实现公司资本制从"法定"向"授权"的转换、证券发行"核准制"与"注册制"的耦合,以及证券储架发行制"分立式"立法模式向"一体化"的转变来确立证券储架发行制重塑的基本进路。尤须就证券储架发行制适用主体资格的类型化安排、证券范围边界的划定以及储架发行文件的有效期与更正等核心内容展开系统设计。
Securities shelf offering system is a good selection to resolve listed or public corporation refinancing plight, but the design and operation of China＇s securities shelf offering system has been splitted to fragments, and not unified, and is par ticularly criticized for its field of application too narrow. To seek for thereason,it might because that our stock market develop- ment is not mature enough, or the securities regulation idea is too conservative, etc. However, the practical demand of develo ping securities market has inspired regulation ideas to be converted and to realize innovation of the interrelated system. There- fore, it is necessary to fulfill systematic review of the existing securities shelf offering system provisions, from macroscopic to microcosmic, from structure to content, static to dynamic, then to achieve the conversion of the company＇s capital system from ＂legal＂ to ＂authorize＂, the coupling of securities issue ＂authorization＂ and ＂registration＂, and the change of securities shelf of fering system＇s legislative mode from ＂discrete＂ to ＂integration＂ to establish the basic route of securities shelf offering system ＂s reconstruction. Particularly important is to find a systematic route for the core content＇s design, such as the subject qualifica- tion typed arrangement, the border of scope of securities in the application of shelf offering system, and shelf offering docu- ment＇s term of validity and the correct of its content, etc.
出处
《法学评论》
CSSCI
北大核心
2015年第6期42-52,共11页
Law Review
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)
温州大学金融研究院基金项目以及西南政法大学2014年度研究生科研创新计划重点项目(XZYJS2014012)资助
关键词
储架发行
再融资
立法模式
适用范围
Shelf Offering
Refinance
Legislation Model
Sphere of Application
