摘要
建立完善上市"静默期"制度,可降低信息不对称和信息操纵空间,有助于投资者理性思考,减少情绪驱动投资,有助于保护金融消费者权益,推动资本市场稳健发展。本文基于美国、中国香港等成熟证券市场实践经验,结合我国境内资本市场对上市"静默期"规则的积极探索及现存不足,提出进一步完善我国上市"静默期"制度的建议:一是将规范的重点放在市场主体上,更多聚焦于发行人、承销商及其研究部门、有利益关系的财经媒体等市场主体上;二是将"静默"期限延伸至IPO之后30天或40天;三是逐步形成正面清单和负面清单;四是制定更为严格的配套惩罚机制,并提高执行强度;五是灵活调整上市"静默期"细则,进行分类监管、动态监管。
Establishing and improving the "quiet period" system of enterprise listing can reduce information asymmetry and information manipulation space, help investors think rationally, reduce emotionally driven investment, help protect the rights and interests of financial consumers, and promote the steady development of the capital market. Based on the practical experience of mature securities markets such as the United States and Chinese Hong Kong, combined with the active exploration and existing shortcomings of domestic capital market on the "quiet period" rules, this paper puts forward opinions and suggestions to further improve the "quiet period" system in China. First, we should focus on the market subjects, especially on the issuers, underwriters, the research departments and other financial media with interests. The second is to extend the "quiet" period to 30 or 40 days after the IPO. Third, we should gradually form a positive list and a negative list. Fourth, we should formulate a more stringent supporting punishment mechanism and improve the intensity of implementation. Fifth, we should flexibly adjust the detailed rules for the "quiet period" of enterprise listing, and carry out classified supervision and dynamic supervision.
出处
《浙江金融》
2022年第1期29-36,共8页
Zhejiang Finance
关键词
静默期
上市
分类管理
Quiet Period
Listing
Classified Supervision
