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一、问题的提出股票发行注册制改革是近年来中国证券监管领域的一个热点问题,引发了诸多争论。与当前实行的核准制不同,注册制的精髓在于弱化事前控制而强化事中、事后控制,即监管机关不对发行主体和证券投资价值进行实质性判断,而是强调信息披露,让市场机制实现资源配置,同时通过法律机制惩罚虚假信息披露行为,保护投资者的合法权益。毋庸置疑,推行证券发行注册制是中国证券监管改革的未来发展方向,必将对于中国证券市场产生深远影响。然而,真正的问题在于,这个改革应当如何推出?应当何时推出?
First, the issue put forward Stock registration reform is a hot issue in the field of securities regulation in China in recent years, triggered a lot of controversy. Different from the current approval system, the essence of the registration system is to weaken the control in advance and to strengthen the control of events and ex-post. That is, the supervisory authority does not substantively judge the issuer and the value of securities investment. Instead, it emphasizes information disclosure and enables market mechanisms to realize resources At the same time, it punishes the disclosure of false information through legal mechanisms to protect the legitimate rights and interests of investors. Undoubtedly, the implementation of the securities issuance registration system is the future direction of China’s securities regulatory reform and will surely have a profound impact on the Chinese securities market. However, the real question is how should this reform be rolled out and when should it be launched?