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本文针对在证券交易所向不特定人群发行有价证券,即IPO这种机制进行法律层面的分析。文中基于公开发行有价证券的过程分析了主要的合同结构:与承销经纪人签订的承销协议,在存托凭证发行和流转过程中签订的委托合同和保管合同。
This article aims at analyzing the legal aspects of the IPO system by issuing securities to unspecified groups in stock exchanges. The paper analyzes the main contract structure based on the process of public offering of securities: the underwriting agreement with the underwriting broker, the commission contract and the custody contract during the issuance and circulation of depositary receipts.