2015年或将成为中国股票开始实现注册制的历史元年,但《证券法》的修订仍旧任重道远,证券的定义扩展、整体性的发行机制改革与执法机制健全,在未来一段时间内,依然是立法者与实务人员必须面对的难题。尽管比较法给中国证券市场的法律治理提供了参考系,但是由于中关两国社会背景与法律制度的根本性不同,法律移植的排异性,值得引起足够的注意。中国要建立信息披露为核心的证券发行机制,必须考虑到公、私执法机制等配套措施的健全,必须找到美国法院在证券市场治理中的替代机制,否则终究会成为书本中的法,也会产生制度排异性。换句话说,制度的移植不能是片段式的嫁接,而应该是全景式的观察、反思、嵌合与创新。 2015 will be the first year of the history of China’s stock registration system. However, the revision of the Securities Law still has a long way to go. The definition of securities has expanded and the overall mechanism for reforming and enforcing the issuance mechanism has been sound. For some time to come, Legislators and practitioners must face the problem. Although comparative law provides a reference frame for the legal governance of China’s securities market, due to the fundamental difference between the social background and the legal system of the two countries, the disregard of legal transplantation deserves due attention. China must establish an information disclosure as the core of the securities issuance mechanism must take into account the public and private law enforcement mechanisms and other supporting measures sound, we must find the United States court in the securities market governance alternative mechanism, otherwise it will eventually become the book of law, will Produce system exclusiveness. In other words, the system can not be transplanted grafting, but should be panoramic observation, reflection, chimerism and innovation.