论证券发行预披露制度

我国证券法创设证券发行预披露制度并非偶然，而是具有历史必然性。美国、欧盟、日本及我国台湾地区的证券法都没有规定证券发行预披露制度，我国是将美国行之有效的举报制度上升到法律层次，是一种立法技术上的创新。证券发行预披露制度是公开原则的内在要求。本文认为，我国证券发行预披露制度在诸多方面尚待完善。

IPO Pre-announcement System

IPO pre-announcement system as stipulated in the new PRC Securities Law is not an incidental but a historically inevitable result. This system is neither implemented in the US, EU, Japan nor Taiwan. It is a legislative innovation and enhancement based on the report system, which proves effective in the US. This system is also in accordance with the principle of openness. The author, however, believes this system still leaves room to improve in various areas.