发审委制度的困境与反思

证监会发行审核委员会是证券发行制度中的重要组织,其职权行使与证券发行核准制密切相关。在核准制下,发审委需要对发行申请人进行实质审查,使其自身处于行政权力与商业判断的紧张关系中。为此,发审委采用了公私结合的组织结构,试图使其做出的审核决定更贴近市场。但由此也引致了发审委属性不清,委员身份不明,利益冲突缺乏有效约束等弊端;损害了证券监管的专业性、有效性和权威性。因此,发审委制度的完善应当成为证券发行监管制度改革的关键点和突破口。

Dilemma and Reflection of the Securities Issuance System

The Issuance Examination Committee under CSRC is a vital organization in the securities issuance system,and its terms of exercise are closely related to securities issuance approval system.Under the approval system,the Issuance Examination Committee carries out substantive examination for issuers and makes itself in the tense relations of the administrative powers and business judgment.Therefore,the Issuance Examination Committee adopted the organizational structure of public-private combination,trying to make approval decisions in more accordance to the market.This also attributes the Issuance Examination Committee to unclear and vague identifications,lacking of effective constraints to the conflict of interest;so as to harm the professionalism,effectiveness and authority of securities regulation.Therefore,the improvement of the Issuance Examination Committee system should become the key point and breakthrough of the issuance of securities regulatory reform.