我国需要什么样的证券非公开发行制度

2005年修订后的《公司法》、《证券法》为我国证券非公开发行与转让打开了制度空间，我国将面临证券非公开发行与转让市场大扩容和大发展的形势。本文在介绍分析证券私募制度的由来、要素及优势的基础上，结合我国市场及法规制度实际情况，从有利于发挥证券非公开发行制度优势、有利于促进企业利用该制度融资与发展的角度，提出了完善我国证券非公开考行制度的建议。

Securities Private Placement System China Needs

Company Law and Securities Law newly implemented in China legalize private placement and transfers of securities in the country, which is to embrace great development in this area. Following a review of origin, element and advantages of private placement, suggestion on improving existing private placement system in China is put forward in an effort to put into full play the advantage of private placement system and facilitate its growth.