保荐人制度的制度效应与有效制度设计

保荐人制度作为我国证券发行制度改革的产物,对证券市场的长远发展具有重要意义。但是,现行保荐人制度自身存在的制度缺陷,以及"琼花事件"等保荐人丑闻事件所反映出来的现行保荐人制度的诸多弊端,严重制约了保荐人制度制度效应的发挥。因此,我国保荐人制度的有效制度设计应当坚持在准确确定保荐人制度的价值定位的基础上进行系统化的立法设计。

Systematic Effect and Effective System Design of Sponsor's System

Sponsor's system as the product of securities issue system reform is most important to long-term development of securities market.But their own systematic absence of prevailing sponsor's system and some shortages of prevailing sponsor's system which is reflected from sponsor's scandals impede these functions of prevailing sponsor's systematic effect.Therefore,our prevailing sponsor's system design should be carried on systematic legislative design,which is based on properly determining the value proposition of sponsor's system.