我国证券发行保荐跟投法律制度优化研究-《集美大学学报》（哲社版）

文章信息/Info

Title:: On the Optimization of the Legal Regulation of Securities’ Issuance Sponsor and Investment

Author(s):: LIU Hui; WU Junxiong; Law School,Hunan University,Changsha 410082,China)

Keywords:: sponsor and investment; sponsor institutions; gatekeeper responsibility

摘要:: 在证券市场注册制改革的过程中，我国引入了韩国的保荐跟投制度。该制度基于激励相容理论，通过绑定保荐机构与投资者的利益来压实看门人责任，促使保荐机构在IPO过程中尽职尽责，有利于解决IPO定价过高、业绩变脸等问题。但是,目前我国的保荐跟投制度尚不成熟，存在利益冲突、激励约束与竞争机制不足、减持规则缺位、信息披露不全面、法律责任不完善等困境。完善证券发行保荐跟投法律制度需要构建基于信息、资金和人员的保荐机构金融防火墙；设计区间化的跟投比例，同时辅之以保荐跟投债、向证券投资者保护基金申请资金、设立保荐跟投税等制度；增设保荐机构分批减持以及信息披露规则；限定违规跟投的范围并设置预防性责任承担机制。

Abstract:: In the process of reforming the registration system of the stock market,we introduced the sponsor and investment system of Korea.Based on the incentive compatibility theory,the system compacts the gatekeeper responsibility by binding the interests of sponsors and investors,and promotes sponsor institutions to do their duty in the IPO process,which is conducive to solving the problems such as overpriced IPOs and performance changes.However,the current system of sponsorship and investment in our country is not mature,and there are problems such as conflict of interest,lack of incentive restraint and competition mechanism,absence of shareholding reduction rules,incomplete information disclosure,and imperfect legal responsibility.To optimize the legal system of securities issuance sponsorship and investment,it is necessary to build a financial firewall of sponsor institutions based on information,capital and personnel;to design the interval proportion of investment,supplemented by the sponsor and investment bonds,securities investor protection fund to apply for funds,and set up the sponsor and investment tax system;to add rules for reducing holdings in batches and information disclosure by sponsor institutions;to limit the scope of violation follow up and set up a preventive responsibility bearing mechanism.