作　　者： ;

机构地区： 中国政法大学民商经济法学院

出　　处： 《财经法学》 2016年第6期9-13,共5页

摘　　要： 注册制是企业登记的一种方式,体现了国家对设立企业的态度,采用注册制是从保护债权人为中心转为以促进投资为中心,其意义就在于加快公司融资的速度和降低融资成本。注册制的经济实质就是"自由融资"这四个字。目前还不适合以注册制完全替代核准制发行股票,而只能是在核准制系统旁边再建一套不太显眼的注册制系统,两个股票发行市场并行不悖,待市场诚信机制适应注册制需要时再实行单一的注册制。注册制发行股票就是单凭发起人的个人承诺在市场上发行股票,监管部门不再具体审核发行公司资产的有无及真伪,必然带来许多道德风险,目前发行人的发起人多数是法人,如果在股票发行中实行注册制,那会更刺激那些不诚信的公司和个人高举公司的有限责任盾牌,进行欺诈发行,这是目前的法治能力尚难以根本抑制的,所以,股票发行注册制目前只宜适用于由自然人担任发起人的公司,而不宜适用于其他有限责任机构担任发起人的公司。 Registration system is one of an enterprises registration ways,which shows the government's attitude towards enterprises establishment.The application of the registration system is not to guarantee the limited liability of the company or its capacity of civil responsibility,but to promote investment.The significance of the adoption of the Registration System is to fasten corporate financing and reduce financing cost.The economic essence of registration system is'free financing'.By now,it is still inappropriate for China to displace the approval system by registration system,but we can establish a registration system while reserving the existing approval system.The two systems can be implemented respectively and compatibly,until the market is ready for the complete registration system.Under the registration system,the issuance of stocks is based on the issuers'personal commitments,the regulatory authorities no longer needs to exam the authenticity of companies'capital,which will inevitably entail a lot of ethical risks.So far,most of the issuers'promoters are judicial persons.The application of the registration system will provide dishonest companies and people chances to issue stock fraudulently by taking advantage of companies'limited liabilities.Therefore,the registration system should only be applied to companies promoted by natural persons instead of those promoted by other limited liability institutions.

关 键 词： 股票发行 注册制 道德风险 风险救济

领　　域： [政治法律] [政治法律]