【作者】 高建宁；

【导师】 李岳云；

【作者基本信息】 南京农业大学 ， 农业经济管理， 2007， 博士

【摘要】 1990年12月,以上海证券交易所的建立为标志,新中国证券市场诞生并开始成长。经过10多年磨砺和锤炼,中国证券市场已从一个蹒跚学步的儿童逐渐长大,取得了举世瞩目的成绩,有力地促进了国有企业的机制转换和现代企业制度的建立,大大推动了我国国民经济发展,产业结构调整和科技进步。证券市场的发展使市场经济思想深入人心,金融市场深化大大加速了整个经济体制改革的步伐。经过10多年发展,中国证券市场己站在亚洲证券市场的前沿。与市场发展相适应,我国证券监管体系也在逐步完善。1992年10月,国务院决定成立国务院证券委员会及其执行机构中国证券监督管理委员会;1992年,国务院颁布了《国务院关于进一步加强证券市场宏观管理的通知》;1993年12月,《中华人民共和国公司法》颁布实施;1997年11月,中央和国务院召开了全国金融工作会议,制定了证券市场监管体制改革方案,进一步加强证券市场集中统一监管,中国证监会建立了三级监管体制,统一负责对全国证券、期货业的监管;1999年7月1日正式颁布实施《中华人民共和国证券法》,2006年1月1日正式施行了历时多年新修订的《公司法》、《证券法》。奠定了证券市场依法监管的基础。证券发行监管是证券市场监管的第一道闸门,对证券发行监管的效果将直接影响到证券交易市场的发展和稳定,影响到整个证券市场的资源配置效率。因此,我们必须从源头上把好关,有必要对目前的证券发行监管有效性进行研究。国内关于证券发行监管的研究主要是描述性论述,运用实证研究的方法来分析证券发行监管制度有效性的文章非常少;国外关于证券市场有效性问题最有影响力的理论应首推美国著名经济学家法玛(E.F.Fama)在1970年提出的“有效率市场假说”(Efficient Market Hypothesis,简称为EMH),但其一般只适用于证券交易市场有效性问题的分析。本文试图用一种较为恰当的实证研究方法分析我国证券发行监管制度的有效性,这也是本文研究方法上的创新之处。本文首先采取从一般到特殊的方法明确阐述了证券发行监管的基本概念,进而以一般经济监管和法学理论为依据,分析了证券发行监管的必要性及证券发行监管的核心。其次分别论述了证券发行监管制度的三个有机联系的组成部分:发行审核制度、发行定价制度、信息披露制度。并指出发行审核制度反映了发行监管制度的价值取向,集中体现了证券发行监管的理念;发行定价制度决定了证券发行市场价值决定功能和资源配置功能的发挥程度,由于其主要反映市场的调节功能,一般也称为发行定价机制;信息披露制度则是定价制度和审核制度的基础,证券发行市场是建立在信息披露制度基础上的。但为了更加有针对性地对证券发行审核制度进行系统专题研究,本论文中的证券发行监管制度多数特指证券发行审核制度。再次从制度变迁的角度,先后对国外发达国家与我国的证券监管及证券发行监管制度进行比较分析,指出我国证券发行监管制度存在过多非市场化的政府干预行为,而这导致了我国在证券发行监管职能、证券发行与上市的概念以及保荐人制度运行的背景等方面,与国外发达国家成熟证券市场相比存在很大差异。最后在评价我国证券发行监管制度的有效性时,对首次发行新股的公司上市前后各三年的业绩变化进行了实证分析,受数据获取和工作量太大的限制,只以2002年全年新发行上市的A股上市公司为例进行实证分析。实证分析结果显示:我国证券发行监管制度的有效性不容乐观。鉴此,特在制度环境和微观基础层面上,相应地提出了关于提高证券发行监管制度有效性的政策建议。更多还原

【Abstract】 In December,1990,taking the establishment of Shanghai stock market as the symbol, the stock market of new China was born and started to grow.After more than 10 years’ whets and tempers,the stock market of China,itself the child who toddled from one growing up gradually,has obtained the result which attracted worldwide attention.It has powerfully promoted the state-owned enterprise’s mechanism transformation and the establishment of modern enterprise system,and impelled greatly the development of the national economy,the adjustment of industrial structure and the advance in technology.The development of the stock market made the market economy thought sink deep into the hearts of the people and the deepening of the money market has accelerated greatly the entire economic restructuring step.After more than 10 years’ development,the stock market of China now stands on the front stage of the stock market in Asia.Adapting with the development of the market,the supervision system of negotiable securities in our country is also consummating gradually.In October,1992,the State Council decided to establish State Council Negotiable Securities Committee and the implementing agency—Chinese Negotiable Securities Management and Supervision Committee.In the same year,the State Council promulgated "Notice of the State Council about Further to Strengthen Stock Market Macroscopic Management".In December,1993, "Corporation Law of the People’s Republic of China" was promulgated.In November,1997, the Chinese Central Committee held the national finance workshop with the State Council, formulated the organizational reform plan of the stock market supervision,and further strengthened to uniform the supervision of the stock market.In addition,the Chinese Securities Supervisory Association established three-level supervision system and has been responsible for the centralized control of the national negotiable securities and commodities trading.On July 1,1999 "Securities law of the People’s Republic of China "promulgated officially,has laid the foundation for supervising and managing the stock market legally.The supervision of negotiable securities issue,the first strobe of the stock market,will directly affect the development and stability of the negotiable securities trading market.It will also affect the efficiency of resources allocation of the entire stock market.Therefore,it is necessary to conduct the research on the validity of the supervision of present negotiable securities issue.Domestic literatures concerning the supervision of negotiable securities issue mainly concentrate on description,and few of them use empirical analysis.The methods of empirical analysis used to evaluate the validity of the supervision system of negotiable securities issue abroad,should initiate the "Efficient Market Hypothesis"(EMH) put forward in 1970 by the famous American economist,E.F.Fama,which may be the most influential theory.But it is applicable to the analysis of securities trade market generally only,but not suitable to be applied to the market in China for the supervision of negotiable securities issue.In order to evaluate it impersonally and equitably,this paper tries to use a proper method of empirical analysis to evaluate the validity of the supervision of negotiable securities issue in China,which is also the creative foundation of this paper.Firstly,the author states the basic concepts of the supervision of negotiable securities issue in the paper,using the method of from general to special.Based on the theories of common economic supervision and the science of law,the paper gives the economic analysis on the necessity and the core of the supervision of negotiable securities issue.Secondly,he expounds the three organic related components of the supervision systems of negotiable securities issue:the review system of negotiable securities issue,the pricing system of negotiable securities issue and the disclosure system of relevant information.The review system of negotiable securities issue reflects the value orientation of the supervision system of negotiable securities issue and also focuses on the idea of the supervision of negotiable securities issue.The pricing system of negotiable securities issue, which mainly reflects the function of modulation in the market,decides the function of determination of value in the market of negotiable securities issue and the exercise of resource allocation.And the disclosure system of relevant information is the basis of the review system of negotiable securities issue and the pricing system of negotiable securities issue,and it is also the basis of the whole market of negotiable securities issue.In order to take the case study systematically in accordance with the review system of negotiable securities issue,the author of the paper states the supervision system of negotiable securities issue for the review system of negotiable securities issue in most cases.Thirdly, after comparing the systems of negotiable securities issue supervision in the foreign developed stock markets with that in China,from the point of view of the institutional change,the paper points out that there’s still too much nonmarketizational governmental intervention in the supervision of negotiable securities issue in China.As a result,we still have a long way to go in many aspects compared with the mature markets abroad,such as the function of the supervision of negotiable securities issue,the concepts of securities issue and listing,and the background of using sponsor system,etc.While evaluating the validity of the supervision system of negotiable securities issue in our country,the author does the empirical analysis studying on the outstanding achievements separately from the listed companies appearing on the market in the recent three years.Because of the limitation of the data obtained and too much work to do,the author does the empirical analysis studying mainly according to the data collected from the A listed companies appearing on the market in 2002.The conclusion drawn from the empirical analysis is that we cannot express optimistic view as to improve the validity of the supervision of negotiable securities issue in our country.In consideration of the above,the author puts forward some policy suggestions on how to improve the validity of the supervision of negotiable securities issue in the aspects of systematic environment and micro basis.更多还原