| The breakout of the global financial crisis brings on developed countries's prevalent reflection of how to reinforce and perfect the regulation of the securities market."《Dodd--Frank Wall Street reform and Consumer Protection Act》,which is the most massive reform plan in the USA's financial system since1930,claims that authority has forcefully get involved into the financial system.When the USA has affected by the financial crises,USA, who has the most developed financial market,the most comprehensive securities laws and the longest tradition of market-oriented regulation system,has retort to a lot of legislation reform and reinforce government regulators's role in the securities even in the financial industry.what the USA has done influence the immature china's securities laws,economic laws,civil and commercial laws even generates the rethink on how to perfect china's regulation on securities. Issuance market,the origin of the securities risks, is connected to the public interests of so much investors and the order of market competition, our recent securities Issuance Market has such imperfections as:virtual high of starting price; monopoly; unfair competition. CSRC(China Securities Regulatory Commission) issued <the guideline on the reform of new shares'issuance> and initiated the second reform of the securities issuance market. Hence, it is high time for the scholars of the economic law to offer adequate theoretical support and legislation suggestion.since the securities civil responsibility system is immature and imperfect and the harsh reality, the theoretical study of legal regulation on the securities issuance market is restricted to the civil and commercial laws which are private rights-oriented.the relationships which happen in the supervision and management on the securities'issuance in those countries are of public law nature,which belongs to the social relationships in the national coordination of national economic development.So,there is no doubt that those relationship should be regulated by economic laws when the10th article of securities laws has claim the substantive approval of the issuing regulation. Hence,this essay, from the perspective of economic laws according to the chains of regulation of the securities issuance,comprehensively analyzes the relationships which which happen in the supervision and management on the securities'issuance and put forward suggestion of the legislative reform.In section1,this essay refines the concept of the securities issuance from the angle of economic laws and points out that the securities issuance is the offer of the given shares in the primary market promotion and production which is done by the qualified issuers according to the special legal procedures,which is line with the securities laws, economic laws,administrative legislation,department regulations.this definition make the concept is quite different from the non-legal subjects and other sectors.the connotation of securities issuance includes the invitation of offer and securities registration transfer behavior even the relevant procedures.what's more,I compare the two different legislative mode of the approval on the securities issuance and then clarify our legislative option of china'securities laws.In section2,starting from the logic contradiction of the General terms of persuasion of our securities laws,bases on the analysis of the substantive status of the participants in the issuing market, I point out the idea of the establish of immunity of issuing approval in china and establish that the public issuance should be regulated by the economic lawIn section3,when it comes to the construction of the regulation of the issuance market,I analyze such Present market situation as excluding competition Information asymmetry and illuminate the theoretical foundation of the economic law' intervention into the operation course. firstly, competitive laws regulate the monopoly and anti unfair competition by the reform of the IPO inquiry system and increase the supply of the middle-sized and small-sized investors.secondly, since Information asymmetry and the failure of the rational man hypothesis in the securities issuance market,the Consumer rights and interests protection law establishes the mandatory disclosure system in the whole process of inquiry and road, admit the substantive difference of participants'capital,resources,technology, information status,infer more legal obligations on the issuer of the dominant position, the underwriter, institutional investors and take inclining protection to the disadvantaged t public investors to pursue substantive fair.In section4,since the securities issuance market is of public nature, our civil responsibility system is very immature and the traditional four responsibility system has theoretical imperfection,I illuminate the theoretical and practical necessity of economic law establishing the individual responsibility system. In addition,I invent the unique Excess compensation system,the economic law responsibility of the illegal behaviors economic law shall be investigated for all kinds of illegal responsibility,In the form of after regulation to recover the destruction of the social and public interests and the order of market competition, which is the final procedure in the chainIn section5,this essay focus on the problem that whether the securities issuance market should be regulated by the public laws or private laws. I point out that the legislation should take different construction so that the legislative suggestion of economic law and the legislative suggestion of economic law can be harmoniousNow,the chain of the comprehensive regulations of economic law on the securities issuance market is done, all-round stereo legal system are as follows:civil, economic law play the most important roles assisted by administrative law and criminal law,which offer the adequate legal support to the coordination of the public and private interests,which conforms to the time request of the comprehensive regulation on the securities issuance market. |
PDF Full Text Request