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1国内证券发行保荐人制度分析摘要本文从与保荐人制度有关的经济学理论入手，阐述了作为证券市场信用体系、政府监管和市场自律之间的理论联系。作者结合中国证券市场发行审核体制的演变过程，客观分析了实施保荐人制度一年多以来存在的缺陷。本文较好地把经济学理论与中国证券市场的实际情况结合起来，提出了有针对性和颇具可操作性的改进建议，并对保荐人制度的发展趋向提出了设想。文章的观点具有一定的时效性、实用性和创新性，主要观点可为监管者、保荐人和发行人等的决策提供有益参考。证券发行保荐人制度，是一种以市场诚信和市场自律为理论基础的证券发行监管及上市公司监管的方式。保荐人(由保荐机构和保荐代表人共同组成)的职责是把符合条件的企业推荐上市，对证券发行申请是否符合法定条件、公开披露信息是否准确完整等承担相应的连带保证责任。这有助于解决我国证券市场普遍存在的信用不高、监管效果不佳、发行人质量低、上市公司不规范、融资效率低等问题。信用对于证券发行市场有特别重要的意义。作为保荐人制度的重要理论基础之一，市场信用具有财产性、可衡量性、降低交易成本和2提高市场效率的功能。凯恩斯主义理论认为，垄断、外部影响、信息不完全和公共物品等造成的市场失灵，需要通过政府干预来弥补。政府管制与违法成本的关系,政府监管与自律的关系，是探讨证券发行核准制向注册制转变的主要经济学理论依据。我国的证券市场经历了不同阶段的发行监管方式，在发挥积极作用时，在监管的理念、监管的方式、监管的环境、市场信用、监管的效果等存在不少问题。保荐制弥补了核准制的不足，是核准制向注册制转变的过渡性安排，将随着市场发展和监管完善而最终被注册制度所取代。经过一年多实践，我国的保荐人制度明显存在缺陷。包括：缺乏必要的法律授权；对证券违法处罚措施不力；与市场自律监管还有很大距离；证券监管执法体制对保荐人制度实施效果的影响仍然不确定；市场信用制度不健全制约了保荐人制度实施效果；对保荐人执业能力要求与其所承担的责任之间差距较大；保荐人准入条件缺乏公平性等。针对保荐人制度实施中的不足，本文提出以下建议：首先，完善证券法规，使保荐人制度真正有法可依；其次，扩大证券执法权限，加大对保荐违规的处罚力度；再次，通过实行保荐机构分类监管、修改保荐代表人注册条件等方式，为保荐业务和投行人才的公平竞争创造良好的制度环境。2005年10月27日，全国人大常委会颁布了经修改的《证券法》3和《公司法》，从各方面完善了证券的发行监管和保荐行为。新修改补充的条文印证了本文之前所提出的大部分观点。关键词：监管，保荐，不足，建议4ABSTRACTThisthesisbeginswiththeeconomicstheoriesregardingtheSponsorsystem,andthenillustratestheoreticalconnectionsamongthegoodfaith,governmentalsupervisionandmarketself-regulation.Combinedwiththetransitionofregulatorysystemindomesticsecuritiesmarket,theauthoralsoanalyzesdeficienciesoftheSponsorsystem,whichhasbeenexecutedformorethanoneyear,inanobjectiveperspective.Inadditiontothecombinationofrelatedeconomicstheoriesandthecharacteristicofdomesticsecuritiesmarket,aswellasconceivespossibletrendfortheSponsorsystem,thethesisputsforwardsomepertinentlyexercisableadvicesforfurtherimprovement.Thestandpointsincontextareeffective,practicalandcreative,whichwillbeusefulreferencestotheregulators,sponsorsandissuersofmarket.Beingasolutiontotheregulatoryprocedureonsecuritiesissuingactivityandlistedcompany,theSponsorsystemisbasedonthetheoryofgoodfaithandself-regulatoryprinciples.Rolesofthesponsors(bothinstitutionalandindividual)playedinthesystemare5mainlyasfollows:Asasponsorwhorecommendsqualifiedissuingactivityandtolistinstockexchange,andAsasponsorwhobearsjointliabilityforthelegalqualificationsofthecompanyapplyingforissuing,andAsasponsorwhobearsjointliabilityforthetruenessandcompletenessofinformationdisclosedbythelistedcompanysponsored,etc.Thishelpstosolvetheproblemscommonlyexistindomesticsecuritiesmarketsuchasbreachoffaith,uncertainconsequencesofregulation,poorqualityofissuers,failuretomeetstandardsoflistedcompanies,lowefficiencyofcapitalusage.Goodfaithisofaspecialsignificancetothesecuritiesmarket.BeingatheoryoftheSponsorsystem,goodfaithplaysanimportantrolebyloweringtransactioncostandupgradingmarketefficiency,aswellaspossessingofthecharacteristicsofproprietyrightandquantification.Keynesianismholdsthatmonopoly,externalinfluence,informationinsufficiencyandpublicutilityarethefactorswhichresultinmarketdeficiency,andshouldbeoffsetbygovernmentintervention.Relationsbetweengovernmentalregulationandthecostsofviolationofthelaw,aswellastherelationsbetween6governmentalregulationandself-regulation,arethemaineconomicstheories,basedonwhichsecuritiesissuingregulatorysystemtransitsfromtheapprovaltotheregistration.Thedomesticsecuritiesmarkethadgonethroughdifferentregulatorymethods.Thoughwhichplayedanactiveroleinthedevelopmentofmarket,thereweremanyproblemsexisted,includingregulatoryprinciples,methods,circumstances,consequencesandgoodfaith.SomedeficienciesoftheapprovalsystemofsecuritiesissuingwerecoveredbytheSponsorsystem,whichbecomesatransitingarrangementandisboundtobereplacedbyregistrationsystemwiththedevelopmentofsecuritiesmarketandtheperfectionofregulatorysystem.AftermorethanoneyearpracticeoftheSponsorsystem,somedisadvantagesappear,thatcanbebriefedasthefollowingpoints:AbsenceofLegislativeauthorization,andImpotenceofdiscipliningthoseviolationsofsecuritieslaw,andSponsorsystemisstillfarawayfromperfectioncomparedwithself-regulatoryprinciples,and7TheeffectsofexecutingtheSponsorsystemresultedfromInfluencesofthesecuritiesregulatoryenforcementsystemarestilluncertain,andTheeffectsofexecutingSponsorsystemarelimitedbythedeficiencyofmarketfaithsystem,andIncompetenceofsponsorsisunabletofittheirrespectiveresponsibilitiesrequiredbytheSponsorsystem,andDeficiencieslyinginthesponsorregisteringqualificationsmakeitpartialandunfairtomostofthequalifiedprofessionalsinsponsors.Accordingtotheabovedeficiencies,thisarticlebringsforwardrespectiveadvicesforfurtherimprovementoftheSponsorsystem.Firstly,toamendsecuritieslawandregulationstomaketheSponsorsystemlegislativelyeffected.Secondly,toextendjurisdictionofChinaSecuritiesRegulatoryCommittee(CSRC),aswellaspunishtheviolationsofSponsorproceduresstrictly.Thirdly,tobuildamarketwithfaircompetitioncircumstancesforsponsoractivitiesandinvestmentbankspecialistsbybothregulatingtheinstitutionalsponsorsaccordingtothecategorytheywereclassifiedbyCSRCandamendingsponsorqualificationrules.8TheamendedSecuritiesLawandtheCompanyLawapprovedbytheStandingCommitteeofNationalPeopleCongress(N