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核准制是许多国家在证券市场尚不发达的情况下,为了保护不够成熟理性的投资者而采用的。但是,当证券市场足够发达时,证券发行监管制度却并不必然会由核准制过渡到注册制。通过对注册制的核心即信息披露制度和核准制的核心即实质监管制度从理论和实践两方面的分析可知,披露监管和实质监管并没有上下优劣之分,每种制度各有其优点和不足之处。因此,认为证券发行监管制度必然会由核准制过渡到注册制是不准确的。
The approval system is used by many countries to protect investors who are not mature enough rationally under the condition that the securities market is still underdeveloped. However, when the securities market is sufficiently developed, the securities regulatory system does not necessarily transition from an approval system to a registration system. By analyzing the core of the registration system, namely the information disclosure system and the approval system, that is, the substantive regulatory system, both in theory and in practice, there is no difference between superiority and inferiority in the disclosure regulation and the substantive regulation. Each system has its advantages and Insufficient. Therefore, it is inaccurate to think that the system of securities issuance supervision will inevitably be transferred from the approval system to the registration system.