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证券储架发行制本为化解上市或公众公司再融资困境之制度良选,但我国证券储架发行制设计与运行却支离破碎不相统一,尤受诟病的是其适用领域过于狭窄。究其原因,或源于目前我国证券市场发展不够成熟,抑或证券规制理念过于保守等缘故。然而,证券市场发展的现实诉求却激励着规制理念的转换及制度上的创新。有必要对既存证券储架发行条款从宏观到微观、从结构到内容、静态到动态进行系统性评估,实现公司资本制从“法定”向“授权”的转换、证券发行“核准制”与“注册制”的耦合,以及证券储架发行制“分立式”立法模式向“一体化”的转变来确立证券储架发行制重塑的基本进路。尤须就证券储架发行制适用主体资格的类型化安排、证券范围边界的划定以及储架发行文件的有效期与更正等核心内容展开系统设计。
However, the design and operation of the securities depository system in our country are fragmented and uncoordinated. What is more criticized is that the applicable fields are too narrow. The reason, or from the current development of China’s securities market is not mature enough, or the concept of securities regulation is too conservative and so on. However, the actual demands of the development of the securities market have stimulated the transformation of the regulatory concept and institutional innovation. It is necessary to make a systematic assessment of the terms of issue of existing stock shelves from the macro to the microcosm, from structure to content, from static to dynamic, to realize the conversion of corporate capital from “statutory ” to “authorizing ”, The transition of the “approval system” and the “registration system” and the change of the securities shelf distribution system to the “integration” mode to establish the basic mechanism of the reform of the distribution system of the securities shelf road. In particular, we should systematically design the core elements of the type arrangements for the issuance of securities holder, the delimitation of the scope of the securities and the validity and correction of the issuance documents of the storage racks.