围绕何为注册制,讨论甚多。笔者将其理解为一种证券发行登记备查制度,侧重信息披露和后端控制,监管机构事先不对发行主体质地和证券投资价值进行实质性判断,发行与上市活动自然分开。注册制的基本精神在于平衡企业融资需求与投资者利益保护,平衡公众利益和秩序维护与保持市场自主选择和活力。一方面,它针对影响广大投 Around what is the registration system, much discussion. I will understand it as a securities registration system for the issuance examination, focusing on information disclosure and back-end control, the regulatory body prior to the issuer’s texture and securities investment value substantive judgments, the issuance and listing activities naturally separated. The basic spirit of the registration system is to balance the needs of corporate financing with the protection of investors’ interests, balance the public interest and order, and maintain and maintain market choices and vitality. On the one hand, it targets the majority of investors