论文部分内容阅读
各国证券法一般将针对限定人数范围内的特定对象发行证券认定为非公开发行,除此之外则为公开发行。但是随着证券发行制度的创新与发展,这种简单的二分法所存在的问题也逐渐暴露了出来。从实践和理论的角度特定投资者参与公开发行都有其合理性,因此可考虑建立针对特定对象的公开发行制度,并相应的放宽此类证券发行者的准入条件。在符合证券立法保护投资者、方便企业融资的基本目的前提下,培育新的发行市场形态,促进证券市场的健康发展。
Securities Laws of various countries generally consider issuing securities for a specific target within a limited number of persons as non-public issuances, and public offering otherwise. However, with the innovation and development of the securities issuance system, the problems of this simple dichotomy are gradually exposed. From a practical and theoretical point of view, it is reasonable for investors to participate in the public offering. Therefore, the establishment of a targeted public offering system may be considered and the access conditions for such securities issuers should be relaxed accordingly. In line with the securities legislation to protect investors and facilitate corporate financing under the premise of the basic purpose of cultivating a new issue of the market patterns and promote the healthy development of the securities market.