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证券的发行与上市是两个相互独立而又密切相关的环节,在海外成熟市场,通常实行发行审核与上市审核相分离的管理体制。通过考察较为典型的美国市场,对其发行审核与上市审核分离体制的形成、特征表现及其优点进行简要分析,能够为我们更好地借鉴国际经验提供参考。
The issuance and listing of securities are two independent and closely related links. In overseas mature markets, the management system in which the issuance examination and the listing audit are separated from each other is usually implemented. By examining the typical American market, a brief analysis of the formation, characteristics and advantages of the issuance examination and listing examination and separation system can provide reference for better reference to international experience.