保荐制度

论证券市场中的保荐制度

On Sponsorship System in Securities ' Market

保荐制度是证券市场一项重要的制度安排，保荐人是证券市场不可或缺的中介机构。

It is my understanding that the sponsorship system is a very important schematic arrangement in security market .

股票首次公开发行、承销商声誉与我国保荐制度的建立主承销商声誉与IPO抑价率&基于中国A股市场的证据

IPOs , Underwriter Reputation and the Establishment of Sponsor System in China Underwriter Reputation and IPO Underpricing as Evidenced from Chinese A Shares Stock Market

我国证券市场转轨时期保荐制度研究

On Sponsor System in a Transitional Stage of China 's Securities Market

我国证券发行保荐制度的宏观绩效检验

The Macroscopy of Performance Testing for Sponsor System on Securities Issue in China

中国现行保荐制度的完善

The Improvement of Present Chinese Sponsor System

中国证券发行市场的逆向选择模型与保荐制度

On Reversal Selection Model and Sponsor System in Stock Offering in China 's Securities Market

同时阐述了券商投行在新的保荐制度下的应对策略。

Then it presents some strategies for the stockholders to invest under the new system , the sponsor system .

自2004年实施以来，保荐制度在我国资本市场运行已有5年时间。

The sponsor system has been running for 5 years in China capital market since its implementation in 2004 .

第一章：保荐制度在我国产生的制度背景及其针对性分析。

First chapter is about the background of the sponsorship system , This chapter introduces the development the sponsorship system .

保荐制度的出台是我国证券发行市场的重大变革，对证券市场产生了较为深远的影响。

Implementing the sponsor system is a significant transformation in securities issuance market , which exerts a deep and long-term influence in securities market .

保荐制度的产生在一定程度上缓解了我国统一监管模式的弊端，在增强市场自律约束方面发挥了一定的作用。

The establishment of the sponsorship system can resolve the deficiency of our unified regulatory mode to some extent while promoting the self-constraint effect of the market .

紧接着，笔者着重对创业板市场的做市商制度、保荐制度、独立董事制度、监管制度进行了理论分析，进一步深化了对创业板市场的认识。

Then the market-maker system , sponsor system , individual director system and supervising system in the market are analyzed to enhance the understanding of growth enterprise market .

但是，由于各种因素，我国证券市场保荐制度在诸多方面存在着亟待完善的地方。

However , in view of several of factors , there are a lot waited to be perfected in the sponsor system of our country 's securities business .

文章从保荐制度的背景及主要内容入手，分析了现行保荐制度存在的缺陷，在此基础上提出了改进现行保荐制度的一些政策建议。

This paper proceeds with the background and body content of the sponsor system , analyses its drawbacks and on this case proposes some policy suggestion for improving the existing sponsor system .

保荐制度在我国是一个新兴的制度，它是连接证券发行上市制度中的通道制和未来的注册制的过渡性制度。

Sponsorship system is a newly established mechanism in China and it is a connection between the " xhannel system " and the future " registration system " for issuance of securities .

但任何制度一开始不可能非常完善，现行保荐制度也不例外，还存在很多问题，成为中小企业发行上市的瓶颈。

However , any system might not be perfect at its commence , neither does the sponsor system , which still exists a lot of problems and has a bottleneck for small and medium-sized enterprises ' IPO .

保荐制度是对证券发行上市建立市场约束机制的重要制度安排，实施以来，对提高上市公司质量和促进证券市场健康发展发挥了较大的积极作用。

As an important system arrangement to establish the market constraint mechanism for securities issuance and listing , the sponsor system plays an active role in enhancing the quality of listed companies and promoting the healthy development of securities market .

保荐制度是我国股票发行上市制度一项重大的市场化改革措施，其肩负着夯实证券市场基石和保护广大中小投资者利益的历史使命。

The establishment of sponsor 's system is a significant market-based reformation of the system of issuance and listing of stocks in China , which consolidates the foundation of security market and protects the interests of minority investors as well .

2004年2月1日《证券发行上市保荐制度暂行办法》的正式施行标志着我国内地保荐人制度已初具雏形。

The implementation of the " Provisional Measures on the Sponsor System for Issuing and Listing of Securities " on February 1 , 2004 indicates that the inland sponsor system of our country has already had embryonic forms for the first time .

欧达礼表示，尽管银行业在刑事责任问题上有一些抵制，但对于现行保荐制度存在问题这一点，各方并无真正的纠纷。

Mr alder said that while there had been " some resistance " from the banking industry on the issue of criminal liability , there was " no real dispute " that there had been a problem with the existing sponsorship regime .

保荐制度的推行是发行市场的重大变革，它为发行制度从现行的核准制转变为以市场主体选择为主的注册制奠定了基础，对中国证券市场各方面产生深远的、长期的影响。

Implementing the sponsor system is a significant transformation in primary market , which establishes the foundation for the issuance system shifting from chartered into registration it emphasizes market participants selection , and exerts a deep and longterm influence on our securities market .

本文通过对保荐制度产生原因、其基本原则定位分析，以及对内地与香港保荐制度的比较，指出了我国保荐制度的若干不足之处，最后提出了完善我国保荐制度的有益建议。

By analyzing the background of our new system , the positioning of its principle and comparing of the relative system in Hong Kong and in Mainland , this article points out the deficiency of the contemporary rule on sponsorship and some suggestion on its improvement .

目前被多数国家普遍采用的是保荐上市制度。

Now in these days , the sponsoring system is widely adopted in most countries .