摘要
《中华人民共和国关于国民经济和社会发展第十三个五年规划纲要》(2016-2020)提出要创造条件实施股票发行注册制。然而,注册制的实施需要相关制度的完善和配合,目前在我国非理性的弱势有效的资本市场推行注册制,还存在诸如投资者结构不合理、企业信息披露失真、惩处成本低、分红机制形同虚设、退市机制乏力等现实问题。深入推进我国股票发行注册制的实施,需要合理化投资者结构、完善信息披露机制、严苛惩处机制、推进实施分红机制、严格退市机制等措施。
＂The people~ Republic of China on the thirteenth five - year plan for the development of the national economy and society＂（2016 -2020） presents that we should create conditions to implement registration system. However, registration sys- tem needs the relevant system to improve and coordinate. There are still a lot of problems in the irrational week efficient market, such as： unreasonable investor structure, false information disclosure, low penalty cost, weakness of dividend mechanism and delisting mechanism. From construction of securities market system, this paper analyzes obstacles of implementing registration system for stock of China, puts forward some measures that rationalize the structure of investors, perfect information disclosure and severe punishment mechanism, strengthens the dividend mechanism with strict delisting mechanism for the target of create conditions for registration system.
关键词
注册制
信息披露
分红机制
惩处机制
退市机制
registration system
information disclosure
dividend mechanism
punishment mechanism
delisting mechanism
