The Rational Return of Intermediaries in Securities Market's Role as "Gatekeeper"
- 法学院－已发表论文 
在我国股票发行注册制改革的历史机遇下,证券市场中介机构在保护投资者利益方面的作用更加凸显。但在实践中,"委托—代理"关系畸形、声誉约束机制失灵和违法违规成本低廉等三方面原因导致证券市场中介机构IPO违法违规行为频发,并进一步形成证券市场中介机构回归"看门人"角色本位的桎梏。从制度根源上,应改变既有的发行人委任模式,重构以证监会为委任人的"委托—代理"关系。同时从营造自由竞争的市场环境和加大力度方便投资者查询声誉信息两方面推进,建立市场化的声誉约束机制。此外,还应完善责任约束机制,建立民事责任、行政责任、刑事责任三者形成良好衔接的责任格局。In the historical opportunity of registration-based initial public offering system in China, the role of intermediaries in securities market in the protection of the interests of investors is more prominent. But in practice, three reasons result in frequent violations about IPO of intermediaries in securities market, including the malformation of ＂principal-agent＂ relationship, the failure of reputation restriction mechanism and the low cost of illegal acts, which form shackles of intermediaries in securities market to return the role as ＂gatekeeper＂ further. In the institutional roots, the existing mode of issuer delegation should be changed, and reconstruct ＂principal-agent＂ relationship with the Securities Regulatory Commission as the trustee. Moreover, market-oriented reputation restriction mechanism should be established from two aspects, firstly, creating a free competitive market environment and secondly, stepping up efforts to enable investors to query the reputation information more conveniently. In addition, we should improve the obligation restriction mechanism, and establish responsibility structure that civil liability, administrative responsibility, criminal responsibility connect well