星辰在线3月8日讯(星辰全媒体记者 周雨晴)在股票发行领域最引人关注的就是股票发行制度，2023年2月17日，证券市场30余年来股票发行制度改革历程又发生了“关键一跃”，全面实行股票发行注册制改革，这意味着从2018年开始试行的注册制制度将面向市场全面放开。
On March 8, Stars Online (a full-scale media reporter, Sunny Week) focused most attention in the area of stock issuance. On February 17, 2023, a “key leap” was made in the course of more than 30 years of stock issue reform in the securities market and the full implementation of stock issue registration reform, which meant that the registration system, which had been tested since 2018, would be fully liberalized for the market.
注册制，通俗来说，就是婚姻中的自由恋爱，只要上市公司愿意发行股份，投资者愿意购买，证监会的监管力度减弱，主要由投资人自行判断。通过“将选择权交给市场”，对上市公司的挑选淘汰都由市场来决定，完善市场的“价值发现”功能。
Registration, generally speaking, is a free love in marriage, where the listed company is willing to issue shares, investors are willing to buy, and the CSRC’s regulation is weakened, largely by the investor’s discretion. By “delegating choice to the market,” the selection and elimination of listed companies is determined by the market and the market’s “value discovery” function is improved.
全面实行股票发行注册制改革后，上市公司的发展将面临什么挑战?企业发行上市需要什么条件?投资者权益该如何保障?在全面实现股票发行注册制、加快建设全国统一大市场、高质量建设“专精特新”专板等系列改革发展要求下，星辰在线特别专访了华略律师事务所主任、金融与资本市场领域资深律师郑日果，请他分享对全面注册制的看法。
What are the challenges to the development of listed companies as a result of the full implementation of the reform of the stock issue registration system? What are the conditions required for a company to be listed? How can investors’ interests be safeguarded?
星辰全媒体记者提问：郑律师，请问全面注册制是在怎样的背景下推出的?
郑日果：全面实行股票发行注册制，是贯彻落实党的二十大精神、全面深化资本市场改革的重大举措。其实，注册制已在我国酝酿多年，2015年《证券法》修订加速注册制在中国资本市场实施，明确提出确立股票发行注册法律制度。2018年11月，习总书记宣布在上交所设立科创板并试点注册制，注册制改革进入启动实施阶段，首批科创板公司于2019年7月上市;距科创板推出不到一年，在2020年8月深交所创业板注册制改革宣布启动;2021年11月，北交所揭牌开市，同步试点注册制。科创板、创业板、北交所试点注册制相继平稳落地，用4年时间走出“试验田”，为全面实行股票发行注册制奠定基础。
In November 2018, the Secretary-General announced the roll-out of the set-up and pilot registration system, and the launch of the registration system, the first of which was launched in July 2019; the roll-out of the board less than one year away and the launch of the roll-out of the roll-out scheme in August 2020; the launch of the roll-out in November 2021, the launch of the roll-out in the North, the simultaneous pilot registration system. The roll-out of the roll-out, the start-up board, the pilot registration system in the North, and the four-year exit from the “test field”, laid the foundation for the full implementation of the stock distribution registration system.
总的来看，经过四年，市场对注册制的基本架构、制度规则总体认同，市场优胜劣汰机制更趋完善，已具备向全市场推广的条件。
Overall, after four years, the market's overall acceptance of the basic structure of the registration system and the rules of the system has led to a better market than the poor mechanism and to conditions for extension to the market as a whole.
星辰全媒体记者提问：全面注册制包含哪些内容?
郑日果：内容涵盖发行条件、注册程序、保荐承销、重大资产重组、监管执法、投资者保护等各个方面。
: covers the conditions of issuance, registration procedures, insurance underwriting, major asset reorganization, regulatory enforcement, investor protection, etc.
主要内容包括：一是精简优化发行上市条件。坚持以信息披露为核心，将核准制下的发行条件尽可能转化为信息披露要求。各市场板块设置多元包容的上市条件。
The main elements are: first, to streamline and optimize the conditions for listing. Keep information disclosure at the centre and convert the conditions for distribution under the approval system into information disclosure as far as possible.
二是完善审核注册程序。坚持证券交易所审核和证监会注册各有侧重、相互衔接的基本架构，进一步明晰证券交易所和证监会的职责分工，提高审核注册效率和可预期性。证券交易所审核过程中发现重大敏感事项、重大无先例情况、重大舆情、重大违法线索的，及时向证监会请示报告。证监会同步关注发行人是否符合国家产业政策和板块定位。同时，取消证监会发行审核委员会和上市公司并购重组审核委员会。
Second, to improve the registration process. To maintain a focused and interlinked basic structure for stock exchange auditing and CVM registration, to further clarify the division of responsibilities between the stock exchange and the CVM, and to improve the efficiency and predictability of the review process.
三是优化发行承销制度。对新股发行价格、规模等不设任何行政性限制，完善以机构投资者为参与主体的询价、定价、配售等机制。
The third is to optimize the system of distribution under cover. There are no administrative restrictions on the prices, size, etc. of new stock issuances, and to improve the mechanisms for asking for quotations, pricing, marketing, etc., in which institutional investors are the main participants.
四是完善上市公司重大资产重组制度。各市场板块上市公司发行股份购买资产统一实行注册制，完善重组认定标准和定价机制，强化对重组活动的事中事后监管。
The fourth is to improve the system for the reorganization of significant assets of listed companies. Market-listed companies have a uniform system of registration for the purchase of assets by issuing shares, improving the criteria for the identification of reorganizations and pricing mechanisms, and strengthening the ex post regulation of reorganization activities.
五是强化监管执法和投资者保护。依法从严打击证券发行、保荐承销等过程中的违法行为。细化责令回购制度安排。此外，全国股转公司注册制有关安排与证券交易所总体一致，并基于中小企业特点作出差异化安排。
Fifth is the strengthening of regulatory enforcement and investor protection. Infringements in the issuance of securities, insurance underwriting, etc. are strictly combated by law.
星辰全媒体记者提问：此次重点改革主要是哪些方面?
郑日果：沪深主板改革是本次改革的重中之重，此前主板实行核准制，简言之，发行人递交的申请资料必须通过市场发行审核委员会的审核，经实质审查批准后方可上市。全面注册制则将权力下放到交易所，监管机构对发行人的“质地好坏、价格高低”不再做实质判断，只进行形式审查，以信息披露为核心，更多是交给市场。
The reform of the `strong' matrix is a top priority of this reform, following the introduction of an approval system, in short, the issuance of information submitted by the issuer must be cleared by the Market Distribution Review Board before it can be marketed after a substantive review. Full registration will be decentralized to the exchange, and the regulatory body will no longer make a substantive judgement on the issuer's “good quality, low price” and will only conduct a formal review, focusing on disclosure and, more importantly, handing over to the market.
注册制改革不是仅仅把审核主体从证监会搬到证券交易所，实质上是对政府与市场关系的调整，通过充分贯彻以信息披露为核心的理念，使发行上市全过程更加规范、透明、可预期。
The reform of the registration system is not merely a move of audit subjects from the CVM to the stock exchange, but is essentially a restructuring of government-market relations, making the whole process of issuance more regulated, transparent and predictable by fully implementing the concept of disclosure as its core.
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