政府与市场的法律边际——以证券注册制改革下政府职能的变化为视角

The Legal Border between Government and Market—From the Perspective of the Changing Functions of Government under Registration-Based IPO System Reform

摘要: 注册制改革意味着发行审核过程中市场职能的强化，为我国证券市场的高质量发展提供了绝佳机遇。然而在市场进一步发挥作用的同时，政府不能缺位，为了确保市场秩序稳定，保护金融消费者合法权益，政府应迅速适应自身角色的变化，加强事中事后监管，从调整自身职能、提升违法违规打击力度、推进差异化信息披露机制以及保护投资者四个方面对政府职能进行完善，优化政府与市场的法律边际，将有为政府和有效市场相结合，保证注册制改革顺利实现其预期价值。

Abstract: Reform of the registration-based initial public offering (IPO) system in the Sci-Tech innovation board (the STAR) provides an excellent opportunity for the high-quality development of China’s securities market. However, while the market improves its functions, the government cannot be absent. In order to maintain market order and protect the legitimate interests of financial consumers, the government should quickly adapt to the change of its role, strengthening the supervision during and after the event, taking efforts in following four aspects, namely, adjusting its own functions, enhancing the fight against violations, promoting the differentiated information disclosure mechanism and pro-tecting investors. The legal margin between government and market should be optimized, and the combination of competent government and effective market should be ensured that the registra-tion-based IPO system successfully realize its expected value.