保荐人制度是国外初级资本市场普遍采用的一种降低市场风险的制度形式。由于初级资本市场具有高风险的特征,且市场监管难度大、任务重,所以,保荐人的介入对于保护投资者利益、提高市场有效性具有积极意义。本文考察了国外初级资本市场上几种典型的保荐人制度和我国主板市场上的保荐人制度,在此基础上,借鉴国内外经验,提出了我国场外交易市场保荐人制度的基本框架。
<<Sponsor system is a system widely used by primary capital markets abroad. As the primary capital market with high-risk characteristics and it is difficult to regulate,sponsor involvement is positive to protect the interests of investors and improve market efficiency. This chapter examines several typical sponsor systems in the primary capital markets at home and abroad. On this basis,I reference experiences at home and abroad,and put forward the framework of OTC sponsor system in China.
<<Keywords: | OTCSystem DesignSponsors |