特朗普政府促进资本形成监管改革初探
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摘要
美国资本市场是世界上最发达的市场,但近20年来,美国本土上市公司数目却不断萎缩。特朗普政府提出了七项核心原则改革过度监管的金融市场,以提高美国经济金融的国际竞争力。美国政府根据七项核心原则的要求,全面检视了IPO、各类非公开市场融资监管法律法规,在IPO监管政策、小型公司融资环境、非公开市场活力、创新工具扩大融资渠道等方面提出了有针对性的改革建议,以优化资本形成,促进经济繁荣增长。
The US capital markets are the most developed in the world, but the number of US-listed companies has been shrinking for almost two decades.The Trump administration has proposed seven core principles for reforming overregulated financial markets to improve the international competitiveness of the U.S. economy and finance.U.S. government, according to the requirement of the seven core principles, comprehensively examines the IPO regulatory laws and regulations, all kinds of private market financing, the IPO regulatory policy, small business financing environment, innovative tools to expand financing channels and other targeted reform to optimize the capital formation, promote economic prosperity and growth.
The US capital markets are the most developed in the world, but the number of US-listed companies has been shrinking for almost two decades.The Trump administration has proposed seven core principles for reforming overregulated financial markets to improve the international competitiveness of the U.S. economy and finance.U.S. government, according to the requirement of the seven core principles, comprehensively examines the IPO regulatory laws and regulations, all kinds of private market financing, the IPO regulatory policy, small business financing environment, innovative tools to expand financing channels and other targeted reform to optimize the capital formation, promote economic prosperity and growth.
引文
1.Securities and Exchange Commission staff analysis based on Securities Data Corporation’s New Issues database(Thomson Financial).Excludes closed-end funds and American Depository Receipts.The data for 2017 is for the period ending Aug.31,2017.
2.美国股票报价从过去的分数报价(如股价为10-1/2)改成十进制报价(如$10.50)
3.Ernst&Young LLP,Update on Emerging Growth Companies and the JOBS Act(Nov.2016),available at:http://www.ey.com/Publication/vwLUAssets/ey-update-on-emerging-growth-companiesand-the-jobs-act-november-2016/$FILE/ey-update-on-emerginggrowth-companies-and-the-jobs-act-november-2016.pdf.
4.DERA(2017)at 5.
5.Michael Dambra,Laura Casares Field,and Matthew T.Gustafson,The JOBS Act and IPO Volume:Evidence that Disclosure Costs Affect the IPO Decision,116 Journal of Financial Economics 121(Apr.2015).
6.Division of Corporation Finance,U.S.Securities and Exchange Commission,Draft Registration Statement Processing Procedures Expanded(June 29,2017 as supplemented on Aug.17,2017),available at:https://www.sec.gov/corpfin/announcement/draft-registrationstatement-processing-procedures-expanded.
7.《创业促进法案》修改了《多德弗兰克法案》953(b),免除了EGCs的信披要求。
8.即将招股材料上传至一个可公共登录的地址。一经提交,公众可以同时平等查阅。
9.参见Financial CHOICE Act of 2017,H.R.10,115th Cong.§438(2017).
10.James R.Copland and Margaret M.O’Keefe,Manhattan Institute,Proxy Monitor:An Annual Report on Corporate Governance and Shareholder Activism(2016),available at:https://www.manhattaninstitute.org/sites/default/files/pmr_2016.pdf.
11.其内在意义是持股达到本人净流动资产的一定比例,则该持股对股东的财务影响大。因此,要赋予股东提出提案促进公司运行符合自己利益的权力。
12.http://securities.stanford.edu/charts.html(last accessed on Oct.2,2017).
13.http://securities.stanford.edu/research-reports/1996-2016/Cornerstone-Research-Securities-Class-Action-Filings-2016-YIR.pdf.
14.上市公司可以对集体诉讼风险投保。
15.Peter Iliev,The Effect of SOX Section 404:Costs,Earnings Quality,and Stock Prices,65 The Journal of Finance 1163(June 2010).
16.Paul Rose and Steven Davidoff Solomon,Where Have All the IPOs Gone?The Hard Life of the Small IPO,6 Harvard Business Law Review 83,at 103-04(2016).
17.Equity Capital Formation Task Force,From the On-Ramp to the Freeway:Refueling Job Creation and Growth by Reconnecting Investors with Small-Cap Companies(Nov.11,2013),at 19,available at:https://www.scribd.com/document/193918638/From-the-onRamp-to-the-Freeway-Refueling-Job-Creation-and-Growth-byReconnecting-Investors-With-Small-Cap-Companies.
18.ICI Fact Book,at 9.
19.Press Release No.2003-54(Apr.28,2003),available at:https://www.sec.gov/news/press/2003-54.htm;U.S.Securities and Exchange Commission,Press Release No.2004-120(Aug.26,2004),available at:https://www.sec.gov/news/press/2004-120.htm.
20.Bryan Kelly and Alexander Ljungqvist,Testing AsymmetricInformation Asset Pricing Models,25 The Review of Financial Studies1366,at 1370(May 2012).
21.Kenneth Merkley,Roni Michaely,and Joseph Pacelli,Does the Scope of the Sell-Side Analyst Industry Matter?An Examination of Bias,Accuracy,and Information Content of Analyst Reports,72 Journal of Finance 1285(June 2017).
22.Amendments for Small and Additional Issues Exemptions under the Securities Act(Regulation A)(Mar.25,2015)[80 Fed.Reg.21806(Apr.20,2015)]。
23.AnzhelaKnyazeva,Regulation A+:What Do We Know So Far?,Nov.2016,available at:https://www.sec.gov/dera/staff-papers/whitepapers/18nov16_knyazeva_regulation-a-plus-what-do-we-knowso-far.html.
24.17 C.F.R.§227.100.
25.Crowdfund Capital Advisors,One Year into Regulation Crowdfunding and It Is Off to the Portal Races(May 19,2017),available at:http://crowdfundcapitaladvisors.com/one-year-regulationcrowdfunding-off-portal-races/.
26.17 C.F.R.§230.251(d)(2)(i)(C)
27.DERA(2017)at 39.
28.Crowdnetic,Annual Title II Data Analysis for the Period Ending September 23,2016,at 5,available at:https://www.crowdwatch.co/hosted/www/download-report?report_month=oct_2016.
2.美国股票报价从过去的分数报价(如股价为10-1/2)改成十进制报价(如$10.50)
3.Ernst&Young LLP,Update on Emerging Growth Companies and the JOBS Act(Nov.2016),available at:http://www.ey.com/Publication/vwLUAssets/ey-update-on-emerging-growth-companiesand-the-jobs-act-november-2016/$FILE/ey-update-on-emerginggrowth-companies-and-the-jobs-act-november-2016.pdf.
4.DERA(2017)at 5.
5.Michael Dambra,Laura Casares Field,and Matthew T.Gustafson,The JOBS Act and IPO Volume:Evidence that Disclosure Costs Affect the IPO Decision,116 Journal of Financial Economics 121(Apr.2015).
6.Division of Corporation Finance,U.S.Securities and Exchange Commission,Draft Registration Statement Processing Procedures Expanded(June 29,2017 as supplemented on Aug.17,2017),available at:https://www.sec.gov/corpfin/announcement/draft-registrationstatement-processing-procedures-expanded.
7.《创业促进法案》修改了《多德弗兰克法案》953(b),免除了EGCs的信披要求。
8.即将招股材料上传至一个可公共登录的地址。一经提交,公众可以同时平等查阅。
9.参见Financial CHOICE Act of 2017,H.R.10,115th Cong.§438(2017).
10.James R.Copland and Margaret M.O’Keefe,Manhattan Institute,Proxy Monitor:An Annual Report on Corporate Governance and Shareholder Activism(2016),available at:https://www.manhattaninstitute.org/sites/default/files/pmr_2016.pdf.
11.其内在意义是持股达到本人净流动资产的一定比例,则该持股对股东的财务影响大。因此,要赋予股东提出提案促进公司运行符合自己利益的权力。
12.http://securities.stanford.edu/charts.html(last accessed on Oct.2,2017).
13.http://securities.stanford.edu/research-reports/1996-2016/Cornerstone-Research-Securities-Class-Action-Filings-2016-YIR.pdf.
14.上市公司可以对集体诉讼风险投保。
15.Peter Iliev,The Effect of SOX Section 404:Costs,Earnings Quality,and Stock Prices,65 The Journal of Finance 1163(June 2010).
16.Paul Rose and Steven Davidoff Solomon,Where Have All the IPOs Gone?The Hard Life of the Small IPO,6 Harvard Business Law Review 83,at 103-04(2016).
17.Equity Capital Formation Task Force,From the On-Ramp to the Freeway:Refueling Job Creation and Growth by Reconnecting Investors with Small-Cap Companies(Nov.11,2013),at 19,available at:https://www.scribd.com/document/193918638/From-the-onRamp-to-the-Freeway-Refueling-Job-Creation-and-Growth-byReconnecting-Investors-With-Small-Cap-Companies.
18.ICI Fact Book,at 9.
19.Press Release No.2003-54(Apr.28,2003),available at:https://www.sec.gov/news/press/2003-54.htm;U.S.Securities and Exchange Commission,Press Release No.2004-120(Aug.26,2004),available at:https://www.sec.gov/news/press/2004-120.htm.
20.Bryan Kelly and Alexander Ljungqvist,Testing AsymmetricInformation Asset Pricing Models,25 The Review of Financial Studies1366,at 1370(May 2012).
21.Kenneth Merkley,Roni Michaely,and Joseph Pacelli,Does the Scope of the Sell-Side Analyst Industry Matter?An Examination of Bias,Accuracy,and Information Content of Analyst Reports,72 Journal of Finance 1285(June 2017).
22.Amendments for Small and Additional Issues Exemptions under the Securities Act(Regulation A)(Mar.25,2015)[80 Fed.Reg.21806(Apr.20,2015)]。
23.AnzhelaKnyazeva,Regulation A+:What Do We Know So Far?,Nov.2016,available at:https://www.sec.gov/dera/staff-papers/whitepapers/18nov16_knyazeva_regulation-a-plus-what-do-we-knowso-far.html.
24.17 C.F.R.§227.100.
25.Crowdfund Capital Advisors,One Year into Regulation Crowdfunding and It Is Off to the Portal Races(May 19,2017),available at:http://crowdfundcapitaladvisors.com/one-year-regulationcrowdfunding-off-portal-races/.
26.17 C.F.R.§230.251(d)(2)(i)(C)
27.DERA(2017)at 39.
28.Crowdnetic,Annual Title II Data Analysis for the Period Ending September 23,2016,at 5,available at:https://www.crowdwatch.co/hosted/www/download-report?report_month=oct_2016.