摘要:2004年2月1日，中国证券监督管理委员会颁布实施《证券发行上市保荐制度暂行办法》，这意味着发源于英国创业板市场，后来也同样被引用于美国NASDAQ市场以及中国香港GEM市场采用的上市保荐人制度正式被引入我国。担当保荐人的机构不仅要推荐企业上市,还必须在这之后继续承担一系列的担保和监管职责。13年来保荐人制度为我国证券市场的发展添砖加瓦，做出了不可磨灭的贡献，但与此同时依然暴露出了许许多多的弊病，这些弊端也曾导致了严重的经济问题和社会问题。所以无论是政策制定者、企业还是投资者都对保荐人制度的改革翘首以盼。而本文就是来研究什么是保荐人，什么是保荐人制度，保荐人制度的由来和引进，保荐人制度对于中国证券市场乃至整个社会的积极作用和消极作用，以及如何完善保荐人制度。作者认为保荐人制度依旧在证券市场发挥着巨大的作用，但是日益凸显的弊病亟待解决，与此同时证券发行市场向市场主导型的注册制转型的工作也该提上日程。

关键词：保荐人；保荐人制度；实施功效；弊端；保荐人制度的改善

Analysis on the Advantages and Disadvantages of the Sponsor System

Abstract:February 1, 2004, China Securities Regulatory Commission promulgated the implementation of the "securities issuance and listing sponsor system Interim Measures", marking the origins of the British second board market, also used in the US NASDAQ market and the HK GEM market in China The sponsor system was officially introduced into China. The sponsor's organization not only recommends the listing of the business, but must also continue to assume a series of security and regulatory duties. 13 years sponsor system for the development of China's securities market building blocks, made an indelible contribution, but at the same time still exposed a lot of shortcomings, these drawbacks have also led to serious economic problems and social problems. So whether the policy makers, enterprises or investors are on the sponsor system reform eagerly hope. And this article is to study what is the sponsor, what is the sponsor system, the origin of the sponsor system and the introduction of the sponsor system for the Chinese securities market and the whole society, the positive role and negative effects, and how to improve the sponsor system.The author argues that the sponsor system still plays a huge role in the securities market, but the increasingly prominent ills need to be solved. At the same time, the securities issuance  market should also be put on the agenda of the market-oriented reform.

Keywords:Sponsor; sponsor system;advantages and disadvantages of sponsor system; improvement of sponsor system

目 录

0引言 1

1保荐人制度的演变 2

1.1保荐人制度的产生背景 3

1.2保荐人制度的建立和发展 3

2保荐人制度的实施功效 4

2.1对证券发行制度的完善 4

2.2助力中小型企业的成长 5

2.3对广大投资者的保障 6

3保荐人制度的弊病 6

3.1保荐人的能力和素质局限 7

3.2保荐人制度的机制缺陷 8

4保荐人制度的改善 10

4.1对于保荐人和保荐机构的改善 10

4.2对于保荐人制度和法律层面的改善