保荐人制度中最重要的部分是保荐人的责任,合理的保荐人责任设计能更好的促进保荐人制度的有效运作。在中国目前的法律体系之下,保荐人在证券发行上市中有诸多责任要承担。但是保荐人要承担的这些责任往往不够明确,并且在对保荐人的责任追究方面过多的重视行政责任,应采取有效措施避免此制度中的缺陷带来的不利后果。 The most important part of the sponsor system is the sponsor’s responsibility, and the reasonable design of the sponsor liability can better promote the effective operation of the sponsor system. Under the current legal system in China, sponsors have a lot of responsibilities in the issuance and listing of securities. However, the sponsor to bear these responsibilities are often not clear enough, and in the prosecution of the sponsor’s liability too much emphasis on administrative responsibility, should take effective measures to avoid the disadvantages of this system, the adverse consequences.