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在2000年海南凯立公司因寻求公开发行股票未果而提起以中国证监会为被告的行政诉讼案件发生之后,各方给予很高评价,并期待该案在推动未来我国金融市场法治化发展方面能起到重大影响。然而,凯立案发生之后近十年的中国证券市场法治化进程实际上已经证明当初人们的乐观预期落空了。在股票发行领域,监管者的实质性审查权力与现代金融市场的法治化要求这两者之间存在着内在的紧张和矛盾,进而阻碍了法院成为提升金融法治程度的推动力量。
After the case of administrative litigation in which Hainan Kaili Company filed for the public offering of shares unsuccessfully in 2000 as the defendant, the parties gave high marks and looked forward to the case in promoting the legalization of China’s financial market in the future Has a significant impact. However, the legalization process of the securities market in China nearly ten years after the establishment of the Kay case has actually proved that the optimistic expectations of the people at that time were gone. In the area of stock issuance, there are inherent tensions and contradictions between the supervisory powers of substantive examination and the legalization requirements of modern financial markets, which in turn impedes the courts from becoming the driving force for raising the level of financial law.