“胜景山河(002525,股吧)、绿大地、万福生科(300268,股吧)等一系列事件的发生，显示上市公司的造假与中介机构的失职行为密切相关。由此，中介机构成为我国资本市场诚信建设的关键组成部分，应该为政府做好看门人，为发行人做好保证人、为投资者做好推荐人。”中央财经大学法学院院长郭锋在论坛上提出。

"Choi mountains and rivers(002525,guba)/Green earth/WanFuSheng families(300268,guba)And a series of occurrences,Display the listed company's fraud and intermediaries of dereliction of duty behavior closely related.this,Intermediary organizations become China's capital market credit construction of the key part,Should the government do gatekeeper,For the issuer to the guarantor/For investors to reference."The central university of finance and economics school of law in the BBS of GuoFeng puts forward.

　　2011年年底，备受关注的“胜景山河事件”终于以一纸严厉罚单画上句号。证监会向相关中介机构下发相关罚单：向保荐机构平安证券出示警示函，并撤销平安证券胜景山河项目两名签字保荐的保荐代表人资格。

By the end of 2011,Of concern"Choi sunvo company events"Finally with a paper severe ticket picture period.Securities regulatory commission issued to the relevant intermediary agencies related ticket:To sponsor peace securities show warning letter,And cancel peace securities choi sunvo company project two signature sponsor the sponsor representative qualification.

　　然严打不禁，新的上市公司业绩造假故事持续上演。2012年11月29日，深陷“造假门”的万福生科公告称，仍在进行进一步的自查，同时在配合证监会立案调查，有关财务数据等信息有可能进一步变化。就在稍早之前，深交所对万福生科及公司全体董监高予以公开谴责，并对公司持续督导期间的保荐代表人予以通报批评。

Analysis can not help but,The new performance of listed companies false story performed.On November 29, 2012,deep"False door"The WanFuSheng department announcement to say,Still on further self checking,At the same time with the CSRC in case investigation,Relevant financial data and information could further change.In earlier,Shenzhen to WanFuSheng department and the company all dong prison high be denounced,And the company's continuous supervision during the sponsor representative shall be criticized.

　　公开资料显示，除平安证券外，近期监管部门所采取的监管措施中，还包括中信证券(600030,股吧)保荐的百隆东方(601339,股吧)、国泰君安保荐的珈伟股份(300317,股吧)，这两起均是公司在上市之后业绩迅速出现了大幅下滑，涉嫌IPO造假。

Public data shows,In addition to the peace and security,Recent regulatory measures taken in the supervision,Also include citic securities(600030,guba)The sponsor BaiLong Oriental(601339,guba)/Guotai junan sponsor of Caroline wei shares(300317,guba),The two are in the company listed on the performance after rapid fallen dramatically,Suspected fraud IPO.

　　“同时，在国内泛金融市场中，还存在很多风险。如理财产品规模总量过高，主要投向了民企高利贷款。在经济增速放缓的背景下，大面积违约可能发生。又如在海外上市的中资企业，失信违约事件不断发生，引发国际纷争。”郭锋如此评论。

"At the same time,In the domestic pan financial markets,There are a lot of risk.Such as financial products high total size,Mainly to the corporation high interest loans.In the economic slowdown in the background,Large areas of possible breach of contract.Also like in the overseas listing of Chinese enterprise,Dishonest event of default occur repeatedly,International disputes caused by."GuoFeng such comments.

　　查阅资料，12月初，美国证监会提起行政诉讼，指控四大会计事务所中国所拒绝向美国证监会提交中国客户的审计底稿和相关工作文件以配合调查在美国涉嫌欺诈被退市的中国概念股。对此，四大均解释，按中注协等国内监管部门要求，涉及保密条款而无法提供。

Data access,Early December,The securities and bring an administrative lawsuit,Charged with four big accounting firm in China to the United States refused to CSRC submitted to China customer audit papers and related work file to match the survey in the United States alleged fraud be delisted China concept stock.this,Four are explained,According to the note of the domestic regulatory requirements,In terms of security cannot provide.

　　透过上述种种现象，郭锋总结，推动国内资本市场中介机构的诚信建设，需解决四方面的问题。首先，必须在资本市场完全市场化的条件下，建立中介机构的诚信约束机制。

Through the above a variety of phenomena,GuoFeng summary,To promote the domestic capital market intermediary organizations credibility construction,Four aspects that need to be solved problem.First of all,In the capital market must be completely market conditions,Establish intermediaries integrity constraint mechanism.

　　“一个行政审批权非常强大的市场，是无法建立市场诚信的。”郭锋强调。

"A administrative examination and approval power very powerful market,Is unable to establish the market good faith."GuoFeng emphasize.

　　如何完全市场化？按郭锋的设想，至少包括：改革发行审核制度，放松市场准入监管；建议主板、中小板和创业板发行审核过渡到注册制；将证监会的发审权下放交易所；对中国企业境外上市做出重大调整，有审批制改为备案制，对小额公开发行审核实行豁免制；允许设立合伙制证券公司；允许证券分析师个人执业；会计师事务所全面合伙化等。

How to complete market economy?According to the idea of GuoFeng,Include at least:The issuance examination system reform,Relax market access supervision;Suggest motherboard/Small and medium-sized board and gem issued audit transition to the registration system;The hair of the CSRC will judge right lower exchange;For Chinese companies listed overseas make big adjustment,Have ShenPiZhi to records,For small public audit the immunity system;To allow the establishment of partnership securities company;Allow securities analysts personal practice;Certified public accountants comprehensive partnership change, etc.

　　其次，进行保荐代表人制度改革。“保荐代表人持股、关联方保荐、保荐人直投、保荐人造假，是当前保荐制度存在的主要问题。现行保荐制度中，保荐人面临严重的利益冲突，保荐人由发行人聘请，同时又是主经销商，保荐人只有将发行人推荐上方能实现利益最大化，但同时作为主承销商的制度安排使得保荐人处于利益冲突之中，难以保证其独立性。”郭锋说。

secondly,To sponsor representative system reform."Sponsor representative holding/Related party sponsor/Guarantor straight investment/Guarantor misconducts,Is the current main problems of the sponsor system.The sponsor system,Guarantor face serious conflicts of interest,Sponsor the issuer hire,At the same time, the main distributor,Guarantor only will recommend the issuer above can realize benefit maximization,But at the same time as the main underwriter institutional arrangements that sponsor in a conflict of interest in,Difficult to guarantee its independence."GuoFeng said.

　　郭锋提出的具体方法为：将保荐人机构执业修改为个人执业，将保荐人从券商分离出来。保荐业务与承销业务分离。券商主要做承销，不再承揽保荐业务。

GuoFeng put forward specific methods for:Will sponsor institution change practice for personal practice,Sponsor will be separated from brokers.Sponsor business and sales business separation.Brokers mainly do the underwriting,No longer by sponsoring business.

　　再次，完善中介机构的民事赔偿制度。对券商中介机构合伙人应建立以惩罚性，而非补偿性为价值取向的投资者民事赔偿制度；可以借鉴美国经验，研究、探讨、建立我国证券市场的集团诉讼制度。

again,Perfect intermediary civil compensation system.Securities intermediary institutions to partner should be punitive,Not compensated for value investors civil compensation system;Can draw lessons from the American experience,research/discuss/To establish our country securities market group lawsuit system.

　　最后，郭锋特别提出，需防止中介机构利用国际监管漏洞欺诈投资者。

finally,GuoFeng put forward special,To prevent intermediaries use international regulatory loopholes fraud investors.