论非上市公众公司证券发行和转让的监管

通过证券进行融资应当成为中小企业融资的重要途径。中小企业长期融资难和融资不规范的主要原因，在于相关规则的缺乏。构建非上市公众公司的监管制度．应当以规范和平衡为原则。一方面，应当在减少管制的同时加强监管；另一方面，要注重保护投资者的利益。因此．非上市公众公司的融资对象应当限定为合格投资者等少数特定对象。

On Supervision of Securities Issuing and Transferring of the Unlisted Public Corporation

Financing through securities should be an important way for the medium-sized and small enterprises to acquire capital. The main reason why the medium-sized and ~mall enterprises have difficulties in financing and finance lacking of standardization is lacking relative regulations. Standardization and equilibrJttm should the principle for the construction of the supervision regulars of the unlisted public corporation. On the one hand, the control is reduced should the supervision be strengthened. On the other hand, the investors＇ interest protection should be taken seriously. As a result, the financing target of the unlisted public corporation should be limited to minority specific object such as the qualified investors.