非上市公众公司股权交易问题研究

发布时间：2018-03-24 17:20

本文选题：非上市公众公司　切入点：股权交易　出处：《内蒙古大学》2017年硕士论文

【摘要】：资本市场的多层次发展自始至终是我国经济建设体系的重中之重,场内市场是具有相对完善的法制规范和交易规则的精品市场,是市场建设并追求的最高层次,而场外市场经过多年的曲折发展,目前为止仅有一个最新成立的全国性股权交易市场,由此可见我国资本市场在宏观规划方面确实存在缺陷。目前来说,非上市公众公司股权交易市场作为场外市场的重要组成部分,其法律规范及交易制度虽然为资本市场的活跃做出了一定的贡献,在一定程度上满足了市场参与主体交易的需要,但是不可否认该市场由于定位不准确、交易规则不完善给立法者、实施监管者及市场参与者带来的种种疑惑,这些疑惑导致的最终结果就是市场参与者的信心遭到打击,股权交易不能高效运转,安全缺少保障,市场固有的流动属性大打折扣。本文主要从规范该类市场的法律法规和科学设计合格投资者制度,信息披露制度等方面入手,详细分析了其制度构建的理论依据和现实依据。《公司法》、《证券法》确定了非上市公众公司股权交易的合法性原则,具体应该包括股权交易的标的物合法、交易场所限制规则、转让限制规则、交易方式法定等交易规则。合法的场外交易场所应限于全国股份转让系统及区域股权交易中心,其中"新三板"为非上市公众公司股权交易的核心场所。非上市公众公司在"新三板"挂牌交易需满足《非上市公众公司监督管理办法》规定的基本条件,在交易过程中应当履行适当的信息披露义务。在强化对非上市公众公司进行监督的同时,还要确定投资者适当性规则,即基于保护投资者而对证券公司课以的法定义务。
[Abstract]:The multi-level development of the capital market is the most important part of our country's economic construction system from beginning to end. The in-market market is a fine market with relatively perfect legal norms and trading rules, and it is the highest level of market construction and pursuit. However, after years of tortuous development in the over-the-counter market, there is only one newly established national equity trading market so far. It can be seen that the capital market in our country is indeed flawed in terms of macro planning. At present, As an important part of the over-the-counter market, the stock trading market of non-listed public companies has made a certain contribution to the active capital market and met the needs of the participants in the market to a certain extent. However, it cannot be denied that the market, because of its inaccurate positioning and imperfect trading rules, has brought various doubts to legislators, regulators and market participants. The end result of these doubts is a blow to the confidence of market participants. The stock exchange cannot run efficiently, the security lacks the safeguard, the inherent flow attribute of the market is greatly discounted. This paper mainly starts from the aspects of standardizing the laws and regulations of this kind of market and scientifically designing the system of qualified investors and information disclosure, etc. The theoretical and practical basis of its system construction is analyzed in detail. The Company Law and the Securities Law determine the legal principles of equity trading of unlisted public companies, which should include the legal subject matter of equity trading, the restriction rules of trading place, Restrictions on transfer, statutory trading methods and other trading rules. Legitimate over-the-counter trading places shall be limited to the national stock transfer system and regional equity trading centers, Among them, the "new third board" is the core place for the stock rights trading of the unlisted public companies. The listing of the unlisted public companies on the "new three boards" shall meet the basic conditions stipulated in the "measures for Supervision and Administration of unlisted Public companies". In the course of trading, we should fulfill the obligation of disclosure of information. While strengthening the supervision of unlisted public companies, we should also determine the rules of investors' appropriateness, that is, the legal obligations imposed on securities companies based on the protection of investors.
【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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