我国创业板信息披露监管制度研究

发布时间：2018-12-08 17:50

【摘要】：改革开放以来,我国中小企业成为推动经济发展的重要力量,在中国经济的高速增长中,中小企业在扩大就业、维护社会稳定中发挥了前所未有的作用。与此同时,中小企业融资难的问题受到了高度关注,建立多层次资本市场,解决中小企业融资难的呼声不绝于耳。2004年,监管层设立了中小企业板,为创业板大门开启创造了条件,2009年3月31日中国证监会发布了《首次公开发行股票并在创业板上市管理暂行办法》,2009年9月,28家创业板公司正式挂牌上市,我国创业板市场正式形成。上市公司信息披露是投资者确信股票价值的重要途径,创业板上市公司经营风险大,为了避免我国主板市场在信息披露制度建设方面走过的弯路,保护投资者的利益,促进证券市场的健康发展,我国必须尽快建立符合我国创业板实际情况的信息披露监管制度。创业板市场是服务于中小企业和新兴公司的市场,为那些处于企业生命周期前期、科技含量高、经营历史短、规模小达不到传统股票交易市场上市标准的中小企业提供新的筹资渠道而设立的股票市场。创业板市场具有以服务成长企业为目标、上市标准低,实行买者自负理念、投资高风险需要有成熟的投资者等特点决定了该市场特有的经营和技术风险、市场运作风险、道德风险和市场操纵风险,因此需要严格的信息披露监管制度。本文通过研究美国纳斯达克市场、英国另类投资市场、香港创业板市场信息披露集中型、自律型和综合型监管模式的优劣,分析我国应汲取它们的各自优势,坚持在实行集中统一型监管模式基础上,加强自律组织的一线作用。在信息披露法律制度层面借鉴美国纳斯达克市场强调上市公司全面、准确的信息披露、香港创业板市场以“披露为本,自律为主”的理念,实行严格有效的信息披露监管、英国另类投资市场根据国内创业性企业的实际情况设计符合市场规则的自我监管模式。我国创业板市场建立并运行已近一年,监管模式存在集中统一型监管下自律性薄弱、法律体系和法律制度不完善、内幕交易、虚假陈述等问题,本文根据我国创业板信息披露监管现状提出了针对我国创业板上市公司特点系统梳理、归纳创业板信息披露法律规则,修订《公司法》、《证券法》将交易所层面的自律惩戒行为上升到立法层面,加大违规行为的处罚力度以完善我国创业板信息披露法律体系；加强信息披露真实性、完整性以及频密性和及时性要求的法律制度建设,完善我国创业板信息披露法律责任尤其民事责任制度,提出我国创业板信息披露监管模式在实行集中统一监管模式的同时,应充分重视自律组织证券交易所和社会监督的作用。
[Abstract]:Since the reform and opening up, small and medium-sized enterprises in China have become an important force to promote economic development. In the rapid growth of China's economy, SMEs have played an unprecedented role in expanding employment and maintaining social stability. At the same time, the problem of financing difficulties for small and medium-sized enterprises has received great attention. There are numerous calls to establish a multi-level capital market and solve the financing difficulties of small and medium-sized enterprises. In 2004, the regulatory level set up a board for small and medium-sized enterprises. On March 31, 2009, the China Securities Regulatory Commission issued the interim measures for the Administration of initial Public offering of stocks and listing on the gem. In September 2009, 28 gem companies were officially listed on the gem. China's gem market was formally formed. Information disclosure of listed companies is an important way for investors to be convinced of the value of stocks. Gem listed companies have a great risk of operation. In order to avoid the detours in the construction of information disclosure system in the main market of our country, and to protect the interests of investors, To promote the healthy development of the securities market, our country must establish the information disclosure supervision system that accords with the actual situation of the gem as soon as possible. The gem market is a market for small and medium-sized enterprises and emerging companies, for those in the early stages of the enterprise life cycle, high technology content, short operating history, A stock market set up by small and medium-sized enterprises that do not meet the standard of listing in the traditional stock market and provide new financing channels. The gem market has the characteristics of serving and growing enterprises, low listing standards, implementing the concept of buyer's conceit, and the need for mature investors to invest in high risk, which determines the unique management and technical risks and market operation risks of the market. Moral hazard and market manipulation risk require strict information disclosure regulation system. By studying the advantages and disadvantages of the American NASDAQ market, the British alternative investment market and the Hong Kong gem market, the advantages and disadvantages of the models of information disclosure, self-discipline and comprehensive supervision, this paper analyzes that China should draw on their respective advantages. Adhere to the implementation of centralized and unified mode of supervision on the basis of strengthening the role of self-discipline organizations. In the aspect of the legal system of information disclosure, we should draw lessons from the NASDAQ market in the United States to emphasize the comprehensive and accurate information disclosure of listed companies. In Hong Kong, the gem market is based on the idea of "disclosure as the basis, self-discipline as the main body" and carries out strict and effective information disclosure supervision. The alternative investment market in Britain designs a self-regulatory model in accordance with market rules according to the actual situation of domestic entrepreneurial enterprises. It has been nearly a year since the establishment and operation of the gem market in China. There are some problems in the regulatory model, such as weak self-discipline under centralized and unified supervision, imperfect legal system and legal system, insider trading, false statements, etc. According to the current situation of information disclosure supervision in gem, this paper puts forward a systematic combing of the characteristics of listed companies in gem, induces the legal rules of information disclosure on gem, and amends Company Law. The Securities Law raises the self-discipline behavior in the exchange level to the legislative level, and strengthens the punishment of the illegal behavior in order to perfect the legal system of information disclosure on the gem of our country. To strengthen the construction of legal system for the authenticity, integrity, frequency and timeliness of information disclosure, and to perfect the legal liability system for information disclosure on the gem, especially the civil liability system, At the same time, we should pay more attention to the role of self-discipline organization stock exchange and social supervision while implementing centralized and unified supervision mode of information disclosure in gem of our country.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F832.51

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