我国新三板市场发展的法律制度需求研究

发布时间：2018-01-22 17:14

本文关键词： 新三板投资者做市商转板制度　出处：《上海交通大学》2015年硕士论文　论文类型：学位论文

【摘要】：我国的新三板市场自制度设计之初,目的就是为暂时不能在主板和二板市场上市的公司提供股份转让的场所,为这些公司的融资提供上市之外的路径选择。新三板市场从设立之初的平缓发展到现在的迅速扩容阶段,已逐渐走上了发展的正轨。但是新三板制度在发展的过程中因为现行立法的不完善,在投资者适当性、交易制度以及不能回避的转板制度这几个问题上暴露出了相关法律法规立法缺失、规范性规则效力层级低、监管缺失等一系列法律问题。对这些法律问题的解决关乎新三板的长远稳定发展。本文通过对新三板立法现状的梳理,总结新三板现行法律体系存在的缺陷,力图为具体问题的分析提供基础支撑。在对新三板现行立法作出梳理之后,展开对选取的投资者适当性、交易制度以及转板制度具体问题的分析。在对投资者适当性、交易制度以及转板制度存在的法律问题进行论述时,通过对现有法律制度的分析,发现其存在的缺陷,再通过借鉴场外市场发达的国家和地区的经验并结合我国证券市场的具体情况提出了解决方案。新三板市场对法律制度的需求问题的解决非一日之功,需要从法律法规制定、现行法规完善等多个层面作出努力。
[Abstract]:Since the beginning of the system design of the new third board market in China, the purpose is to provide the place of share transfer for the company that can not be listed on the main board and the second board market for the time being. For the financing of these companies to provide a listing alternative to the path. The new third board market from the establishment of the flat development to the current rapid expansion phase. Has been gradually on the right track of development. But the new three board system in the process of development because of the current legislation is not perfect, in the investors appropriate. The transaction system and the system of conversion which can not be avoided have exposed the lack of relevant laws and regulations and the low level of the effectiveness of the normative rules. Lack of supervision and a series of legal issues. The solution of these legal issues is related to the long-term and stable development of the new three boards. This paper summarizes the defects of the existing legal system of the new three boards by combing the current legislative situation of the new three boards. In order to provide basic support for the analysis of specific issues. After combing the existing legislation of the new three boards, the author starts to select the appropriate investors. Analysis of the specific problems of the trading system and the transfer system. In the investors' appropriateness, the trading system and the legal problems existing in the system, through the analysis of the existing legal system. Find its flaws. Through learning from the experience of the developed countries and regions and combining with the specific situation of China's securities market, this paper puts forward a solution. The new third board market needs the legal system to solve the problem in a short time. Need from laws and regulations to formulate, existing laws and regulations to improve and other levels of efforts.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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