新三板分层法律制度构建

发布时间：2018-02-01 14:23

本文关键词： 分层制度多层次资本市场体系构建　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：基于我国新三板市场目前增速放缓,分层管理办法的正式施行将为新三板市场重新注入活力。在本文中,通过对新三板监管机构及监管法律制度所处法域的探讨以明确新三板分层制度体系的构建的方向。充分运用文献资料分析法、实证分析法、比较分析法,搜集并分析比对新三板市场与其他场外市场在本国多层次市场构建中的独立地位,从既有市场的成熟经验中取其精华去其糟粕,最终建立符合我国国情的多层次资本市场,并将该经验运用于特定的新三板市场中逐步完善分层管理制度下的信息披露、转板、退市等制度。本文主要通过四个部分进行阐述,内容简述如下:第一部分为我国新三板市场的发展历程与分层制度的起源背景。该部分以新三板的发展现状为基础,阐述了我国新三板分层管理制度的萌芽和起步的背景,从中发掘现行制度缺陷,构建具有中国特色的新三板分层管理法律制度体系。第二部分为新三板分层制度的基本理论。通过实证分析法对新三板分层制度进行解读,论证分层制度施行的必要性和可行性,通过对国外多层次资本市场制度基本理论的比较分析借鉴其成熟经验。第三部分为新三板分层制度法域归属探讨及施行效果剖析。新三板作为中小企业融资服务平台的设置受到《证券法》、国务院颁布的行政法规、证监会制定的部门规章以及新三板运营机构全国中小企业股份转让系统制定的业务规则进行规范的监管,上述法律法规、行政法规、部门规章和业务规则等与场内市场监管法律法规的脱节,导致在新三板市场实际监管运营中出现法律适用的空白,在明确新三板分层制度的法律部门后将其纳入统一监管体系中,填补规则适用过程中出现的空白。第四部分为新三板分层制度体系构建的探索。从交易制度、转板机制、退出机制及投资者权益保护等方面对分层制度施行后相关制度进行构想,依照权利义务关系进一细化不同层级间的信息披露义务并辅之以强制退市措施,引入竞价交易方式提高新三板流动性,建立高效便捷的直接转板、升级机制,重点强调新三板市场投资者权益保护机制的完善。
[Abstract]:Based on the current slowdown of the growth rate of the new third board market in China, the formal implementation of the layered management method will reinvigorate the new third board market. In this paper. Through the new three boards regulatory bodies and regulatory legal system in the legal system in order to clarify the direction of the construction of the new three boards stratification system, the full use of literature analysis, empirical analysis, comparative analysis. Collect and analyze the independent position of the new third board market and other over-the-counter market in the construction of multi-level market in our country, and take its essence from the mature experience of the existing market to get rid of its dross. Finally, to establish a multi-level capital market in accordance with the national conditions of our country, and apply this experience to the specific new third board market to gradually improve the layered management system under the information disclosure, transfer board. The system of delisting and so on. This article mainly through four parts to elaborate. The content is summarized as follows: the first part is the development course of the new third board market and the origin background of the stratification system, which is based on the development status quo of the new third board market. This paper expounds the germination and starting background of the new three-board hierarchical management system in China, and explores the defects of the existing system. The second part is the basic theory of the new three-board stratification system. To demonstrate the necessity and feasibility of the implementation of stratification system. Based on the comparative analysis of the basic theories of foreign multi-level capital market system, the author draws lessons from its mature experience. The third part is the analysis of the jurisdiction ownership and the effect of the new three-board system. The new three-board as a financing service for small and medium-sized enterprises. The installation of the platform is subject to the Securities Act. The administrative regulations promulgated by the State Council, the departmental regulations formulated by the Securities Regulatory Commission and the business rules formulated by the new third board operating institution, the national small and medium-sized enterprises' share transfer system, shall be regulated and supervised, and the above-mentioned laws and regulations and administrative rules and regulations shall be carried out. The disconnection between department rules and business rules and the laws and regulations of market supervision in the field leads to a gap in the application of the law in the actual supervision and operation of the new third board market. After defining the legal department of the new three-board stratification system, it will be brought into the unified supervision system, and fill in the blank in the process of the application of the rules. Part 4th is the exploration of the new three-board stratified system system construction. From the transaction system. The mechanism of transfer, exit mechanism and protection of investors' rights and interests, etc., to conceive the relevant system after the implementation of the stratification system. According to the rights and obligations related to a refinement of the different levels of information disclosure obligations and supplemented by forced delisting measures, the introduction of bidding transactions to improve the liquidity of the new third board, establish efficient and convenient direct board, upgrade mechanism. Emphasis is placed on the perfection of the protection mechanism for investors' rights and interests in the new three-board market.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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