我国新三板市场信息披露法律制度研究

发布时间：2018-03-20 06:53

本文选题：新三板市场　切入点：信息披露　出处：《辽宁大学》2017年硕士论文　论文类型：学位论文

【摘要】：新三板市场作为继沪深两市之后的第三家全国性公开证券市场,在我国的多层次资本市场体系中发挥着承上启下的重要作用。新三板市场正式扩容到全国仅仅三年多的时间,作为投资者近几年投资的热点市场,新三板市场的信息披露法律制度建设还不够完善。由于新三板市场的挂牌公司主要为创新型、成长型公司,这类公司具有规模小、风险高的特点,投资者对于信息披露的要求很高,为了保护投资者的投资权益,鼓励资本进入新三板市场,尽快完善新三板市场信息披露的法律制度势在必行。本文以新三板市场信息披露法律制度为研究对象,论文共分四个部分。第一部分概括地介绍新三板市场信息披露制度。论文从现有制度出发,介绍了公司申请挂牌时的初次信息披露和挂牌后的持续性信息披露的内容,以及新三板市场独特的自律监管加主办券商持续督导的监管体制,结合新三板市场的信息披露应当遵循的适度披露和分层披露的原则来说明完善新三板市场信息披露法律制度的必要性;第二部分主要对美国OTCBB市场和台湾兴柜市场两个具有代表性的三板市场的信息披露制度进行介绍并做出评价,本文认为域外的三板市场信息披露制度在做市商信息披露、分层披露和民事救济等方面的制度相对完善,值得我国借鉴;第三部分详细分析了我国新三板市场信息披露的立法现状及存在的问题,我国目前新三板市场信息披露法律问题主要表现为:法律体系不健全、监管体制不完善、“重大性”标准认定不明确、自愿性信息披露缺乏引导、违规信息披露惩罚力度弱等;第四部分针对新三板市场信息披露存在的问题提出完善建议。第一,需要完善新三板市场信息披露多层次的立法体系;第二,要形成自律监管为主、行政监管为辅的监管形式并完善主办券商持续督导评价制度;第三,结合新三板市场板内分层制度明确“重大性”信息披露的标准;第四,采用多种方式鼓励挂牌企业进行自愿性的信息披露;第五,完善违规信息披露主体的追责制度,给予投资者寻求民事赔偿的权利。
[Abstract]:As the third national open securities market after the Shanghai and Shenzhen stock markets, the new third board market plays an important role in the multi-level capital market system of our country. The new third board market has officially expanded to the whole country for only more than three years. As a hot market for investors to invest in in recent years, the legal system of information disclosure in the new third board market is not perfect enough. Because the listed companies of the new third board market are mainly innovative and growth companies, such companies have a small scale. In order to protect investors' investment rights and interests and encourage capital to enter the new third board market, It is imperative to perfect the legal system of information disclosure in the new third board market as soon as possible. The paper is divided into four parts. The first part introduces the information disclosure system of the new third board market. From the existing system, the paper introduces the initial information disclosure and the continuous information disclosure after listing. As well as the unique self-regulation and supervision system of the new third-board market and the continuous supervision of the sponsored securities firms, The necessity of perfecting the legal system of information disclosure in the new third board market is explained by combining the principle of appropriate disclosure and stratified disclosure which should be followed in the information disclosure of the new third board market. The second part mainly introduces and evaluates the information disclosure system of the two representative third board markets of OTCBB and Taiwan. This paper thinks that the information disclosure system of the three boards is in the market maker information disclosure system. The system of stratified disclosure and civil relief is relatively perfect, which is worthy of our country's reference. The third part analyzes the current legislative situation and existing problems of the information disclosure in the new three boards market in China in detail. At present, the main legal problems of information disclosure in the new three boards are as follows: the legal system is not perfect, the supervision system is not perfect, the criterion of "materiality" is not clear, the voluntary information disclosure is lack of guidance, and the punishment for illegal information disclosure is weak. In the 4th part, some suggestions are put forward to perfect the problems existing in the information disclosure of the new three boards market. First, it is necessary to perfect the multi-level legislative system of the information disclosure of the new three boards market; second, to form self-regulation and supervision. The form of supervision supplemented by administrative supervision and the improvement of the evaluation system of continuous supervision and evaluation of the sponsoring securities companies; third, clear standards of "materiality" information disclosure in combination with the new three-board market system of in-board stratification; 4th, Adopt various ways to encourage listed enterprises to carry out voluntary information disclosure; 5th, improve the system of liability of the subject of information disclosure in violation of regulations, and give investors the right to seek civil compensation.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.29

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