我国转板法律制度构建研究

发布时间：2018-05-03 08:47

本文选题：证券市场 + 转板　；参考：《华中师范大学》2015年硕士论文

【摘要】：随着我国多层次资本市场体系建设步伐的加快,全国中小股份转让系统以及区域性股权交易市场已经取得长足的进步和发展。在证券发行注册制改革后,我国资本市场将更加繁荣。但直到现在,我国多层次资本市场的互联互通方面仍然存在很大缺陷。从场外交易市场到场内交易市场,创业板或中小板到沪深主板市场都没有便捷的通道。为此,研究和构建我国的转板法律制度显得尤为重要。本文分为四章,分别论证我国转板法律制度构建的基础,我国转板法律制度构建的困境,我国转板法律制度构建的原则及对我国转板法律制度的构建。第一章介绍我国转板法律制度构建的基础。透过学者们对转板不同角度的认识,抽象地提炼出转板行为,认为转板是转板行为的法律后果。转板法律制度的构建有利于彰显法的自由、公正、效率价值。第二章分析我国转板法律制度构建的困境。目前,我国场内交易市场上市标准、条件趋同；场外交易市场发展滞后,新三板流动性不足,需要加强流动性与融资功能并重建设。此外,首次公开发行并上市制度不利于转板行为的构建,信息披露制度的不健全不利于股东利益的保护。第三章确立我国转板法律制度构建的原则。在借鉴美国SEC警惕“后门上市”监管经验的基础上,建立防止监管套利原则,确保转板法律制度不会存在太大的监管套利空间；以法律公正价值的要求平等对待直接发行与转板上市的公司；在民法意思自治原则的理念下满足转板申请人自愿转板的需要。第四章是对我国转板法律制度的构建。首先对转板行为中各方权利(力)义务进行分配,明确转板主体的申请权,证券交易所的核准权,证监会的监管权；其次是确立注册发行与转板上市平衡规则；三是确立转板行为主体资格的规则,转板申请人在符合交易所财务标准、满足挂牌交易时间要求,履行信息披露义务、与交易所达成转板协议的基础上才能成为合格的转板行为主体；四是确立股东利益保护规则,要求承销商和发行人承担必要的民事责任,确立金融领域里的集团诉讼制度；五是确立转板主体的法律救济规则,转板行为主体在其合法权益受到侵害时可以采取必要的申诉或诉讼措施。
[Abstract]:With the acceleration of the construction of the multi-level capital market system in China, the national small and medium-sized stock transfer system and the regional equity trading market have made considerable progress and development. After the reform of the registration system of securities issuance, China's capital market will become more prosperous. But until now, our country multi-level capital market connection aspect still has the very big flaw. There is no convenient channel from OTC to OTC, from gem to CSM. Therefore, it is very important to study and construct the legal system of transposition in our country. This paper is divided into four chapters, respectively, to demonstrate the foundation of the legal system construction, the difficulties of the legal system construction, the principles of the legal system construction and the construction of the legal system. The first chapter introduces the foundation of legal system construction in China. Through the scholars' understanding of the different angles of the turntable, the author abstractly abstracts the behavior of the turntable, and thinks that the turntable is the legal consequence of the action. The construction of legal system is beneficial to the freedom, justice and efficiency of law. The second chapter analyzes the dilemma of the legal system construction in China. At present, China's OTC market listing standards, conditions converge, OTC market development lags behind, the new third Board liquidity shortage, need to strengthen liquidity and financing function of the construction. In addition, the system of initial public offering and listing is not conducive to the construction of the conversion behavior, and the unsound information disclosure system is not conducive to the protection of shareholders' interests. The third chapter establishes the principle of legal system construction. On the basis of drawing lessons from the American SEC to guard against the "backdoor listing" supervision experience, the principle of preventing regulatory arbitrage is established to ensure that there is not too much room for regulatory arbitrage in the legal system. Under the principle of autonomy of will of civil law, it can meet the needs of the applicant for the voluntary transfer of the board under the principle of the principle of autonomy of the will of the civil law. The fourth chapter is the construction of the legal system of China's transfer board. Firstly, it distributes the rights (force) obligations of each party in the act of transferring the board, clarifies the application right of the main body of the board, the approval power of the stock exchange, the supervision power of the Securities Regulatory Commission, and then establishes the rules of balance between the registration and issuance of the board and the listing of the sub-board. The third is to establish the rules for the qualification of the main body of the transfer board. The applicant for the subboard meets the financial standards of the exchange, meets the requirements of the trading time for listing, and fulfils the obligation of information disclosure. Only on the basis of concluding the agreement with the exchange can we become the qualified subject of the subboard; fourthly, we should establish the rules for protecting the interests of shareholders, require the underwriters and issuers to bear the necessary civil liabilities, and establish the system of class action in the financial field. The fifth is to establish the legal relief rules of the main body of the transfer board, and the main body of the act of the transfer board may take necessary appeal or litigation measures when its legitimate rights and interests are infringed.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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