“新三板”转板上市法律制度探析

发布时间：2018-06-06 07:47

本文选题：新三板 + 转板　；参考：《暨南大学》2016年硕士论文

【摘要】：中小企业融资难问题一直是困扰着我国政府和众多中小企业主的一大难题。为解决我国中小企业融资难问题,2012年下半年,经国务院批准成立股转公司。在过去的三四年时间里,新三板市场如火如荼的快速发展着,截止2016年3月31日新三板挂牌企业总数已突破六千家。随着新三板市场的不断发展,与其相关的问题也逐渐暴露出来。由于新三板挂牌要求门槛较低,挂牌企业质量参差不齐,在目前已挂牌的企业中,部分企业的实力已经远远超过普通上市公司的实力水平,而与此同时部分挂牌却亏损严重,无法在市场中获得投资者的青睐。如果优秀的企业无法被市场重视,市场不能给予他们更多的机会和选择去进一步发展,则不仅会阻碍优秀企业的发展,同时也会挫伤其他未挂牌的优秀企业继续挂牌新三板的热情,也实现不了资本市场服务于实体经济的使命。因此,通过对国外发达资本市场的学习,我们可以发现,在三板市场发展到一定阶段之时,适时推出转板上市制度,以帮助优秀企业转板去创业板甚至主板是非常有必要的。但是成功转板并非易事,从制度设计到具体规则的推出再到具体的实施,均有一定的障碍,如何克服这些障碍是摆在我们面前的一道难题。本文旨在分析我国新三板转板制度在推行中的各种法律和现实障碍,参照国外发达国家资本市场已有的经验,并结合我国的特殊情况提出本人的看法和主张。本文主要分为三个部分进行写作。第一部分内容主要是结合我国资本市场的实际现状和目前的理论研究,介绍转板制度的价值所在以及我国推行转板制度的主要障碍,并对目前的障碍进行系统性分析总结,明确主要矛盾。第二部分主要是在结合国外几个主要发达资本市场转板现状和转板制度设计的基础上,总结出各国的具体转板制度优势所在,提炼出对我国转板制度有指导意义的部分,并进行对比分析。第三部分主要是结合我国转板制度的现有障碍和国外的现有经验,提出如何克服障碍、如何吸收国外现有的制度优势,最终帮助我国转板制度顺利实施。
[Abstract]:The financing difficulty of small and medium enterprises has been a big problem for our government and many small and medium-sized enterprises. In order to solve the financing problem of small and medium-sized enterprises in China, the State Council approved the establishment of the company in the second half of 2012. In the past three to four years, the new third board market has been developing rapidly, and the total number of new third board companies listed on March 31, 2016 has exceeded 6,000. With the continuous development of the new three-board market, and its related problems are gradually exposed. As the requirements for listing the new third board are relatively low and the quality of listed companies is uneven, some of the enterprises listed at present have far exceeded the level of strength of ordinary listed companies, while some of the listed companies have made serious losses at the same time. Can not win the favor of investors in the market. If a good enterprise cannot be valued by the market and the market cannot give them more opportunities and choices to further develop, it will not only hinder the development of the excellent enterprise. At the same time, it will dampen the enthusiasm of other outstanding unlisted companies to continue listing the new three boards, and will not achieve the mission of the capital market to serve the real economy. Therefore, through the study of foreign developed capital markets, we can find that it is very necessary to introduce the system of transferring board to gem or even the main board when the third board market develops to a certain stage. But it is not easy to turn the board successfully. There are some obstacles from the system design to the introduction of specific rules and then to the concrete implementation. How to overcome these obstacles is a difficult problem in front of us. The purpose of this paper is to analyze the various legal and practical obstacles in the implementation of the new three-board system in China, to refer to the experience of foreign developed countries in the capital market, and to put forward my own views and opinions in the light of the special situation of our country. This paper is mainly divided into three parts for writing. The first part mainly introduces the value of the system and the main obstacles to the implementation of the system, and makes a systematic analysis and summary of the current obstacles, combining with the actual situation and the current theoretical research of the capital market in China. Make clear the principal contradiction. The second part is mainly on the basis of combining the current situation and system design of several foreign major developed capital markets, summed up the specific advantages of the system of turntable in various countries, abstracted the part of guiding significance to the system of transfer board in our country. And carries on the contrast analysis. The third part is mainly about how to overcome the obstacles and how to absorb the advantages of foreign institutions in order to help the smooth implementation of the system.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：D922.287

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