新三板市场法律问题研究
发布时间：2018-07-30 06:55
【摘要】：新三板市场是我国资本市场的重要组成部分，是我国发展多层次资本市场、优化资本市场功能的必要举措。新三板市场既能为无法在主板、创业板上市的中小企业提供股份转让、增发融资的平台，又能为中小企业提供辅导培育服务，促进其优化公司治理结构、完善信息披露制度。同时，对于从主板、创业板退市的公司，新三板市场可以提供一个股份转让交易的场所。因此，新三板市场有着重要的存在价值与不可或缺的市场作用。但是，自新三板市场开办以来，市场交投冷清，极少有投资者愿意涉足该市场，导致场外交易市场功能无从发挥，多层次证券体系更是无从建立。探究其产生的原因，相关法律体系不健全已严重阻碍了新三板市场的健康有序发展。立法体系的不足限制了新三板市场的持续发展、交易制度的缺陷抑制了投资者的积极性、信息披露制度的不足导致市场操纵与欺诈问题频发、监管机制的失位制约了市场功能的有效发挥等。 本文的研究目的在于对我国新三板市场现行法律问题进行分析并借鉴国外成熟资本市场经验，，从而提出对我国新三板市场相关法律制度完善的建议。为实现该研究目的，本文主要从四大方面进行研究：首先，对我国三板市场的产生及其发展进行概括说明，并界定其法律范畴。其次，试从我国新三板市场现行的法律制度进行分析并指出其未完善之处。再次，通过对国外成熟资本市场的三板市场法律制度的分析，总结出值得我们借鉴的相关法律制度。最后，通过比较分析及理论论证提出完善我国新三板市场的相关法律制度的具体措施及相关建议。
[Abstract]:The new third board market is an important part of the capital market of our country. It is the necessary measure to develop the multi-level capital market and optimize the function of the capital market. The new third board market can not only provide a platform for share transfer and additional financing for small and medium-sized enterprises that cannot be listed on the main board and gem, but also provide guidance and nurturing services for small and medium-sized enterprises, promote the optimization of corporate governance structure and perfect the information disclosure system. At the same time, for companies delisting from the main board and gem, the new third board market can provide a place for share transfer transactions. Therefore, the new three-board market has an important value and indispensable market role. However, since the opening of the new market, few investors are willing to set foot in the market, which makes the function of the over-the-counter market impossible to play, and the multi-level securities system can not be established. To find out the reasons, the unsound legal system has seriously hindered the healthy and orderly development of the new three-board market. The deficiency of the legislative system restricts the sustainable development of the new third board market, the defects of the trading system restrain the enthusiasm of investors, and the deficiency of the information disclosure system leads to the frequent market manipulation and fraud. The loss of supervision mechanism restricts the effective exertion of market function and so on. The purpose of this paper is to analyze the current legal problems of the new third board market of our country and to draw lessons from the experience of foreign mature capital market, and then put forward some suggestions to perfect the relevant legal system of the new third board market of our country. In order to achieve the purpose of the research, this paper mainly studies from four aspects: first, the emergence and development of the third board market in China are explained and its legal scope is defined. Secondly, it analyzes the current legal system of the new three-board market and points out its imperfections. Thirdly, through the analysis of the legal system of the foreign mature capital market, we summarize the relevant legal system that we should learn from. Finally, through comparative analysis and theoretical argumentation, the author puts forward concrete measures and relevant suggestions to perfect the relevant legal system of the new third board market in China.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.294
[Abstract]:The new third board market is an important part of the capital market of our country. It is the necessary measure to develop the multi-level capital market and optimize the function of the capital market. The new third board market can not only provide a platform for share transfer and additional financing for small and medium-sized enterprises that cannot be listed on the main board and gem, but also provide guidance and nurturing services for small and medium-sized enterprises, promote the optimization of corporate governance structure and perfect the information disclosure system. At the same time, for companies delisting from the main board and gem, the new third board market can provide a place for share transfer transactions. Therefore, the new three-board market has an important value and indispensable market role. However, since the opening of the new market, few investors are willing to set foot in the market, which makes the function of the over-the-counter market impossible to play, and the multi-level securities system can not be established. To find out the reasons, the unsound legal system has seriously hindered the healthy and orderly development of the new three-board market. The deficiency of the legislative system restricts the sustainable development of the new third board market, the defects of the trading system restrain the enthusiasm of investors, and the deficiency of the information disclosure system leads to the frequent market manipulation and fraud. The loss of supervision mechanism restricts the effective exertion of market function and so on. The purpose of this paper is to analyze the current legal problems of the new third board market of our country and to draw lessons from the experience of foreign mature capital market, and then put forward some suggestions to perfect the relevant legal system of the new third board market of our country. In order to achieve the purpose of the research, this paper mainly studies from four aspects: first, the emergence and development of the third board market in China are explained and its legal scope is defined. Secondly, it analyzes the current legal system of the new three-board market and points out its imperfections. Thirdly, through the analysis of the legal system of the foreign mature capital market, we summarize the relevant legal system that we should learn from. Finally, through comparative analysis and theoretical argumentation, the author puts forward concrete measures and relevant suggestions to perfect the relevant legal system of the new third board market in China.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.294
【参考文献】
相关期刊论文 前10条
1 过文俊;;台湾柜台市场的成长与变革(下)[J];产权导刊;2006年03期
2 董瑞华;王U
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