我国场外交易市场的体系和制度构建

发布时间：2018-04-15 03:00

本文选题：场外交易市场 + 做市商制度　；参考：《复旦大学》2012年硕士论文

【摘要】：本文在结构上由引言和正文构成,其中正文分为四章。引言介绍了本文的研究背景和选题意义。从理论上来说,构建场外交易市场是完善资本市场体系不可缺少的一部分；而实践方面,证监会发布的工作部署也表明了其对场外市场的重视性。目前,我国相关法律规制的缺失致使场外交易市场的构建困难重重,需要从法律层面对其加以研究。此外,引言部分还明确了本文对场外交易市场的讨论范畴。第一部分概述了我国场外交易市场的历史沿革以及相关阶段的法治理念,重点探讨了造成对场外市场以禁为主的法治理念的来源以及不足,分析了新《证券法》出台后对构建场外交易市场在立法上的积极作用,并具体阐述了我国目前的场外交易市场状况：代办股份转让系统、股份报价转让系统、区域股权交易所以及游离于场外交易市场边缘的产权交易所。第二部分分析了我国场外交易市场的缺点以及它应当具有的功能。目前,我国场外交易市场最大的缺点还是缺少完善的法律规制,由此带来了监管困难、定位混乱等一系列问题。通过对场外交易市场应当具有的功能的分析,明确未来建设相关法律规制的方向第三部分尝试探讨未来场外交易市场体系的构建。通过对美国场外交易市场的分析得出,合理的场外交易市场应当是多层次并且具有升降机制的。因此,本文跳出以往的思路,试图将新三板的扩容和股权交易所的建设结合起来,同时发展全国性的和区域性的场外交易市场,两个市场相互补充相互推动。第四部分针对场外交易市场提出具体的法律规制。首先是做市商制度,本文分析了现行证券法、公司法与做市商制度的冲突之处,为建立做市商制度提供了几条建议。其次是市场主体,包括投资者和挂牌公司的资格问题。其中,针对新三板部分,提出了现有的新三板规则和未来市场发展的冲突之处。第三是监管制度,在监管模式上,我国《证券法》规定实行自律监管与政府监管相结合的模式,本文针对这一模式提出了几点宏观建议；在具体监管制度方面,通过和美国的监管制度相比较,本文提出了几点具体的制度改革方向。最后是关于转板机制,鉴于目前只有新三板的挂牌企业成功转板,本文以新三板为例探讨转板应当实行何种机制,期望在场外交易市场全面构建之后,能够将经验拓展到其他层次的场外市场。
[Abstract]:The structure of this paper is composed of introduction and text, in which the text is divided into four chapters.The introduction introduces the research background and significance of this paper.Theoretically, the construction of over-the-counter market is an indispensable part of perfecting the capital market system. In practice, the work plan issued by the CSRC also shows that it attaches importance to the over-the-counter market.At present, the lack of relevant legal regulations in our country makes the construction of OTC market difficult, which needs to be studied from the legal level.In addition, the introduction also defines the scope of the discussion of the OTC market in this paper.The first part summarizes the historical evolution of the OTC market in China and the concept of rule of law in the relevant stages, focusing on the origin and deficiency of the concept of the rule of law, which is mainly prohibited to the OTC market.This paper analyzes on the positive role of the new Securities Law in establishing the over-the-counter market in legislation, and expounds the current situation of the over-the-counter trading market in China: the agency share transfer system, the share quotation transfer system, and the over-the-counter trading market in China.Regional equity exchanges and property exchanges on the edge of the OTC market.The second part analyzes the shortcomings of the OTC market and its functions.At present, the biggest shortcoming of the OTC market in China is the lack of perfect legal regulation, which brings about a series of problems, such as difficulty of supervision, confusion of positioning and so on.Through the analysis of the functions of the OTC market, the direction of the related legal regulation in the future construction is clarified.The third part attempts to explore the construction of the future OTC market system.Through the analysis of the American OTC market, it is concluded that a reasonable OTC market should be multi-level and have a rise and fall mechanism.Therefore, this paper tries to combine the expansion of the new third board with the construction of the stock exchange, and at the same time develop the national and regional over-the-counter market, the two markets complement each other and promote each other.The fourth part puts forward specific legal regulations for the OTC market.The first is the market maker system. This paper analyzes the conflicts between the current securities law, company law and market maker system, and provides several suggestions for the establishment of market maker system.Next is the market main body, including the investor and the listed company's qualification question.Aiming at the new third board, this paper puts forward the conflict between the new three board rules and the future market development.The third is the supervision system, in the supervision mode, our country "Securities Law" stipulates the implementation self-discipline supervision and the government supervision union pattern, this article has put forward several macroscopic suggestions to this model, in the concrete supervision system aspect,By comparing with the American regulatory system, this paper puts forward some specific direction of institutional reform.The last part is about the mechanism of the transfer board. In view of the successful conversion of the new third board, this paper takes the new third board as an example to discuss what kind of mechanism should be implemented in the new third board, hoping that after the overall construction of the over-the-counter trading market,Ability to extend experience to other levels of OTC market.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;D922.287

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