新三板转板制度法律问题研究

发布时间：2018-04-16 07:38

本文选题：新三板 + 转板规则　；参考：《南昌大学》2015年硕士论文

【摘要】：全国中小企业股份转让系统简称新三板,是我国资本市场体系中不可或缺的基石,作为全国性场外交易市场它是促进金融服务于实体经济的平台。新三板是新兴资本市场,随着新三板市场挂牌公司数量的增加和市场流动性增强,在新三板与场内市场间建立转板桥梁成为构建多层次资本市场的必经步骤。场内和场外市场都是资本市场的组成部分,其市场定位具有差异性,参照投资者的风险承受能力和公司的经营情况及所属行业类别等因素,对市场参与主体设置了不同的准入门槛。转板包含从新三板转入场内市场上市和从场内市场转入新三板市场两种情形,转板有利于建立资本市场与公司之间的双向选择机制,提高市场的价值发现能力并保障公司的自主选择权。根据现行证券法规定,股份有限公司申请股票上市的前提条件是股票经证监会核准已公开发行,此规定的目的是为了加强对场内市场的法律监管,降低市场风险。但这对已被纳入非上市公众公司监管范围的新三板挂牌公司来说,在很大程度上增加了公司上市的时间和费用成本。抑制了新三板挂牌公司转板上市的积极性,对保障我国资本市场间的流动性有不利影响。而对于不再具备上市条件的公司则应降入低层次交易市场或直接退出资本市场,以保障对市场风险的控制。我国尚未建立资本市场间的转板制度,对于转板的具体规则和法律监管模式尚处于研究论证的初期,法律的滞后性导致现行证券法难以为转板提供有力的支撑。而且法律监管体系存在行政权过度干预和自律监管权效力低下等现象,造成资本市场中一些违法违规行为难以得到有效规制,投资者面临的法律风险增加。因此,需从理论研究方面进行分析论证并结合市场发展阶段对立法实践提供支持。本文从法学和金融学相结合的角度对新三板市场转板法律问题进行探析,主要研究我国资本市场层次化的构建、转板的可行性及公平性、投资者权益保护、法律监管等问题,同时分析境外发达证券市场的立法经验在我国证券市场的适用环境,以期对我国证券法的修改和转板法律规则的制定提供一些建议。
[Abstract]:The National small and Medium-sized Enterprises share transfer system is referred to as the new third Board, which is an indispensable cornerstone of China's capital market system. As a national over-the-counter market, it is a platform to promote the financial services to the real economy.The new third board is a new capital market. With the increase of the number of listed companies and the enhancement of market liquidity, building a bridge between the new third board and the market becomes the necessary step to build a multi-level capital market.Both OTC and OTC markets are part of the capital market, and their market positioning is different, referring to the risk tolerance of investors, the company's operating situation and the industry category, etc.To the market participation main body has set the different entrance threshold.The transfer board includes two situations: from the new third board to the market on the market and from the inside market to the new third board market. The transfer board is conducive to the establishment of a two-way selection mechanism between the capital market and the company.Improve the market value discovery ability and protect the company's independent choice.According to the current securities law, the prerequisite for a joint stock limited company to apply for stock listing is that the stock has been publicly issued with the approval of the Securities Regulatory Commission. The purpose of this provision is to strengthen the legal supervision of the inside market and reduce the market risk.But for the new third board listed companies, which have been brought under the supervision of unlisted public companies, it has greatly increased the time and cost of listing.It restrains the enthusiasm of the new third board listed company to turn the board into the market, and has a negative effect on the liquidity between the capital markets of our country.But for the companies that no longer have the condition of listing, they should drop into the low level trading market or withdraw directly from the capital market to ensure the control of the market risk.China has not yet established the system of transfer board between the capital markets. The specific rules and the mode of legal supervision of the transfer board are still in the initial stage of research and argumentation. Due to the lag of the law, it is difficult for the current securities law to provide strong support for the transfer board.Moreover, there are some phenomena in the legal supervision system, such as excessive intervention of administrative power and low effectiveness of self-regulatory power, which makes it difficult to regulate effectively some illegal activities in the capital market and increases the legal risks faced by investors.Therefore, it is necessary to analyze and demonstrate from the theoretical research and provide support to the legislative practice combined with the market development stage.From the angle of the combination of law and finance, this paper analyzes the legal problems of the new third board market, mainly studies the construction of the capital market hierarchy, the feasibility and fairness of the transfer board, the protection of investors' rights and interests, the legal supervision and so on.At the same time, the paper analyzes the applicable environment of the overseas developed securities market in our country, in order to provide some suggestions for the revision of the securities law and the making of the law rules of the transposition.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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