新三板扩容的风险分析及防范

发布时间：2018-06-04 09:37

本文选题：新三板扩容 + 风险分析　；参考：《华东政法大学》2012年硕士论文

【摘要】：自2006年中关村公司进入代办股份转让系统进行试点以来，新三板市场获得了长足的发展，有效的解决了中小科技型企业的融资困难，，对于规范企业管理运作，促进企业发展也发挥了重要作用。但同时，囿于试点范围较小、交易主体及交易制度限制较多、市场活跃度不够以及同其他市场板块缺乏有效联动等原因，进一步扩大新三板范围、发挥新三板市场的功效也面临着政策和制度困难。为有效解决当下新三板面临的困境，推动新三板扩容的顺利进行，市场对新三板扩容进行了一系列政策预期。结合目前新三板市场发展现状及监管层意见，比较一致的扩容政策主要包括引入做市商制度、适当放宽交易门槛、突破非公众公司股东200人限制、建立适合新三板的转板通道等方面。但是，分析市场对于扩容的政策预期，结合目前新三板市场发展的现状以及其作为我国多层次资本市场基础的定位，笔者认为新三板扩容的同时面临着监管法规层级过低，法律法规间冲突有待调整、市场流动性不足以及企业转板失败给投资者带来损失等风险。为了更好的防范和解决新三板市场扩容可能存在的风险，探索出一条适合我国国情的多层次资本市场发展道路，笔者建议有必要在分析国外发达国家和地区资本市场发展路径的基础上借鉴其先进经验。为此，本文着重分析了美国场外交易市场（包括NASDAQ、OTCBB、粉红单市场）、英国AIM市场、日本场外交易市场以及台湾兴柜市场等国外类似市场的交易制度、市场监管等方面的措施，以期在总结国外先进经验的基础上对我国新三板市场的发展有所借鉴。在综合分析我国新三板扩容的政策预期及面临的风险，并结合国外先进经验的基础上，针对我国新三板市场发展现状，笔者针对性的提出了以下整改措施以更好的推进新三板市场的扩容，防范扩容风险。主要包括：一、控制扩容速度和规模，在试点基础上稳步推进；二、明确市场监管机构，建立多层次的市场监管体系；三、完善监管法律法规，构建完备的监管法律体系；四、针对新三板市场特点，相应改革相关交易制度；五、建立适合我国国情的做市商制度；六、适时推出设计合理的转板机制等。在新三板扩容即将展开、各项制度即将建立的前夜，笔者进行新三板相关问题的分析并提出相应的改进对策，以期对于新三板的完善和良好发展有所贡献，更好地推动新三板市场的发展繁荣。
[Abstract]:Since the Zhongguancun company entered the stock transfer system in 2006, the new three board market has made great progress. It has effectively solved the financing difficulties of small and medium sized enterprises. It also plays an important role in standardizing the operation of enterprises and promoting the development of enterprises. There are many restrictions on the system, the lack of market activity and the lack of effective linkage with other market sectors, such as the lack of effective linkage with other market sectors. It is difficult to further expand the scope of the new three boards and bring into play the effectiveness of the new three board market.
In order to effectively solve the difficulties faced by the new three boards and promote the expansion of the new three boards, the market has carried out a series of policy expectations for the new three board expansion. According to the current situation of the new three board market and the opinions of the regulatory layer, the more consistent expansion policy mainly includes the introduction of the market maker system, the proper relaxation of the trading threshold and the breakthrough of the non public. The shareholders of the company are limited by 200 people and set up a transfer board suitable for the new three boards. However, the analysis of the policy expectation of the market expansion, the current situation of the development of the new three board market and its position as the foundation of the multi-level capital market in China, the author believes that the new three board expansion is at the same time facing the low level of regulation and regulation, and the law law Regulatory conflicts need to be adjusted, market liquidity is insufficient, and enterprises' failure to transfer to the board will bring risks to investors.
In order to better prevent and solve the possible risks of the expansion of the new three board market, a multi level capital market development path suitable for China's national conditions is explored. The author suggests that it is necessary to learn from its advanced experience on the basis of the analysis of the development path of foreign developed countries and regions. The trading market (including NASDAQ, OTCBB, pink single market), the British AIM market, the Japanese OTC market and the Taiwan market market and other similar market trading system, market supervision and other measures, in order to summarize the advanced experience of foreign countries on the basis of the development of the new three board market for reference.
On the basis of comprehensive analysis of the policy expectations and risks faced by the new three board expansion in China, and on the basis of advanced foreign experience, the author puts forward the following rectification measures aimed at improving the expansion of the new three board market and preventing the expansion of capacity risk. Scale, steadily on the pilot basis; two, clear the market supervision institutions, establish a multi-level market supervision system; three, improve the regulatory laws and regulations, build a complete regulatory legal system; four, according to the characteristics of the new three board market, the corresponding reform related trading system; five, the establishment of the market maker system suitable for our national conditions; six, timely The design of a reasonable rotating plate mechanism and so on.
On the eve of the new three board expansion and the establishment of various systems, the author analyses the problems related to the new three boards and puts forward the corresponding countermeasures in order to contribute to the perfect and good development of the new three boards, and to promote the development and prosperity of the new three board market.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;D922.287

【参考文献】