我国证券市场升板制度研究

发布时间：2018-01-04 07:34

本文关键词：我国证券市场升板制度研究　出处：《华东政法大学》2012年硕士论文　论文类型：学位论文

【摘要】：“升板制度”是指在低层次资本市场上挂牌或上市的公司发展到一定阶段满足高层次资本市场的上市或挂牌标准时,申请或自动转移至高层次市场过程中,证券市场主体应当遵守的办事规程。我国内地资本市场的建设经过20余年的发展,以主板、中小板、创业板、股份报价转让系统、产权交易市场和股权交易市场为构架板块的资本市场体系已经形成。截至2012年3月,我国三板市场挂牌公司只有5家成功转板至创业板,2家转板至中小企业板,并且都是经过IPO申请程序,属于增发股份,并不是业内所期待的通过“绿色通道”升板,创业板市场和中小板市场尚无升板案例。建立升板机制有着多重意义。首先,升板机制的建立可以落实政府的资本市场建设的精神。其次,升板机制的建立满足了规模、质量、风险程度不同的企业对资本的各类要求和资本市场上资金供求双方的多种投融资需求。最后,升板机制的建立可以促进资本市场的整体建设,优化资本结构和投资方向,提高整个社会资源的优化配置。美国、新加坡、我国香港和台湾地区资本市场已较为成熟,其升板制度各有特色,为我国多层次资本市场升板机制的构建提供了宝贵经验。我国升板制度的设计应立足国情,基于资本市场现有框架,遵循公平、效率、公开、公正等资本市场运行的基本原则,根据场内市场与场外市场准入标准差距较大,审核、备案部门不一的情况,区别制订相应制度。本文共分4章,前冠引言。引言引出问题,阐明研究背景、目的和意义,简介学术观点,勾勒本文框架；第一章阐述股票市场升板机制的基础理论,从升板制度的概念开始,对比分析了国内外关于升板制度的理论,提出建立升板机制的必要性；第二章介绍美国、加拿大及我国香港、台湾地区股票市场的发展、层次结构及升板制度情况,并加以归纳；第三章介绍境内股票市场的发展、层次结构、升板实践与发展的概况及在我国建立升板机制存在的障碍；第四章就境内股票市场升板制度的设计作出尝试。
[Abstract]:The "rising board system" refers to the application or automatic transfer to the high-level market when the listed or listed companies in the low level capital market develop to meet the listing or listing standards of the high-level capital market at a certain stage. Procedures to be followed by the main body of the securities market. After more than 20 years of development, the capital market in the mainland of China has been transferred to the main board, the small and medium board, the gem and the share quotation transfer system. The capital market system of property right market and equity market has been formed. As of March 2012, only 5 companies listed on the third board of our country have successfully transferred to the gem. Two boards to small and medium-sized enterprises, and are through the IPO application process, belong to additional shares, is not expected by the industry through the "green channel" board. Gem market and small and medium-sized board market has not been raised board cases. First, the establishment of the riser mechanism can implement the spirit of the government's capital market construction. Secondly, the establishment of the riser mechanism meets the needs of scale and quality. Enterprises with different levels of risk have various requirements for capital and various investment and financing needs of both supply and demand of capital in the capital market. Finally, the establishment of the rising board mechanism can promote the overall construction of the capital market. Optimize the capital structure and investment direction, improve the optimal allocation of social resources. The capital markets of America, Singapore, Hong Kong and Taiwan are mature, and their rising board system has its own characteristics, which provides valuable experience for the construction of multi-level capital market riser mechanism in our country. The design of China's rising board system should be based on the national conditions, based on the existing framework of the capital market, follow the basic principles of fairness, efficiency, openness, justice and other capital market operation. According to the wide gap between OTC and OTC market access standards, audit, filing departments of the situation, the difference between the formulation of the corresponding system. This paper is divided into four chapters. The introduction leads to problems, explains the background, purpose and significance of the research, introduces the academic viewpoints and outlines the framework of this paper. The first chapter expounds the basic theory of the rising board mechanism of the stock market, starts with the concept of the rising board system, compares and analyzes the theories about the rising board system at home and abroad, and puts forward the necessity of establishing the rising board mechanism; The second chapter introduces the development of the stock market in the United States, Canada, Hong Kong and Taiwan. The third chapter introduces the development of the domestic stock market, the hierarchy structure, the practice and development of the rising board and the obstacles to the establishment of the rising board mechanism in China; Chapter 4th on the domestic stock market board system design attempt.
【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】：D922.287;F832.51

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