我国创业板发行监管有效性研究

发布时间：2018-01-08 14:26

本文关键词：我国创业板发行监管有效性研究　出处：《山东财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：2009年10月30日，我国正式推出创业板市场，为高科技高成长性企业提供资源优化配置的场所，但创业板成功推出后却出现了很多不规范的地方，这些问题不仅影响到股票流通市场运行，更导致了整个股票市场的非有效性，阻碍了证券市场的健康、持续发展。而发行监管作为创业板市场健康发展的第一道防火墙，其有效性的高低将直接影响到股票交易市场的发展和稳定，影响到整个证券市场的资源配置效率。因此，，如何提升创业板发行市场的监管有效性进而促进创业板市场达成资源的有效配置，将是本文主要的研究内容。本文在对国内外相关理论梳理的基础上，对证券监管及监管的有效性进行了界定，明确了文章的研究内容。并在此基础上通过对当前创业板发行市场进行实证分析，结合国外先进创业板市场监管的成功经验，认为当前我国创业板市场监管有效性不足，而要改善其监管效果，必须做到以下四方面：首先，明确维护投资者利益的监管理念；其次，应突出强调监管过程中的信息披露环节，消除市场参与者之间的信息不对称现象；再次，改革目前的询价制度，加强对中介机构的监管力度：最后，本文认为应加强媒体等社会组织在创业板发行监管中的作用，以促进市场透明度。纵观全文，本文本着实事求是、科学严谨的原则，采取了理论分析与实证研究相结合、计量分析与归纳分析相结合的综合性研究方法，为识别、测算和控制地方金融风险提供了科学、可操作的实证模型和借鉴方案，具有非常重要的现实意义和参考价值。
[Abstract]:In October 30, 2009, China officially launched the GEM market, optimize the allocation of resources provide places for high-tech high growth enterprises, but after the successful launch of the gem has appeared many irregularities, these problems not only affect the stock market operation, resulting in more non validity of the stock market, the stock market has hindered healthy and sustainable development. And the issue of supervision of the first firewall as the healthy development of the gem, its effectiveness will directly affect the stock market development and stability, affect the efficiency of resource allocation of the entire stock market. Therefore, how to improve the effectiveness of supervision of gem issue market and promote the effective allocation of gem the market will reach the resources, is the main content of this paper.
Based on the domestic and foreign related theories on the effectiveness of securities regulation and supervision were defined, clear the contents of the article. And on this basis, based on the empirical analysis of venture board distribution market, combined with the successful experience of foreign advanced regulation of gem, believes that the current gem market in China the lack of effective supervision, and to improve its regulatory effect, must do the following four aspects: first, clear the concept of supervision to safeguard the interests of investors; secondly, should emphasize the information disclosure supervision in the process of eliminating information asymmetry among market participants; thirdly, the reform of the inquiry system, strengthen the supervision of the intermediary organization: finally, we should strengthen the media and other social organizations in the gem issuance regulation in effect, to promote the transparency of the market.
In summary, this text realistic, rigorous scientific principle, adopt the combination of theoretical analysis and empirical research, quantitative analysis and comprehensive research methods, analysis of the combination of recognition, measurement and control of financial risks and provide a scientific and empirical model operation and reference solution, has very important practical the significance and reference value.

【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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