我国创业板市场发行制度改革问题研究

发布时间：2018-01-22 07:17

本文关键词： 发行制度审核制度上市条件　出处：《东北大学》2012年硕士论文　论文类型：学位论文

【摘要】：2009年10月我国创业板市场正式开板,创业板市场的推出,是促进我国多层次资本市场发展的需要也是我国走向完善资本市场进程的重要一步,是解决中小型高新技术公司融资困难,为私募股权和风险投资提供有效退出渠道的需要,也是出于我国经济发展、实现创新型国家的需要。作为一个全新的资本投资市场,承载着很多期待的创业板市场在开启之初便引来了广泛的关注。然而,两年来创业板市场的发展却并非尽如人意。节节攀升的市盈率和高发行价不断触碰着市场参与者的神经,创业板市场的超募资金现象也愈加严重,信息披露,PE腐败等一系列问题也日渐凸显。发行制度作为证券市场的基础制度,它不但是造成证券市场现状的决定性因素,也是导致市场制度性和结构性缺陷问题的根源。本文试图从我国创业板市场的发行制度目标出发,探索研究我国创业板资本市场发行制度的缺陷以及问题,发现影响我国创业板市场发展的制度障碍,并在此基础上通过对创业板发行制度改革的原则探索上,为我国创业板市场发行制度提出具有针对性的改革建议,从而促进我国创业板市场资本市场的健康发展。因此,文章的主线是以我国创业板市场发行制度的目标出发,再以我国现行创业板市场发行制度存在的缺陷为依托提出创业板市场发行制度的改革原则,最后阐述符合我国目前创业板市场情况的发行制度改革建议。文中提出了我国审核制度要向注册制发展的必然趋势以及建设配套制度的建议；引入投资者管理制度的必要性；在上市条件方面提出了建立多重上市条件的建议并尝试在公司治理方面对拟上市企业的要求进行完善。最后一章通过一个申请创业板市场上市的真实案例来更有力的说明创业板市场发行制度改革的必要性和目前创业板市场发行制度未能遵循其本身作用目标而带来的种种实际问题。
[Abstract]:In October 2009, China's gem market officially opened, and the launch of gem market is the need to promote the development of our multi-level capital market, and is also an important step for China to improve the capital market process. It is the need to solve the financing difficulties of small and medium-sized high-tech companies and to provide effective exit channels for private equity and venture capital. It is also due to the economic development of our country. As a new capital investment market, the gem market, which bears a lot of expectation, has attracted wide attention at the beginning of its opening. However, in the past two years, the development of gem market is not satisfactory. The rising price-earnings ratio and high issue price are touching the nerve of market participants, and the phenomenon of over-raising funds in gem market is becoming more and more serious. Information disclosure PE corruption and a series of problems are also increasingly prominent. As the basic system of the securities market, the issuance system is not only the decisive factor that causes the current situation of the securities market. It is also the root of the market institutional and structural defects. This paper attempts to explore the defects and problems of the gem capital market issuance system from the goal of the gem issuance system in China. Find out the system obstacles that affect the development of gem market in our country, and on this basis, through exploring the principles of the gem issue system reform, put forward targeted reform suggestions for the gem issue system of our country. In order to promote China's gem market capital market healthy development. Therefore, the main line of the article is to set out the goal of the gem issue system in our country, and then put forward the reform principles of the gem issuing system based on the defects of the current gem issue system in our country. Finally, the paper expounds the reform proposals of the issuing system in line with the current market situation of China's gem, and puts forward the inevitable trend of the development of our country's auditing system towards the registration system and the suggestion of constructing the supporting system. The necessity of introducing investor management system; In the aspect of listing conditions, the paper puts forward the suggestion of establishing multiple listing conditions and tries to perfect the requirements of the enterprises to be listed in the aspect of corporate governance. The last chapter is more effective through a real case of applying for listing on the gem market. It explains the necessity of the reform of the gem market issuing system and the various practical problems caused by the current gem market issuing system failing to follow its own function goal.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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