从英美三板市场定位及特点看我国新三板市场的建设

发布时间：2018-02-16 00:29

本文关键词： 新三板做市商扩容转板制度　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：2006年1月证监会决定对中关村园区内的高新技术非上市企业进入代办股份转让系统进行试点,自此,“新三板”在深交所正式挂牌启动。这标志着我国在发展多层次资本市场的过程中又迈出了巨大的一步,新三板市场的建立为投资者和高新科技企业带来了新的投资机会和融资渠道,同时是对建设我国多层次资本市场体系中场外市场的又一次探索,也是落实国家大力推动结构调整、利用资本市场高新技术等新型企业的一次实践。本文的研究是建立在新三板迎来全国扩容的背景下。随着新三板挂牌企业越来越多,其服务于中小企业的功能越来越强,无论是挂牌公司本身的经营业绩,还是市场的定向增资和股份交易额,都呈现出企稳向好的态势。但是我国新三板的开办不过7年多的时间,落后发达国家较长时间,我国新三板市场在制度完善上也距英美等国家有较大的距离。如何更好的发挥三板市场应有的功能,建立多层次资本市场体系,还有很长的路要走。本文是基于对英美国家三板市场分析比较的基础上提出我国新三板市场的功能定位,并就目前新三板存在的问题,提出构建新三板的建议和方案。对英美国家三板市场从上市程序、上市条件、退市标准、转板制度、做市商制度等各个角度进行了分析研究,其主要目的就是希望能对我国新三板市场的建设给予一些启发和帮助。同时认为我国新三板市场当前存在的最重要的几个问题是扩容问题、引入做市商制度的问题和转板的问题,这也是新三板下一步发展最需解决的三点,结合对英美市场的比较分析以及我国新三板当前的状况,分别对这三个问题予以分析并提出可行性方案。
[Abstract]:In January 2006, the CSRC decided to conduct a pilot project on the transfer system for the shares of the agents of high-tech and unlisted enterprises in the Zhongguancun Park. Since then, the "New third Board" has been officially launched on the Shenzhen Stock Exchange. This marks another huge step in the process of developing a multi-level capital market in China. The establishment of the new third board market has brought new investment opportunities and financing channels for investors and high-tech enterprises, and it is also another exploration of the construction of the over-the-counter market in China's multi-level capital market system. It is also a practice of promoting structural adjustment and utilizing new-type enterprises such as high-tech capital markets. The research of this paper is based on the new third board welcome the national expansion background. With the new third board listing enterprises more and more, its service to small and medium-sized enterprises is becoming stronger and stronger, regardless of the listed company's own operating performance, It is also the targeted capital increase in the market and the volume of share transactions, both showing a trend of stabilizing and improving. However, China's new third board has only been in operation for more than seven years, and it has lagged behind the developed countries for a long time. There is still a long way to go to improve the system of the new third board market in China and other countries, such as the United States and the United States, how to better play the function of the third board market and establish a multi-level capital market system. Based on the analysis and comparison of the third board market in Britain and America, this paper puts forward the function orientation of the new third board market in our country, and discusses the problems existing in the new third board market at present. This paper puts forward some suggestions and schemes for the construction of the new three boards. It analyzes and studies the listing procedure, listing conditions, delisting standards, conversion system, market maker system and so on in the third board market of British and American countries. Its main purpose is to hope to give some inspiration and help to the construction of the new third board market in China. At the same time, it is believed that the most important problems existing in the new third board market in our country are the expansion of capacity. The introduction of the market maker system and the issue of turning over the board are also the three most important points to be solved in the next step of the development of the new three boards, combining with the comparative analysis of the British and American markets and the current situation of the new three boards in China. The three problems are analyzed and the feasible scheme is put forward.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F831.51

【引证文献】