我国创业板市场监管的有效性研究

发布时间：2018-03-27 06:47

本文选题：创业板市场　切入点：监管　出处：《浙江大学》2013年硕士论文

【摘要】：在很长一段时期中,无论是国外还是国内,中小企业发展过程中的融资问题一直是学术界的研究重点和热点,我国在改革开放30多年里,国内的中小企业发展迅速,融资需求问题凸显,在学习借鉴国外股票市场设立的先进经验基础上,于2009年在深圳股票交易所推出了创业板市场,旨在为中国经济的主力军——中小企业特别是发展潜力巨大的中小科技型企业提供的资金支持助其腾飞。然而,在我国创业板市场运行的过程中,也出现了一些不容忽视的问题,比如,股价过高和估值过高的问题、发行初期市盈率过高的问题、创业板市场投机行为突出的问题、部分创业板上市公司高科技含量较低的问题,等等,本文以创业板板市场及创业板市场上市公司为研究对象,在综合分析比较境外创业板市场监管体系的不同及其监管制度差异原因的基础上,指出我国创业板市场运行及其监管过程中存在的主要问题有：证券监管的外部环境条件不健全、证券监管主体的独立性不够、创业板退市机制不完善、证券市场信息披露不规范、创业板上市公司高管离职套现问题严重等。针对这些问题,相应提出强化我国创业板市场监管有效性的对策建议,为政府、监管部门实施有效监管提供更好地理论依据和决策指导,促进我国创业板市场健康稳定发展。
[Abstract]:In a long period of time, the financing problem in the development of small and medium-sized enterprises has always been the focus and hot spot of the academic circles, both at home and abroad. In the more than 30 years of reform and opening up, the small and medium-sized enterprises in our country have developed rapidly. The issue of financing needs is highlighted. On the basis of learning from the advanced experience of the establishment of foreign stock markets, the gem market was launched on the Shenzhen Stock Exchange in 2009. The aim is to provide financial support to the main force of the Chinese economy-small and medium-sized enterprises, especially small and medium-sized scientific and technological enterprises with huge development potential. However, in the course of the operation of the gem market in China, there are also some problems that cannot be ignored. For example, the problems of excessive stock price and overvaluation, the problem of excessive price-earnings ratio at the beginning of issuance, the outstanding speculative behavior in the gem market, the low high-tech content of some gem listed companies, and so on. In this paper, the gem market and the gem listed companies as the research object, on the basis of comprehensive analysis and comparison of the overseas gem market regulatory system and the reasons for the differences in regulatory system, The paper points out that the main problems in the operation and supervision of gem are: the external environmental conditions of securities supervision are not perfect, the independence of the main body of securities supervision is not enough, and the delisting mechanism of gem is not perfect. The disclosure of information in the securities market is not standardized, and the problem of executive turnover and cash in listed companies on the gem is serious. In view of these problems, the countermeasures and suggestions to strengthen the effectiveness of the supervision of the gem in China are put forward for the government. The implementation of effective supervision by regulatory authorities provides better theoretical basis and decision-making guidance, and promotes the healthy and stable development of the gem market in China.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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