我国新三板制度改革的法律问题研究

发布时间：2018-04-11 09:24

本文选题：新三板 + 多层次资本市场　；参考：《湖南师范大学》2012年硕士论文

【摘要】：2006年,中国证券业协会推出“中关村科技园区非上市股份有限公司代办股份报价转让系统”----即业界通常简称的新三板,作为我国多层次资本市场体系建设的重要组成部分,新三板市场的成立是建设我国场外交易市场,完善我国多层次资本市场体系的重要举措。新三板市场的建立不但能够为我国的非上市非公众公司、高成长性企业、高新技术企业提供一个股权融资与交易的综合服务平台,而且还能够为暂时达不到我国主板市场上市要求的中小企业提供孵化与培育服务,为其进入主板市场、中小板市场以及创业板市场等更高层次的资本市场奠定良好的基础。目前新三板的地域范围仅限于中关村科技园区,市场扩容在所难免,而新三板相关法律规则的完善更是刻不容缓。笔者拟从法律的视角,对我国新三板市场制度改革进行探讨,通过对新三板市场现有法律制度进行分析,分析其主要缺陷,再借鉴场外交易市场建设发达的国家和地区的成功经验,在此基础上提出我国新三板市场制度改革的法律建议,希望对我国新三板市场制度改革与完善有所裨益。本文共分为三大部分,首先对我国场外交易市场的发展历程特别是新三板市场的设立进行详细论述,并介绍新三板设立对于我国资本市场的重要意义。其次,在对新三板市场进行了详细认知的基础之上就新三板市场的法律地位、投资者准入、交易机制以及转板机制等法律制度的各种缺陷与不足进行深入分析。然后,介绍美国、我国台湾地区等发达场外交易市场的先进经验与立法例,以求能够借鉴他人的先进经验来完善我国新三板市场。最后,在总结国外先进经验并着眼我国实际情况的基础上,对我国新三板市场法律制度完善提出了自己的建议,包括明确我国新三板市场的法律定位；构建我国新三板市场的法律体系；建立投资者适当性制度；扩大自然人投资者范围；引入做市商法律制度；完善新三板交易制度；建立转板机制以及适度突破挂牌公司股东200人限制,允许公众公司挂牌。
[Abstract]:In 2006, Chinese Securities Industry Association launched the new three board of Zhongguancun science and Technology Park unlisted Limited by Share Ltd agency share transfer pricing system "- usually referred to as the industry, as an important part of the construction of China's multi-level capital market system, the establishment of the new third market is the construction of China's OTC market, an important measure to improve the multi-level capital market in our country the establishment of a new system. The third market can not only for China's non unlisted public companies, high growth enterprises, to provide an integrated service platform of equity financing and trading of high-tech enterprises, providing nurturing services but also can temporarily reach our main market listing requirements of small and medium-sized enterprises, for the to enter the market and lay a good foundation for small and medium-sized board market and the GEM market at a higher level of capital market.
The new board of the geographical scope is limited to the Zhongguancun science and Technology Park, the expansion of the market can hardly be avoided, and improve the relevant legal rules of the new board is more important. The author intends to from a legal perspective, to study the reform of the new third market system in China, based on the existing legal system of the new third market analysis, analysis of the main defects, and then reference the successful experience of the construction of the OTC market in developed countries and regions, on the basis of legal suggestions for reform in the new third market system of our country, hope for the new third board market system reform of our country and improve the benefit.
This paper is divided into three parts, first on the course of development of China's OTC market, especially the establishment of the new third market in detail, and introduces the establishment of three new board has important significance in our capital market. Secondly, in the new third market were based on detailed cognition of legal status, the new third market the investors access to various defects and shortcomings of the trading mechanism and the transfer mechanism of the legal system are analyzed. Then, the United States, the advanced experience of developed OTC market in Taiwan area in China with the legislation, in order to learn from the advanced experience of others to improve our new third market. Finally, based on summing up the foreign advanced experience and focus on the actual situation of our country, the new third market in China perfect legal system put forward their own proposals, including a clear legal position in China in the new third market; The legal system construction of China's new third market; establish appropriate institutional investors; expanding the scope of natural person investors; the introduction of market maker system of law; the improvement of the new board trading system; the establishment of transfer mechanism and breakthrough the shareholders of the listed company 200 restrictions, allowing the public listed company.

【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;D922.287

【参考文献】