新三板挂牌与交易法律制度研究

发布时间：2018-06-12 18:18

本文选题：新三板 + 投资者准入　；参考：《华东政法大学》2012年硕士论文

【摘要】：新三板市场是我国多层次资本市场的基础，其作用是为初创期的中小高新技术企业提供有效的融资平台，并通过信息披露、自律监管等制度规范挂牌企业的运营。新三板市场是从老三板市场的基础上发展而来的新兴资本市场，作为多层次资本市场的不同环节，，新三板市场与主板、创业板市场在发行制度、交易制度、信息披露制度等方面都存在较大差异。新三板市场在中关村科技园区试点运行期间，已经建立了相关的法律制度，但是仍存在着不少缺陷。新三板的法律制度无论是在限售期制度、投资者准入制度还是转让制度（为了与通常交易所的交易制度相区别，本文将新三板的交易制度称为转让制度以示区分）方面都有不尽如人意之处，无法有效地保障新三板市场的平稳健康运行，不利于新三板市场的繁荣发展。此外，新三板市场没有建立合理的定向增资制度和转板升级制度，限制了挂牌企业的融资渠道，不利于新三板市场发挥其作为主板、创业板市场的“孵化器”和“蓄水池”的功能。因此，有必要对新三板现行法律制度进行完善与改革。第一、缩短控股股东、实际控制人的限售期，适当扩大自然人投资主体的范围即允许具有一定的投资经验和资金实力的自然人投资者参与新三板市场的股份交易。第二，完善新三板市场的转让制度：设定合理科学的最低转让额标准，引入做市商交易制度。第三，应当构建适合我国新三板市场特点的定向增资制度和转板升级制度，充分发挥新三板市场的融资功能和培养上市公司的“蓄水池”作用。第四，把握好新三板扩容后的容量并构建完善的做市商准入制度。
[Abstract]:The new third board market is the foundation of the multi-level capital market in our country. Its function is to provide an effective financing platform for the small and medium-sized high-tech enterprises in the initial stage, and to standardize the operation of the listed enterprises through the systems of information disclosure, self-regulation and supervision and so on. The new third board market is a new capital market developed from the old third board market. As a different link of the multi-level capital market, the new third board market, the main board market and the growth enterprise market are in the issuing system and the trading system. There are great differences in information disclosure system. During the pilot operation of Zhongguancun Science and Technology Park, the new third board market has established the relevant legal system, but there are still many defects. The legal system of the new third Board, whether it is a restricted period system, an investor access system or a transfer system (in order to distinguish it from the trading system of a common exchange, In this paper, the transaction system of the new three boards is called the transfer system to show the difference between them. It can not effectively guarantee the smooth and healthy operation of the new three boards, and is not conducive to the prosperity and development of the new three boards. In addition, the new third board market has not established a reasonable directional capital increase system and a transfer board upgrade system, which limits the financing channels of listed enterprises, and is not conducive to the new third board market to play its role as the main board. The function of "incubator" and "reservoir" of gem market. Therefore, it is necessary to improve and reform the current legal system of the new three boards. First, shortening the period of restriction for controlling shareholders and actual controllers, and appropriately expanding the scope of natural person's investment subject, that is, allowing natural person investors with certain investment experience and capital strength to participate in the stock trading in the new three boards market. Second, perfect the transfer system of the new third board market: set the reasonable and scientific minimum transfer amount standard, introduce the market maker transaction system. Third, we should construct the directional capital increase system and the transfer board upgrade system, which are suitable for the characteristics of the new third board market in our country, give full play to the financing function of the new third board market and train the "reservoir" function of the listed companies. Fourth, grasp the capacity of the new three-board expansion and build a perfect market-maker access system.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;D922.287

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