论中国股票市场创业板发展的公正原则

发布时间：2018-10-05 08:33

【摘要】：中国创业板开市交易已经两周年有余，目前运行较为平稳符合其推出前的预期。随着创业板影响力不断增强，投入其中的投资者、企业越来越多，乱象渐起。问题的根本原因就在运行过程中的不规则公正所致。创业板是小型企业重要直接融资平台，是“十二五”计划中调整产业结构改变经济发展方式这一方针的重要组成环节，同时创业板也是社会财富再分配的的重要途径。创业板整体容量较小导致其成为中国经济总环境优良与否的最敏感指标。本文试图通过对指导创业板整体运行规范构建的根本道德原则进行理念更新，改革创业板运行规范进而促进有中国特色股票市场创业板的健康发展。尽管我国创业板运行时间尚短但是境外创业板在上世纪七十年代便已经开始运作。在对其他创业市场板市场运行规则的考察中可以看到，凡是符合公正运行原则其市场就会蓬勃发展，凡是有悖公正，在交易中唯有一方得利的市场皆萎靡不振。《证券法》中载明，，我国股票市场现有交易规范依照“公平、公开、公正”三原则构建。公平、公开侧重于程序正义，公正注重结果正义是实质正义。当前股票市场重视“信息披露”惩罚“背信行为”，相比“公正”更为为注重“公平、公开”即程序正义却忽视了类似小企业自身公司治理不足和小投资者分散、冲动等天然不足所引发的必然弱势。缺乏实质正义引导的程序正义有可能成为给少数人牟利的工具。可见只有将公正作为根本原则辅以公开、公平才能使所有市场参加者获益，促进我国创业板健康发展。“公正”内涵颇多，通过对不同“公正”思想的对比分析本文认为“等利害交换”的公正内涵最适合我国现阶段创业板采用，以此为内涵的“公正”要求市场对按照规范行为的投资者、企业给予正回报，而对违规的企业和投资者予以负回报。此外，监管机构必须审慎作为，会计师事务所、律师事务所等辅助机构必须对自己行为认真负责。只有在公正原则指引下的创业板才能为小企业融资服务，为广大投资者的资产保值增值，实现国家产业升级、经济转型的“十二五”规划目标。本文第二部分中采用比较分析的方法对境外主要创业板进行分析。文章第三部分采用观察描述法对中国创业板的现状加以阐释。在第四部分采用归纳法为中国创业板寻找合适的内涵。在第五部分中使用演绎法对中国创业板运行规则提出改革建议。
[Abstract]:China's gem opened more than two years ago and is running smoothly in line with its pre-launch expectations. With the growth Enterprise Market (gem) growing influence, the investment of investors, more and more enterprises, chaos gradually emerged. The root cause of the problem is the irregularity of justice in the course of operation. As an important direct financing platform for small enterprises, the gem is an important part of the policy of adjusting the industrial structure and changing the mode of economic development in the 12th Five-Year Plan. At the same time, the gem is also an important way to redistribute social wealth. The small overall capacity of the gem makes it the most sensitive indicator of China's overall economic environment. This paper attempts to renew the basic moral principles that guide the construction of the whole operation standard of the gem, and reform the operation norms of the gem to promote the healthy development of the gem with Chinese characteristics. Although the operation time of gem in China is still short, the overseas gem has already started to operate in the seventies of last century. From the investigation of the operation rules of other entrepreneurial market boards, we can see that any market that conforms to the principle of fair operation will flourish, and it will always run counter to justice. The securities law states that the existing trading rules of China's stock market are constructed according to the three principles of "fairness, openness and fairness". Fairness, public emphasis on procedural justice, justice and result justice is substantive justice. At present, the stock market attaches more importance to "information disclosure" and punishment of "breach of trust" than "justice" to "fairness, openness", that is, procedural justice, but neglects the lack of corporate governance and the dispersion of small investors. Impulse and other natural deficiencies caused by the inevitable weakness. The procedural justice without the guidance of substantive justice may become a tool for the profit of a few. It can be seen that only by taking justice as the fundamental principle, can we benefit all market participants and promote the healthy development of gem. There are many connotations of "justice". Through the comparison and analysis of different ideas of "justice", this paper thinks that the justice connotation of "exchange of interests" is the most suitable for the adoption of gem at this stage in our country. The "justice" with this connotation requires the market to give positive return to the investors who follow the standard behavior, but negative return to the enterprises and investors who violate the regulations. In addition, regulators must act prudently, accounting firms, law firms and other support agencies must be seriously responsible for their actions. Only under the guidance of the principle of justice can the gem provide financing services for small enterprises, maintain and increase the value of the assets of the majority of investors, realize the "12th Five-Year Plan" goal of national industrial upgrading and economic transformation. The second part of this paper uses the comparative analysis method to analyze the overseas main gem. The third part of the article uses the observation description method to explain the present situation of China's gem. In the fourth part, the inductive method is used to find the proper connotation for the gem. In the fifth part, the author uses deductive method to put forward the reform suggestion to the operation rule of China's gem.
【学位授予单位】：沈阳师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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