我国中小企业利用创业板市场融资风险防范法律制度研究
发布时间:2019-02-24 13:49
【摘要】:近年来,中小企业已经成为我国社会经济增长的巨大推动力,在我国国民经济发展中占有重要地位,对于我国经济的持续健康发展具有重大意义。然而,中小企业,尤其是技术型、成长型中小企业在快速发展的同时,面临着维持日常运营和长远发展所需要的资金的困境。而我国创业板市场的设立为中小企业融资开辟了新的途径,使得一些具有高技术性、高成长性且资金实力不够雄厚的中小企业通过在创业板上市获得资金支持和长远发展。然而根据世界主要国家创业板的实践经验以及我国的经验来看,设立创业板市场为中小企业融资并不能够一劳永逸,在为中小企业提供融资途径的同时存在许多风险。因此,对中小企业通过创业板市场上市面临的风险进行分析,并针对性地提出相应的防范措施就具有十分重要的理论意义和现实意义。 本文首先系统地介绍了创业板市场的概念、特征和功能,并进一步定位了创业板市场的服务主体,即高成长性和高技术型中小企业。然后介绍了中小企业的概念及其划分标准,并对高成长性和高技术型中小企业进行详细界定,进而论述我国中小企业在融资过程中遇到的困难及原因。文章的第二部分介绍了我国以及境外几个最具代表性地区的创业板市场的立法框架和风险防范法律制度内容,力图通过对世界先进创业板市场制度的借鉴找出我国在创业板市场风险防范法律制度方面存在的问题。第三部分主要从创业板自身、中小企业、中介机构以及监管主体这几方面具体分析我国创业板市场存在的风险及问题。在第四部分中详细探讨了对上述风险进行防范的制度构建,以保证我国创业板市场的健康良好运行以及中小企业持续获得资金支持。 通过对我国创业板市场的风险进行详细归类和分析,本文认为,我国的创业板市场要定位于一个与主板市场相互补充、部分业务相互竞争的支持中小企业融资的平台,来降低创业板市场本身的风险。建立起一套完整健全的法律法规体系,使得各项行为有法可依。更要建立起一整套包括上市公司遴选制度、灵活的交易制度、严格的信息披露制度、层次分明且科学高效的监管制度、完善的退市制度等创业板市场的各种制度,来防范上市企业风险和监管风险。同时培养合格的中介机构和理性投资者,降低创业板市场中参与主体的风险。
[Abstract]:In recent years, small and medium-sized enterprises (SMEs) have become a huge driving force for the social and economic growth of our country, and play an important role in the development of our national economy, which is of great significance to the sustained and healthy development of our economy. However, small and medium-sized enterprises (SMEs), especially technology-type and growth-type SMEs, are facing the dilemma of maintaining their daily operation and long-term development. The establishment of the gem market in China has opened up a new way for small and medium-sized enterprises to finance, making some small and medium-sized enterprises with high technology, high growth and insufficient capital strength to obtain financial support and long-term development through listing on the gem. However, according to the practical experience of the gem in the world and the experience of our country, the establishment of the gem market to finance SMEs cannot be done once and for all, and there are many risks in providing financing channels for SMEs at the same time. Therefore, it is of great theoretical and practical significance to analyze the risks faced by small and medium-sized enterprises (SMEs) in listing through the gem market and to put forward corresponding preventive measures. This paper first systematically introduces the concept, characteristics and functions of the gem market, and further locates the service subject of the gem market, that is, high-growth and high-tech small and medium-sized enterprises. Then it introduces the concept of SMEs and their classification standards, and defines the high growth and high-tech SMEs in detail, and then discusses the difficulties and reasons encountered by SMEs in the process of financing. The second part of the article introduces the legislative framework and the content of the legal system of risk prevention of the gem market in China and the most representative areas outside China. This paper tries to find out the problems existing in the legal system of risk prevention in the gem market in China through the reference of the advanced gem market system in the world. The third part mainly analyzes the risks and problems in the gem market from the aspects of gem itself, small and medium-sized enterprises, intermediary institutions and regulatory bodies. In the fourth part, the author discusses the construction of the system to prevent the above risks in order to ensure the healthy and good operation of the gem market and the sustained financial support for the small and medium-sized enterprises. Through the detailed classification and analysis of the risks in the gem market of our country, this paper believes that the gem market of our country should be positioned as a platform to support the financing of small and medium-sized enterprises, which is complementary to the main board market and some of the businesses compete with each other. To reduce the risk of the gem market itself. Establish a complete and sound system of laws and regulations, so that all acts have laws to abide by. It is also necessary to set up a set of gem market systems, including a selection system for listed companies, a flexible trading system, a strict information disclosure system, a well-structured and scientific and efficient regulatory system, and a perfect delisting system on the gem market. To guard against the risk of listed enterprises and regulatory risks. At the same time, to train qualified intermediary institutions and rational investors to reduce the risk of participants in the gem market.
【学位授予单位】:中央民族大学
【学位级别】:硕士
【学位授予年份】:2012
【分类号】:D922.287;F832.51
本文编号:2429600
[Abstract]:In recent years, small and medium-sized enterprises (SMEs) have become a huge driving force for the social and economic growth of our country, and play an important role in the development of our national economy, which is of great significance to the sustained and healthy development of our economy. However, small and medium-sized enterprises (SMEs), especially technology-type and growth-type SMEs, are facing the dilemma of maintaining their daily operation and long-term development. The establishment of the gem market in China has opened up a new way for small and medium-sized enterprises to finance, making some small and medium-sized enterprises with high technology, high growth and insufficient capital strength to obtain financial support and long-term development through listing on the gem. However, according to the practical experience of the gem in the world and the experience of our country, the establishment of the gem market to finance SMEs cannot be done once and for all, and there are many risks in providing financing channels for SMEs at the same time. Therefore, it is of great theoretical and practical significance to analyze the risks faced by small and medium-sized enterprises (SMEs) in listing through the gem market and to put forward corresponding preventive measures. This paper first systematically introduces the concept, characteristics and functions of the gem market, and further locates the service subject of the gem market, that is, high-growth and high-tech small and medium-sized enterprises. Then it introduces the concept of SMEs and their classification standards, and defines the high growth and high-tech SMEs in detail, and then discusses the difficulties and reasons encountered by SMEs in the process of financing. The second part of the article introduces the legislative framework and the content of the legal system of risk prevention of the gem market in China and the most representative areas outside China. This paper tries to find out the problems existing in the legal system of risk prevention in the gem market in China through the reference of the advanced gem market system in the world. The third part mainly analyzes the risks and problems in the gem market from the aspects of gem itself, small and medium-sized enterprises, intermediary institutions and regulatory bodies. In the fourth part, the author discusses the construction of the system to prevent the above risks in order to ensure the healthy and good operation of the gem market and the sustained financial support for the small and medium-sized enterprises. Through the detailed classification and analysis of the risks in the gem market of our country, this paper believes that the gem market of our country should be positioned as a platform to support the financing of small and medium-sized enterprises, which is complementary to the main board market and some of the businesses compete with each other. To reduce the risk of the gem market itself. Establish a complete and sound system of laws and regulations, so that all acts have laws to abide by. It is also necessary to set up a set of gem market systems, including a selection system for listed companies, a flexible trading system, a strict information disclosure system, a well-structured and scientific and efficient regulatory system, and a perfect delisting system on the gem market. To guard against the risk of listed enterprises and regulatory risks. At the same time, to train qualified intermediary institutions and rational investors to reduce the risk of participants in the gem market.
【学位授予单位】:中央民族大学
【学位级别】:硕士
【学位授予年份】:2012
【分类号】:D922.287;F832.51
【参考文献】
相关期刊论文 前4条
1 罗婵;;创业板市场的发展现状及风险分析[J];当代经济;2010年11期
2 张秀娥;何山;徐阳;;中小企业竞争力评价文献评述[J];经济纵横;2009年08期
3 贾渝;;海外创业板面面观[J];金融博览(银行客户);2009年08期
4 陈晓红;佘坚;邹湘娟;;中小上市公司成长性评价方法比较研究[J];科研管理;2006年01期
相关硕士学位论文 前1条
1 董佩;我国创业板信息披露及其法律责任研究[D];华东政法大学;2011年
,本文编号:2429600
本文链接:https://www.wllwen.com/guanlilunwen/zhqtouz/2429600.html
最近更新
教材专著