中国创业板市场现时困惑与对策研究

发布时间：2018-01-09 13:32

本文关键词：中国创业板市场现时困惑与对策研究　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：2009年10月23日,酝酿已久的创业板正式启动。我国设立创业板,不仅仅是为了更好地解决中小企业融资难问题,也给具有成长潜力的中小企业提供了一个很好的融资平台,也希望提升我国资本市场资本配置的效率。然而,通过研究表明,创业板市场正式开板后,其发挥的实际功能及其现状让人担忧。本文从资本市场的一般理论入手,大量收集相关文献,以创业板市场的上市公司为研究对象,研究了以下三方面内容： 1.通过中外创业板市场的介绍对比,分析我国开设创业板的必要性：(1)能够提供比商业银行和传统证券市场更为灵活的、方便且有效的融资安排；(2)为面向中小企业服务,为其直接融资提供平台,部分解决融资难的问题；(3)创业板的示范效应收益远大于经济直接融资,直接拉动民间投资、创业、促进就业；(4)创业板是中国多层次资本市场的重要组成部分,丰富了投资组合。 2.我国创业板市场问题比较突出,本文从创业板的设立、资金的使用、公司的管理和各项机制等方面分别研究了其不足。例如,创业板市场的设立目的和审核理念不趋同,不能体现出创业板市场的定位、设立目的；超募资金闲置且使用不当；上市企业公司治理不完善；保荐机构和中介机构存在问题；创业板的发行制度不完善等。 3.根据以上问题,本文结合创业板上市公司的实际情况,进一步的分析并提出了解决这些缺陷和不足的措施：首先,应明确上市主体的多元化,制定和执行合理的入市资格和条件,建立和发展适当的成长性评价模型和技术。其次,规范超募资金的使用。然后,在公司层面,加强治理,强化规范运作。再次,强化中介机构的责任,实施保荐人制度。最后,通过引入做市商制度,完善创业板市场的监督制度、建立严格的退市制度以及严格信息披露制度来实现创业板市场制度的提高。
[Abstract]:On Oct . 23 , 2009 , the long - awaited GEM has been officially launched . The establishment of GEM is not only to solve the problem of financing difficulty of small and medium - sized enterprises , but also to provide a very good financing platform for small and medium - sized enterprises with growth potential . It also hopes to improve the efficiency of capital market capital allocation . 1 . Through the introduction and comparison of Chinese and foreign GEM market , the paper analyzes the necessity of opening GEM in China : ( 1 ) It can provide more flexible , convenient and effective financing arrangements than commercial banks and traditional securities markets ; ( 2 ) To provide platform for direct financing for small and medium - sized enterprises ; ( 3 ) The demonstration effect income of GEM is far greater than that of economic direct financing , which directly drives private investment , entrepreneurship and promotion of employment ; and ( 4 ) GEM is an important component of multi - level capital market in China , which enriches the portfolio . 2 . The market problem of GEM in China is outstanding . This paper studies its deficiency from the establishment of GEM , the use of funds , the management of the company and the mechanism of the company . For example , the establishment purpose and the audit concept of the GEM market do not converge , which can not reflect the position of the GEM market , the establishment of the purpose ; the idle and improper use of the private fund ; the imperfect governance of the listed companies ; the problems of the recommendation agency and the intermediary institution ; the imperfect distribution system of the GEM . 3 . According to the above problems , this paper further analyzes and puts forward some measures to solve these defects and deficiencies in combination with the actual situation of the GEM listed companies . First , we should make clear the diversification of the market subject , formulate and implement reasonable market qualification and conditions , establish and develop the appropriate growth evaluation model and technology . Secondly , strengthen the management and strengthen the standard operation at the company level . Finally , strengthen the supervision system of the market of the GEM , establish a strict system of regression and the system of strict information disclosure to improve the market system of the GEM .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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