新三板市场的发展、创新与监管

发布时间：2018-01-12 23:30

本文关键词：新三板市场的发展、创新与监管　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：在资本市场上，不同的投资者与融资者具有不同的规模大小和主体特征，其对投融资金融服务的多样化需求决定了资本市场应该是多层次的。当前我国已经初步建立了主板（一板）、创业板（二板）、三板（包括新三板和旧三板），以及四板（区域性股权交易市场）等四级股权流动市场体系。我国的资本市场主要可分为主板市场、创业板以及由新三板和区域性股权交易市场构成的场外市场等四个层次市场。其中新三板是“全国中小企业股份转让系统”的俗称，为初创期中小企业提供新的全国性交易和融资平台。新三板是相对于旧三板而言的，通常所指的就旧三板是指主板退市股票交易系统，也包括“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”，后者有时被认为是新三板发展的早期形式。本研究界定的新三板是突破了中关村挂牌限制，，是全国性的股权交易系统。作为直接与主板和创业板联系的股权交易市场，其内部运行机制如何，如何建立起分层的企业选择标准，以及和其它股权交易市场间的流动机制如何（即转板机制）等等，这些都是我国新三板发展过程中值得探讨的问题。本研究拟就上述问题，展开深入探讨。
[Abstract]:In the capital market, different investors and financiers have different size and main characteristics, and their diversified demand for investment and financing financial services determines that the capital market should be multi-level. At present, China has initially established the main board (one board, growth enterprise board (second board), three boards (including the new three boards and the old three boards)). China's capital market can be divided into main board market. The gem and the OTC market, which is composed of the new third board and the regional stock market, is the common name of the National small and Medium-sized Enterprises share transfer system. The new third board is relative to the old third board, usually refers to the old third board is the main board delisting stock trading system. Also includes "Zhongguancun Science and Technology Park Unlisted Co., Ltd. Agent share quotation transfer system". The latter is sometimes considered to be the early form of the development of the new third board. The new third board, defined in this study, is a nationwide equity trading system that breaks through the listing restriction of Zhongguancun. As the equity trading market directly linked with the main board and the gem, how to operate the internal mechanism and how to establish a layered enterprise selection criteria. These are the problems worth discussing in the process of the development of the new third board in our country. This study intends to discuss the above problems deeply in this paper, and how the flow mechanism between the stock exchange market and other stock exchange markets (that is, the mechanism of the transfer board) is worth discussing in the course of the development of the new three boards.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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