我国新三板市场发展及风险研究

发布时间：2018-02-27 04:47

本文关键词： 新三板风险政策建议　出处：《华中师范大学》2016年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,我国的资本市场建设稳步向前,但是资本市场结构的发展还不完善,并没有建立起真正的多层次资本市场,很多投融资者的需求并没有得到满足。2001年为解决退市企业问题和“两网企业”问题,我国建立“代办股份转让系统”,即曾经的“老三板”市场。但我国的三板市场发展缓慢,交易比较活跃的仍然是主板市场和创业板市场。2006年,中关村科技园区非上市股份有限公司进入代办股份系统进行转让试点,标志着“新三板”市场的形成。2013年12月新三板市场“扩容”至全国,交易异常火爆,使得新三板一跃成为与主板市场和创业板市场具有可比意义的场外交易市场。新三板市场在扩容至全国后,不论是在挂牌企业数量、股票发行规模还是在企业融资规模、股票交易频率都取得了非常不错的成绩。截至2015年12月底,新三板市场累积挂牌企业已达5129家,2015年全年新三板市场股票融资额已达1216.17亿元。另外,新三板市场推出了做市商交易制度,并出台了一系列业务指导规则和管理规定,新三板市场的监管制度在不断完善。但是,新三板市场的发展还面临着很多问题,尤其是新三板市场的风险问题。新三板市场对挂牌企业的企业规模、年利润、存续年限等各类定量指标不设限制,使得新三板市场的挂牌企业质量难以保证；新三板市场企业以中小型科技型企业为主,企业规模较小,流通股本规模不大,市场容易被操纵,内幕交易频繁；另外,高额利润回报驱使炒作氛围浓厚,投资者投机心理严重,再加上新三板市场不设涨跌幅限制、信息适当性披露等因素导致新三板市场投资风险较大。新三板市场风险既来自微观方面的投资者、挂牌企业、中介机构和监管机构等,也来自宏观方面的国家经济形势。但是,与新三板市场配套的法律、法规还比较滞后,投资者对新三板市场的认识还需要时间和经验积累,中介机构对自身角色定位还需要不断探索,监管机构对自身职能定位仍需要充分认识。规避新三板市场风险需要投资者加强市场研究和业务学习,更需要监管部门在源头上做好制度设计、法律规定和市场监管。本文最后从挂牌企业、中介机构、监管政策和市场建设等方面提出了市场健康发展对策。
[Abstract]:Since the reform and opening up, the construction of the capital market in our country has made steady progress, but the development of the capital market structure has not been perfect, and the real multi-level capital market has not been established. In 2001, in order to solve the problems of delisting enterprises and "two net enterprises", our country established the "agency share transfer system", which was once the "old third board" market. However, the third board market in our country developed slowly. On 2006, the Zhongguancun Science and Technology Park Unlisted Company Limited entered the agency stock system to conduct a pilot transfer. Marked the formation of the "new third board" market. In December 2013, the new third board market "expanded" to the whole country, and the transactions were exceptionally hot. The new third board has become an over-the-counter market with comparable significance to the main board market and the growth enterprise market. After the new third board market has expanded to the whole country, whether it is the number of listed enterprises, the size of the stock issue or the scale of financing in the enterprise, the new third board market has become an over-the-counter market with comparable significance to the main board market and the growth enterprise board market. The frequency of stock trading has been very good. As of the end of December 2015, there were 5,129 listed companies in the new third board market, and the total amount of stock financing in the new third board market reached one hundred and twenty-one billion six hundred and seventeen million yuan in 2015. In addition, The new third board market has introduced a market maker trading system, and issued a series of business guidance rules and management regulations. The new third board market supervision system is constantly improving. However, the development of the new third board market still faces many problems. Especially the risk of the new third board market. The new third board market has no restrictions on the enterprise size, annual profit, life span and other quantitative indicators, which makes it difficult to guarantee the quality of the new third board market. The new third Board market enterprises are mainly small and medium-sized technology-based enterprises, with small scale, small circulating shares, easy manipulation of the market and frequent insider trading. In addition, the high profits and returns drive a strong atmosphere of speculation. The serious speculative psychology of investors, coupled with the fact that there is no limit on the price and decline of the new third board market, and that such factors as proper disclosure of information lead to a greater investment risk in the new third board market. The risks in the new third board market are not only from investors in the micro aspects, but also from listed enterprises. Intermediary organizations and regulatory bodies, etc., also come from the macroeconomic situation of the country. However, the laws and regulations supporting the new third board market are still lagging behind, and investors' understanding of the new third board market still needs time and experience. Intermediary organizations still need to explore their role orientation, and regulators still need to fully understand their own role positioning. To avoid the market risks of the new three boards, investors need to strengthen market research and business learning. At the end of this paper, the author puts forward some countermeasures for the healthy development of the market from the aspects of listed enterprises, intermediary organizations, regulatory policies and market construction.
【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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