新三板运行机制与信息披露问题研究

发布时间：2017-12-31 15:38

本文关键词：新三板运行机制与信息披露问题研究　出处：《福州大学》2014年硕士论文　论文类型：学位论文

【摘要】：目前我国面临国内外经济环境的巨大变化、外贸支撑力的下滑、环境污染问题的恶化和全球廉价劳动力优势的退化,这些都显示我国正处于经济结构优化的重要时期。要实现经济转型,需要发展的是广大中小企业。在现实推动力的作用下,2006年建立的新三板市场在2013年正式扩容为全国性场外交易市场,为解决中小企业转型和融资问题开辟了新的道路。新政策的出台在带动市场蓬勃发展的同时也带来新的问题,如何防范低准入门槛带来的市场风险、如何平衡投资者高质量的信息诉求与市场中信息匮乏、披露不规范现状之间的矛盾,这些问题都亟待解决。这些问题的解决离不开对新三板市场运行机制和信息披露问题的研究,运行机制为新兴市场的规范建立提供保障,信息披露则是市场发挥功能作用的基础。本文通过对国内外相关文献的回顾梳理,发现以往对新三板市场的研究重制度、轻现状。因此本文结合新出台的规范体系,以信息披露为主阐述新三板运行机制的变化；借助新三板市场平台披露的数据,从更正公告及案例分析两个角度探讨信息披露的合规性,以公开转让说明书为样本分析特殊性信息披露现状,运用规范和实证相结合的方法对信息披露问题进行全面分析；通过对存在问题的原因剖析,最后提出完善新三板市场信息披露的对策,以期在提高信息披露合规性的基础上改进并丰富新三板市场特殊信息的披露,增强市场透明度,促进市场健康发展。本文主要贡献在于研究视角和研究内容的创新性。结合新三板市场特有的定位和风险,充分考虑投资者的信息需求,从合规性和特殊性两方面对信息披露进行研究。并且创新性地构建新三板公司成长性信息的指标体系,从财务状况、员工素质、行业及市场和公司竞争力四个方面来进行成长性信息披露状况的研究。
[Abstract]:At present, China is faced with tremendous changes in the economic environment at home and abroad, the decline of foreign trade support, the deterioration of environmental pollution and the degradation of the global advantage of cheap labor. All these show that our country is in an important period of economic structure optimization. In order to achieve economic transformation, it is the vast number of small and medium-sized enterprises that need to be developed. In 2006, the new third board market was formally expanded into a national over-the-counter market in 2013. In order to solve the problem of small and medium-sized enterprises transformation and financing opened a new way. The introduction of new policies to promote the vigorous development of the market, but also bring new problems, how to prevent the market risks brought by low barriers to entry. How to balance the contradiction between the high quality information demand of investors and the lack of information in the market and the non-standard disclosure status quo. These problems need to be solved urgently. The solution of these problems can not be separated from the study of the operation mechanism and information disclosure of the new third board market. The operating mechanism provides the guarantee for the establishment of the emerging market norms. Information disclosure is the basis for the market to play a functional role. By reviewing the relevant literature at home and abroad, this paper finds that the research on the new third board market is heavy on the system in the past. Light the present situation. Therefore this article unifies the newly issued standard system, mainly elaborates the new three boards operation mechanism change with the information disclosure; With the help of the data disclosed by the new three-board market platform, this paper discusses the compliance of information disclosure from the two angles of correction announcement and case analysis, and analyzes the specific information disclosure status by using the public transfer specification as the sample. Using normative and empirical methods to comprehensively analyze the problem of information disclosure; Through the analysis of the causes of the problems, the paper puts forward the countermeasures to perfect the information disclosure of the new three boards market, in order to improve and enrich the disclosure of the special information of the new three boards market on the basis of improving the compliance of the information disclosure. The main contribution of this paper lies in the research perspective and innovative research content. Combined with the unique positioning and risk of the new three boards market, fully consider the information needs of investors. From the aspects of compliance and particularity, this paper studies the information disclosure, and creatively constructs the index system of the growth information of the new three board companies, from the financial situation, staff quality. Industry, market and company competitiveness four aspects to study the status of growth information disclosure.
【学位授予单位】：福州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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