全国性场外交易市场信息披露研究

发布时间：2018-03-31 16:48

本文选题：全国性场外交易市场　切入点：全国中小企业股份转让系统　出处：《华东政法大学》2014年硕士论文

【摘要】：相较于场内交易市场，我国场外交易市场在整个资本市场主体融资方面具有不可替代的作用。与发达国家相比，我国场外交易市场起步晚、发展缓慢。从2001年到2013年的13年间，三板市场不断地蜕变，经历了“老三板”“新三板”“全国中小企业股份转让系统”三个阶段。2012年9月20日，全国中小企业股份转让系统有限责任公司在国家工商总局登记注册。2013年1月6日，全国中小企业股份转让系统有限责任公司正式揭牌运营，成为全国场外交易市场建设的标志性事件，，也是全国场外市场建设从试点走向规范运行的重要指标。2013年6月全国中小企业股份转让系统再次扩容至全国，这就意味着全国范围内的非上市股份有限公司的股票均可在全国中小企业股份转让系统流通。至此，全国性场外交易市场的建立表明了我国多层次资本市场框架的建立。证券市场在本质上是一个信息市场。证券信息披露制度是证券市场赖以建立和发展的基础，也是保证证券市场“三公”、保护投资者利益的基本法律制度。投资者的价值判断和决策很大程度上依赖于信息披露，因此信息披露制度会对投资者产生影响，由此也会对债权人等利害关系人产生影响。作为证券市场的重要组成部分，全国性场外交易市场的良好、健康、持续发展与完善成熟的信息披露制度密切相关。本文以全国性场外交易市场信息披露法律法规为基础，分析目前适用的信息披露制度存在不足并提出相应的完善建议。本文第一章是信息披露义务主体。首先从我国全国性场外交易市场信息披露过程中涉及的机构和人员着手，分析上述主体在全国性场外交易市场信息披露活动中所处的地位、作用、职责，进而确定哪些是信息披露义务主体，依法承担信息披露义务。本文第二章是信息披露义务的内容。通过分析两网以及退市公司、申请挂牌公司、挂牌公司适用的两套信息披露规则，发现两网以及退市公司信息披露内容过于繁杂，同时挂牌公司所适用的信息披露规则没有考虑公司资本规模、人数的因素。因此全国性场外交易市场应当在适用统一信息披露规则的前提下，根据公司不同的规模、人数来确定信息披露义务内容的范围。本文第三章是违规信息披露的责任。我国违规信息披露的法律责任主要有刑事责任、行政责任、民事责任，并呈现出以行政责任为主，刑事责任和民事责任为辅的特点。根据全国性场外交易市场的特点，总结三种法律责任在处罚力度、处罚方式等方面存在的不足并提出相应的完善建议，从而真正地发挥打击不法行为和保护投资者利益的作用，为全国性场外交易市场的发展保驾护航。
[Abstract]:Compared with the OTC market, the OTC market in China plays an irreplaceable role in the financing of the whole capital market. Compared with the developed countries, the OTC market in China started late and developed slowly. During the 13 years from 2001 to 2013, the OTC market in China started late and developed slowly. The third board market has undergone three stages: "the old third board", "the new third board" and "the national small and medium-sized enterprise share transfer system." on September 20, 2012, The National small and Medium-sized Enterprises share transfer system Limited liability Company was registered with the State Administration for Industry and Commerce. On January 6, 2013, the National small and Medium-sized Enterprises share transfer system Limited liability Company officially opened and operated. It has become a landmark event in the construction of the national over-the-counter market, and is also an important indicator for the construction of the national over-the-counter market from a pilot to a standardized operation. In June 2013, the National small and Medium-sized Enterprises (SMEs) share transfer system was again expanded to the whole country. This means that the shares of non-listed companies in the whole country can be circulated in the national small and medium-sized enterprises share transfer system. So far, the establishment of the national over-the-counter market shows the establishment of the multi-level capital market framework in our country. The securities market is essentially an information market. The securities information disclosure system is the basis for the establishment and development of the securities market. It is also a basic legal system to ensure that the securities market is "three public" and to protect the interests of investors. Investors' value judgment and decision-making depend to a large extent on information disclosure, so the information disclosure system will have an impact on investors. As an important part of the securities market, the national over-the-counter market is sound and healthy. The sustainable development is closely related to the improvement of the mature information disclosure system. Based on the national over-the-counter market information disclosure laws and regulations, this paper analyzes the shortcomings of the current applicable information disclosure system and puts forward corresponding suggestions. The first chapter of this paper is the subject of information disclosure obligations. Firstly, from the institutions and personnel involved in the process of information disclosure in the national over-the-counter market, this paper analyzes the status of the above mentioned subjects in the information disclosure activities of the national over-the-counter market. Role, responsibility, and then determine which information disclosure obligations subject, according to law to assume information disclosure obligations. The second chapter of this paper is the content of information disclosure obligations. By analyzing the two networks and delisting companies, applying for listing companies, listing companies applicable to the two sets of information disclosure rules, it is found that the information disclosure content of the two networks and delisting companies is too complicated. At the same time, the information disclosure rules applicable to listed companies do not take into account the factors of the size and number of companies' capital. Therefore, the national over-the-counter market should, on the premise of applying uniform rules on information disclosure, take into account the different size of the company. The number of people to determine the scope of the content of information disclosure obligations. The third chapter of this paper is the responsibility of information disclosure in violation of regulations. The legal liability of illegal disclosure of information in our country mainly includes criminal liability, administrative liability, civil liability, and presents mainly administrative liability. According to the characteristics of the national over-the-counter trading market, this paper summarizes the shortcomings of the three kinds of legal liabilities in terms of the degree of punishment and the manner of punishment, and puts forward corresponding suggestions for perfection. Thus, it can play the role of cracking down on illegal behavior and protecting investors' interests, so as to protect the development of the national over-the-counter market.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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