创业板中小投资者权益保护法律机制研究

发布时间：2018-01-02 00:24

本文关键词：创业板中小投资者权益保护法律机制研究　出处：《西南政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国创业板从2009年设立至今，已有三年多时间。在此期间，创业板市场促进了我国经济增长模式的转变，为中小高新技术企业提供了新的融资渠道，为投资者也提供了更多的投资选择。以中小投资者权益保护的视角创业板法律制度研究，对我国创业板市场的健康发展有重大的意义。本文除引言外，共有四章。通过演绎和实证等分析方法。首先，第一章介绍了创业板市场的特性及定位，对创业板的定义提出了自己的见解，概括了创业板市场的主要作用，指出创业板中小投资者面临的风险。第二章分析我国创业板中小投资者保护的相关制度。主要是对我国创业板市场发挥事前保护作用的保荐人制度，事中保护的信息披露制度，事后保护的退市制度进行分析。这些问题与中小投资者权益保护紧密相关。保荐人制度是从保荐机构和保荐代表人的任职资格，保荐机构的保荐责任和保荐责任期限以及对保荐人违规行为处罚等方面进行分析；我国创业板市场信息披露制度是从信息披露的监管效率，信息的披露执行，信息披露的内容等方面进行分析；最后对我国创业板市场退市新规的特点进行总结，指出本次我国创业板退市新规存在的亮点。第三章主要指出创业板中小投资者权益保护法律制度存在的主要问题。保荐人制度方面主要是指出保荐机构和保荐代表人任职资格的规定，对保荐机构和保荐代表人违规违法的处罚都存在问题，保荐机构和保荐代表人的保荐期限太短；创业板市场信息披露制度方面主要是监管效率不高，披露内容不完整，信息披露的法律规范体系不规范;我国创业板退市新规虽然亮点颇多，但是实际操作性不强，赔偿机制与责任追究机制缺乏，最重要的是缺乏配套的投资者维权培训机制。第四章主要是探讨我国创业板中小投资者权益保护法律机制的健全。保荐人制度要切实发挥好防范风险的作用，完善保荐人任职资格，将保荐机构和人违规的处罚合理化，延长保荐期限；信息披露制度要确保中小投资者和上市公司的管理者一样，都能获得真实有效的上市信息。对此笔者认为应该不断加强内部控制，健全信息披露外部监管制度，不断完善相关法律法规，建立健全的信息披露法规体系；退市制度则要注重强化上市公司责任，完善财务指标，加大对违规行为的惩罚力度，强化投资者风险意识，建立投资者培训机制。通过对创业板各项制度的分析，我们认识到我国的创业板市场虽然取得了一些成绩，但是在中小投资者权益保护方面也存在着不少问题，本文在进行梳理和总结的基础上，提出了自己的观点，，希望对我国创业板的发展能有所帮助。
[Abstract]:China's gem since its establishment in 2009, has been more than three years. During this period, the GEM market promoted the transformation of China's economic growth mode, to provide a new financing channel for small and medium-sized high-tech enterprises, for investors to provide more investment options. From the perspective of gem legal system on protection of the rights of the minority investment, is of great significance for the healthy development of China's gem.
In addition to the introduction this paper consists of four chapters. Through deduction and empirical analysis methods. Firstly, the first chapter introduces the characteristics and location of the gem, the definition of the gem put forward their own views, summarizes the main function of the GEM market, pointed out that the risk of small and medium-sized investors of gem.
The second chapter analyzes the related system of China's GEM investors protection. Mainly play the protective role of pre sponsor system of China's GEM market, the protection system of information disclosure in the matter, after analysis of the delisting system protection. Protection of the interests of small investors and the right of these problems are closely related. From the sponsor and sponsor system the sponsor representative qualification, the sponsor of the sponsor's liability and responsibility of the sponsor of the sponsor and the deadline violations punishment and other aspects of analysis; the GEM market information disclosure system of our country is from the information disclosure supervision efficiency, information disclosure, information disclosure contents were analyzed; finally the characteristics of the new regulations delisting business board market in China is summarized, and points out the existing gem delisting rules of this China highlights.
The third chapter points out the main problems existing in the gem legal system of investor protection. The sponsor system is mainly pointed out that the sponsor and sponsor representative qualification regulations, the sponsor and sponsor representatives of illegal punishment has the problem, the sponsor and the sponsor representative of the sponsor period is too short; the GEM market information disclosure system is the main regulatory efficiency is not high, the disclosure of information is not complete, the legal system of information disclosure is not standardized; the gem delisting new regulations in China although many highlights, but the actual operation is not strong, the lack of compensation mechanisms and accountability mechanisms, the most important is the lack of supporting investors rights training mechanism.
The fourth chapter mainly discusses China's gem investor protection legal mechanisms. The sponsor system is to effectively play a good role to prevent risks, improve the sponsor qualification, the sponsor and the penalties for violation of rationalization, extend the term; the information disclosure system to ensure that investors and managers of listed companies. That can be a real and effective market information. This author believes should continue to strengthen internal control, improve the external supervision system of information disclosure, and constantly improve the relevant laws and regulations, the establishment of legal system of information disclosure and improve the delisting system; it should focus on strengthening the responsibility of listed companies, improve the financial index, increase penalties for violations, and strengthen investor risk awareness, establish investor training mechanism.
Through the analysis of the gem of the system, we realize the GEM market in China has achieved some success, but there are also many problems in the protection of the rights of small investors, based on the review and summary, put forward their point of view, the hope of the development of the gem can be help.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.291.91;D922.287

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