非上市公众公司股权转让制度研究

发布时间：2018-06-13 05:42

本文选题：非上市公众公司 + 股权转让　；参考：《郑州大学》2010年硕士论文

【摘要】： 非上市公众公司是指那些向不特定公众公开发行股票,或者股东超过200人,且股票未在证券交易所挂牌公开交易的股份有限公司。由于各种原因这部分公司的股权转让在我国缺乏合法、有效率的市场制度和监管措施,历史上曾经出现的各种非上市股份交易市场也被当作非法证券市场关停。而另一方面,民间澎湃的投资热情和非上市公众公司股东转让股权的现实需要都急需一个满足的渠道。本文正是以这种现实需求为目标,力求通过对于非上市公众公司股权转让制度的理论分析,对世界各国现有制度的比较分析,并结合我国国情,提出完善我国非上市公众公司股权转让交易制度和监管制度的建议。非上市公众公司股权转让制度的理论基础是这类公司在法律上的资合性以及公众性、经济学关于公司契约的不完全性以及安全、效率和公平价值的协调统一性。完善非上市公众公司股权转让制度有着完善公司治理、保护少数派股东、丰富资本市场体系、鼓励创业投资和解决融资困境等现实意义。比较国外及港台地区非上市公众公司股权转让制度,可以发现,经纪商制度和做市商制度各有优劣,经纪商制度较为透明、交易成本较小,而做市商制度有助于稳定市场、稳定价格,使股票价格体现股权价值,并可以提供较多的流动性。混合使用两种制度既是世界潮流所指也是我国现实所需。根据我国大陆历史上及现有非上市公众公司股权转让的各种制度途径的分析,提出以现有的代办股权转让系统为统一市场、各地产权交易所为区域市场,建立有层级的非上市公众公司股权转让市场体系。我国非上市公众公司股权转让市场制度的完善,应该从交易主体制度、市场准入制度、基本运作制度、转板及退市制度四个方面采取相应的措施。我国非上市公众公司股权转让监管制度的完善的原则是即保证市场效率又不牺牲交易安全。确立证监会的监管职责和监管手段,并结合证券业协会的自律管理,来确保非上市公众公司股权交易市场的健康发展。最后,针对做市商在市场中的特殊地位,应当针对做市商做出特别的管理措施。
[Abstract]:An unlisted public company is a limited company that issues shares to an unspecified public or has more than 200 shareholders and whose shares are not publicly traded on the stock exchange. Due to the lack of legal and efficient market system and supervision measures for the share transfer of this part of the company in our country, all kinds of unlisted stock trading markets that have appeared in history have also been closed down as illegal securities markets. On the other hand, private investment enthusiasm and the real need for shareholders to transfer equity in unlisted public companies are in urgent need of a channel to meet. This article aims at this kind of realistic demand, through the theoretical analysis of the stock transfer system of the unlisted public company, the comparative analysis of the existing system of countries in the world, and combined with the national conditions of our country. The paper puts forward some suggestions on perfecting the system of stock transfer and supervision of non-listed public companies in China. The theoretical basis of the equity transfer system of unlisted public companies is the legal compatibility and public nature of such companies, the incompleteness of corporate contracts and the coordination and unity of safety, efficiency and fair value in economics. It is of practical significance to perfect corporate governance, protect minority shareholders, enrich capital market system, encourage venture capital investment and solve financing dilemma. Comparing the stock transfer systems of foreign and unlisted public companies in Hong Kong and Taiwan, we can find that the brokerage system and the market maker system have their own advantages and disadvantages, the broker system is more transparent, the transaction cost is relatively small, and the market maker system is conducive to stabilizing the market. Stable price, so that the stock price reflects equity value, and can provide more liquidity. The mixed use of the two systems is not only what the world trend refers to, but also what our country needs. Based on the analysis of various institutional approaches to equity transfer of unlisted public companies in the history of mainland China, this paper proposes that the existing agency equity transfer system is the unified market, and the property exchanges in various places are the regional markets. Establish a hierarchical market system for the transfer of shares of unlisted public companies. In order to perfect the stock transfer market system of unlisted public companies, the corresponding measures should be taken from four aspects: the system of trading subject, the system of market access, the system of basic operation, the system of transferring board and the system of delisting. The perfect principle of the supervision system of non-listed public company's equity transfer is to guarantee the market efficiency without sacrificing the transaction safety. To ensure the healthy development of the stock trading market of unlisted public companies, we should establish the regulatory responsibilities and means of the CSRC and combine the self-regulation management of the Securities Industry Association to ensure the healthy development of the stock trading market of non-listed public companies. Finally, in view of the special position of market makers in the market, special management measures should be made for market makers.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F832.51

【引证文献】