兼顾民族地区特点的区域性股权交易市场法律制度研究

发布时间：2018-06-02 13:08

本文选题：多层次资本市场 + 区域性股权交易市场　；参考：《中央民族大学》2016年博士论文

【摘要】：加快发展多层次资本市场是党中央、国务院根据新时期资本市场和国民经济发展需要而做出的重要战略部署。这其中,发展统一监管的、多层次的场外市场,特别是大力发展区域性股权交易市场,既是清理各类交易场所、规范市场秩序的客观需要,又是加大资本市场支持经济社会发展薄弱领域、解决中小微型企业融资难融资贵问题的客观需要,更是深化资本市场服务实体经济、支持各地区经济特别是民族地区经济发展的客观需要。我国是一个统一的多民族国家,民族地区经济发展水平相对落后,辖区企业核心竞争力普遍较弱,利用资本市场发展区域经济的能力明显不足。区域性股权交易市场作为多层次资本市场中最基础的部分,通过向本地区不符合公开发行上市条件的企业提供直接融资渠道,有助于帮助企业增强竞争力,提升地区经济活力,不断扩大资本市场服务的范围和内涵,促进资本市场更好地为实体经济服务。因此,不断加强区域性股权交易市场法律制度体系建设,提升区域性股权市场服务实体经济的能力和范围,发挥地方政府、监管部门和专业中介机构的合力,大力支持民族地区利用资本市场发展经济,有利于推动我国各地区特别是民族地区在内的各区域经济和谐发展,对于维护国家安定团结具有非常重要的作用。近年来,随着各类交易所清理整顿工作的结束,区域性股权交易市场迎来了快速发展时期,但与新三板市场如火如荼的发展形成鲜明对比,我国区域性股权交易市场仍处于探索发展阶段,不少区域性股权交易市场发展过程曲折而反复,面临着诸多困境,未能充分发挥市场组织功能,真正纳入到多层次资本市场体系中去。究其原因,有地方政府和监管部门支持与关注力度不够、业务模式市场适应性不足等原因,但更重要的是,我国资本市场发展起步较晚,资本市场法制建设和法律环境仍有待完善,规范区域性股权交易市场的法律制度还很不健全。长期以来,我国证券法律法规主要以规范场内交易所市场为主,配套制度规则比较完善,而规范区域性股权交易市场的立法及相关规则制度严重缺失,对区域性股权交易市场的功能定位、法律制度设计、风险防范和监管安排等均不明确,严重影响了我国多层次资本市场体系的建立和完善。本文的研究和写作主要采用比较分析方法、制度分析方法、案例分析法和理论与实践相结合等方法,共分为五个部分：第一章为绪论,主要是阐述本文的研究背景、范围和框架,并简要介绍了笔者对从事本文研究写作做的前期准备情况。第二章对我国区域性股权交易市场发展现状进行了比较研究。对我国部分区域性股权交易市场的功能定位进行阐述；介绍了证券公司参与区域性股权交易市场现状,从证券公司的角度对区域性股权交易市场的相关制度以及存在的问题进行了评估；重点对民族地区股权交易市场——广西北部湾股权交易所的现状及运营模式和新疆股权交易中心融资情况进行了全面介绍和分析,揭示出制约其市场发展过程中存在的突出问题,并在此基础上结合我国区域性股权交易市场普遍存在的共性问题尝试提出发展思路和方向。第三章探讨了影响我国区域性股权交易市场发展的核心问题即法律制度建设问题,通过对现行区域性股权交易市场法律法规体系的介绍以及对部分区域性股权市场基础制度的比较,分析研判当前我国区域性股权交易市场法律制度方面存在的不足。第四章对美国私募市场发展经验进行了研究和探索,对其私募市场的发展历程、法律制度建设做出介绍、分析和总结。通过结合对部分经典案例进行解析,重点对美国私募市场的发行制度、信息报告制度、合格投资者制度等做出详细介绍,以期为完善我国区域性股权交易市场法律制度建设提供借鉴。第五章是完善我国区域性股权交易市场法律制度的建议。在上述研究的基础上,笔者尝试提出我国区域性股权交易市场的发展趋势,并对完善我国区域性股权市场法律制度建设提出具体建议：一是加强法律层面的顶层设计,进一步明确区域性股权交易市场的法律定位,从根本上保障区域性股权交易市场规范有序发展；二是建立相对统一的基础制度,各区域性股权交易市场基础制度建设应做到“书同文、车同轨”,避免监管套利；三是要充分发挥地方政府和监管部门作用,构建与区域性股权交易市场发展相适应的监管体制,同时,要加大对民族地区企业的政策扶持倾斜力度,多渠道支持民族地区利用资本市场发展区域经济；四是加强产品创新和业务创新,充分发挥专业机构作用,增强市场活力。以上既是本文研究的创新之处,也是研究的重点内容及结论,以期为我国的多层次资本市场建设提出制度层面的政策建议。
[Abstract]:To speed up the development of the multi-level capital market is the important strategic deployment of the Party Central Committee and the State Council in accordance with the needs of the capital market and the development of the national economy in the new period. Among them, the development of unified supervision, multi-level market, especially the development of regional equity market, is not only cleaning up all kinds of trading places and standardizing market order. The objective needs are the objective need to increase the capital market to support the weak areas of economic and social development, to solve the objective needs of the difficult financing of small and medium sized and small enterprises, to deepen the capital market to serve the real economy and to support the economic development of the regional economy, especially in the ethnic areas. The regional economic development level is relatively backward, the core competitiveness of the enterprises in the area is generally weak, and the ability to use the capital market to develop the regional economy is obviously insufficient. As the most basic part of the multi-level capital market, the regional equity trading market provides direct financing channels for the enterprises that do not conform to the conditions of the public development bank. It helps enterprises to enhance their competitiveness, enhance regional economic vitality, continuously expand the scope and connotation of capital market services, and promote the better service of the capital market for the real economy. Therefore, the legal system of regional equity market is constantly strengthened and the ability and scope of the regional equity market to serve the real economy will be promoted. The joint force of local governments, supervision departments and professional intermediaries, vigorously supporting the development of the economy by using the capital market in ethnic areas, is conducive to promoting harmonious economic development in all regions, especially in ethnic areas, and is very important for the maintenance of national stability and unity. In recent years, with the clearing and consolidation of various types of exchanges. At the end of the work, the regional equity trading market has been developing rapidly, but it is in sharp contrast with the development of the new three board market. The regional equity market in China is still in the stage of exploration and development, and many regional equity trading markets have been tortuous and repeated, facing many difficulties and not fully exerting. The function of the market organization is really included in the multi-level capital market system. The reason is that there are not enough support and attention of the local government and supervision department and the lack of adaptability of the business model market. But more importantly, the development of China's capital market is late, the legal construction and legal environment of the capital market still remain to be perfected and standardized. The legal system of regional equity market is still unsound. For a long time, China's securities laws and regulations are mainly based on the regulation of the exchange market in the field, and the rules of the supporting system are perfect, while the legislation and relevant rules of the regional equity market are seriously missing, and the function of the regional equity market is located. The design of law system, risk prevention and supervision arrangement are not clear, which seriously affect the establishment and improvement of the multi-level capital market system in our country. The research and writing of this paper mainly adopt comparative analysis method, system analysis method, case analysis method and combination of theory and practice, which are divided into five parts: the first chapter is the introduction and the main part. This paper describes the background, scope and framework of this paper, and briefly introduces the preparatory conditions for the study of this article. The second chapter makes a comparative study on the current situation of the development of the regional equity market in China, expounds the functional orientation of some regional equity market in China, and introduces the securities company. Take part in the current situation of regional equity market, and evaluate the relevant systems and problems of regional equity market from the perspective of securities companies, and focus on the status and operation mode of the stock exchange in Guangxi Beibu Gulf stock exchange and the financing of Xinjiang Stock Exchange Center. In the third chapter, the third chapter discusses the core problem that affects the development of regional equity trading market in China, namely, the construction of legal system. The problem, through the introduction of the legal system of the current regional equity market and the comparison of the basic system of some regional equity markets, this paper analyzes the shortcomings of the legal system of the current regional equity market in China. The fourth chapter studies and explores the development experience of the private equity market in the United States. The development process of the market and the construction of the legal system are introduced, analyzed and summarized. Through the analysis of some classic cases, the paper gives a detailed introduction to the distribution system of the private market in the United States, the information reporting system, the system of qualified investors and so on, in order to provide reference for the improvement of the legal system construction of the regional equity market in China. The fifth chapter is the suggestion to improve the legal system of the regional equity market in China. On the basis of the above research, the author tries to put forward the development trend of the regional equity market in our country, and puts forward some concrete suggestions to improve the legal system construction of the regional equity market in our country: first, to strengthen the top level design of the legal level, and further clear that The legal orientation of the regional equity trading market ensures the standard and orderly development of the regional equity market; two is to establish a relatively unified basic system, and the construction of the basic system of the regional equity trading market should be "books, cars and tracks" to avoid regulatory arbitrage; and the three is to give full play to the local government and supervision. The function of the Department is to build a regulatory system adapted to the development of the regional equity market. At the same time, we should strengthen the policy support for the enterprises in ethnic areas and support the minority areas to develop the regional economy by using the capital market; four, to strengthen the product innovation and business creation, to give full play to the role of professional institutions and to enhance the market activity. The above is not only the innovation of this study, but also the key content and conclusion of the study, in order to put forward the policy suggestions for the multi-level capital market construction in China.
【学位授予单位】：中央民族大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：D922.287

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