本文選題：新三板擴容 + 風險分析�。� 參考：《華東政法大學》2012年碩士論文

【摘要】：自2006年中關村公司進入代辦股份轉讓系統(tǒng)進行試點以來，新三板市場獲得了長足的發(fā)展，有效的解決了中小科技型企業(yè)的融資困難，，對于規(guī)范企業(yè)管理運作，促進企業(yè)發(fā)展也發(fā)揮了重要作用。但同時，囿于試點范圍較小、交易主體及交易制度限制較多、市場活躍度不夠以及同其他市場板塊缺乏有效聯(lián)動等原因，進一步擴大新三板范圍、發(fā)揮新三板市場的功效也面臨著政策和制度困難。 為有效解決當下新三板面臨的困境，推動新三板擴容的順利進行，市場對新三板擴容進行了一系列政策預期。結合目前新三板市場發(fā)展現(xiàn)狀及監(jiān)管層意見，比較一致的擴容政策主要包括引入做市商制度、適當放寬交易門檻、突破非公眾公司股東200人限制、建立適合新三板的轉板通道等方面。但是，分析市場對于擴容的政策預期，結合目前新三板市場發(fā)展的現(xiàn)狀以及其作為我國多層次資本市場基礎的定位，筆者認為新三板擴容的同時面臨著監(jiān)管法規(guī)層級過低，法律法規(guī)間沖突有待調整、市場流動性不足以及企業(yè)轉板失敗給投資者帶來損失等風險。 為了更好的防范和解決新三板市場擴容可能存在的風險，探索出一條適合我國國情的多層次資本市場發(fā)展道路，筆者建議有必要在分析國外發(fā)達國家和地區(qū)資本市場發(fā)展路徑的基礎上借鑒其先進經驗。為此，本文著重分析了美國場外交易市場（包括NASDAQ、OTCBB、粉紅單市場）、英國AIM市場、日本場外交易市場以及臺灣興柜市場等國外類似市場的交易制度、市場監(jiān)管等方面的措施，以期在總結國外先進經驗的基礎上對我國新三板市場的發(fā)展有所借鑒。 在綜合分析我國新三板擴容的政策預期及面臨的風險，并結合國外先進經驗的基礎上，針對我國新三板市場發(fā)展現(xiàn)狀，筆者針對性的提出了以下整改措施以更好的推進新三板市場的擴容，防范擴容風險。主要包括：一、控制擴容速度和規(guī)模，在試點基礎上穩(wěn)步推進；二、明確市場監(jiān)管機構，建立多層次的市場監(jiān)管體系；三、完善監(jiān)管法律法規(guī)，構建完備的監(jiān)管法律體系；四、針對新三板市場特點，相應改革相關交易制度；五、建立適合我國國情的做市商制度；六、適時推出設計合理的轉板機制等。 在新三板擴容即將展開、各項制度即將建立的前夜，筆者進行新三板相關問題的分析并提出相應的改進對策，以期對于新三板的完善和良好發(fā)展有所貢獻，更好地推動新三板市場的發(fā)展繁榮。
[Abstract]:Since the Zhongguancun company entered the stock transfer system in 2006, the new three board market has made great progress. It has effectively solved the financing difficulties of small and medium sized enterprises. It also plays an important role in standardizing the operation of enterprises and promoting the development of enterprises. There are many restrictions on the system, the lack of market activity and the lack of effective linkage with other market sectors, such as the lack of effective linkage with other market sectors. It is difficult to further expand the scope of the new three boards and bring into play the effectiveness of the new three board market.
In order to effectively solve the difficulties faced by the new three boards and promote the expansion of the new three boards, the market has carried out a series of policy expectations for the new three board expansion. According to the current situation of the new three board market and the opinions of the regulatory layer, the more consistent expansion policy mainly includes the introduction of the market maker system, the proper relaxation of the trading threshold and the breakthrough of the non public. The shareholders of the company are limited by 200 people and set up a transfer board suitable for the new three boards. However, the analysis of the policy expectation of the market expansion, the current situation of the development of the new three board market and its position as the foundation of the multi-level capital market in China, the author believes that the new three board expansion is at the same time facing the low level of regulation and regulation, and the law law Regulatory conflicts need to be adjusted, market liquidity is insufficient, and enterprises' failure to transfer to the board will bring risks to investors.
In order to better prevent and solve the possible risks of the expansion of the new three board market, a multi level capital market development path suitable for China's national conditions is explored. The author suggests that it is necessary to learn from its advanced experience on the basis of the analysis of the development path of foreign developed countries and regions. The trading market (including NASDAQ, OTCBB, pink single market), the British AIM market, the Japanese OTC market and the Taiwan market market and other similar market trading system, market supervision and other measures, in order to summarize the advanced experience of foreign countries on the basis of the development of the new three board market for reference.
On the basis of comprehensive analysis of the policy expectations and risks faced by the new three board expansion in China, and on the basis of advanced foreign experience, the author puts forward the following rectification measures aimed at improving the expansion of the new three board market and preventing the expansion of capacity risk. Scale, steadily on the pilot basis; two, clear the market supervision institutions, establish a multi-level market supervision system; three, improve the regulatory laws and regulations, build a complete regulatory legal system; four, according to the characteristics of the new three board market, the corresponding reform related trading system; five, the establishment of the market maker system suitable for our national conditions; six, timely The design of a reasonable rotating plate mechanism and so on.
On the eve of the new three board expansion and the establishment of various systems, the author analyses the problems related to the new three boards and puts forward the corresponding countermeasures in order to contribute to the perfect and good development of the new three boards, and to promote the development and prosperity of the new three board market.
【學位授予單位】：華東政法大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;D922.287

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本文編號：1976892