本文選題：新三板 + 多層次資本市場��； 參考：《湖南師范大學》2012年碩士論文

【摘要】：2006年,中國證券業(yè)協會推出“中關村科技園區(qū)非上市股份有限公司代辦股份報價轉讓系統(tǒng)”----即業(yè)界通常簡稱的新三板,作為我國多層次資本市場體系建設的重要組成部分,新三板市場的成立是建設我國場外交易市場,完善我國多層次資本市場體系的重要舉措。新三板市場的建立不但能夠為我國的非上市非公眾公司、高成長性企業(yè)、高新技術企業(yè)提供一個股權融資與交易的綜合服務平臺,而且還能夠為暫時達不到我國主板市場上市要求的中小企業(yè)提供孵化與培育服務,為其進入主板市場、中小板市場以及創(chuàng)業(yè)板市場等更高層次的資本市場奠定良好的基礎。 目前新三板的地域范圍僅限于中關村科技園區(qū),市場擴容在所難免,而新三板相關法律規(guī)則的完善更是刻不容緩。筆者擬從法律的視角,對我國新三板市場制度改革進行探討,通過對新三板市場現有法律制度進行分析,分析其主要缺陷,再借鑒場外交易市場建設發(fā)達的國家和地區(qū)的成功經驗,在此基礎上提出我國新三板市場制度改革的法律建議,希望對我國新三板市場制度改革與完善有所裨益。 本文共分為三大部分,首先對我國場外交易市場的發(fā)展歷程特別是新三板市場的設立進行詳細論述,并介紹新三板設立對于我國資本市場的重要意義。其次,在對新三板市場進行了詳細認知的基礎之上就新三板市場的法律地位、投資者準入、交易機制以及轉板機制等法律制度的各種缺陷與不足進行深入分析。然后,介紹美國、我國臺灣地區(qū)等發(fā)達場外交易市場的先進經驗與立法例,以求能夠借鑒他人的先進經驗來完善我國新三板市場。最后,在總結國外先進經驗并著眼我國實際情況的基礎上,對我國新三板市場法律制度完善提出了自己的建議,包括明確我國新三板市場的法律定位；構建我國新三板市場的法律體系；建立投資者適當性制度；擴大自然人投資者范圍；引入做市商法律制度；完善新三板交易制度；建立轉板機制以及適度突破掛牌公司股東200人限制,允許公眾公司掛牌。
[Abstract]:In 2006, Chinese Securities Industry Association launched the new three board of Zhongguancun science and Technology Park unlisted Limited by Share Ltd agency share transfer pricing system "- usually referred to as the industry, as an important part of the construction of China's multi-level capital market system, the establishment of the new third market is the construction of China's OTC market, an important measure to improve the multi-level capital market in our country the establishment of a new system. The third market can not only for China's non unlisted public companies, high growth enterprises, to provide an integrated service platform of equity financing and trading of high-tech enterprises, providing nurturing services but also can temporarily reach our main market listing requirements of small and medium-sized enterprises, for the to enter the market and lay a good foundation for small and medium-sized board market and the GEM market at a higher level of capital market.
The new board of the geographical scope is limited to the Zhongguancun science and Technology Park, the expansion of the market can hardly be avoided, and improve the relevant legal rules of the new board is more important. The author intends to from a legal perspective, to study the reform of the new third market system in China, based on the existing legal system of the new third market analysis, analysis of the main defects, and then reference the successful experience of the construction of the OTC market in developed countries and regions, on the basis of legal suggestions for reform in the new third market system of our country, hope for the new third board market system reform of our country and improve the benefit.
This paper is divided into three parts, first on the course of development of China's OTC market, especially the establishment of the new third market in detail, and introduces the establishment of three new board has important significance in our capital market. Secondly, in the new third market were based on detailed cognition of legal status, the new third market the investors access to various defects and shortcomings of the trading mechanism and the transfer mechanism of the legal system are analyzed. Then, the United States, the advanced experience of developed OTC market in Taiwan area in China with the legislation, in order to learn from the advanced experience of others to improve our new third market. Finally, based on summing up the foreign advanced experience and focus on the actual situation of our country, the new third market in China perfect legal system put forward their own proposals, including a clear legal position in China in the new third market; The legal system construction of China's new third market; establish appropriate institutional investors; expanding the scope of natural person investors; the introduction of market maker system of law; the improvement of the new board trading system; the establishment of transfer mechanism and breakthrough the shareholders of the listed company 200 restrictions, allowing the public listed company.

【學位授予單位】：湖南師范大學
【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：1735397