我國創(chuàng)業(yè)板信息披露監(jiān)管制度研究
發(fā)布時間：2018-12-08 17:50
【摘要】：改革開放以來,我國中小企業(yè)成為推動經(jīng)濟(jì)發(fā)展的重要力量,在中國經(jīng)濟(jì)的高速增長中,中小企業(yè)在擴(kuò)大就業(yè)、維護(hù)社會穩(wěn)定中發(fā)揮了前所未有的作用。與此同時,中小企業(yè)融資難的問題受到了高度關(guān)注,建立多層次資本市場,解決中小企業(yè)融資難的呼聲不絕于耳。2004年,監(jiān)管層設(shè)立了中小企業(yè)板,為創(chuàng)業(yè)板大門開啟創(chuàng)造了條件,2009年3月31日中國證監(jiān)會發(fā)布了《首次公開發(fā)行股票并在創(chuàng)業(yè)板上市管理暫行辦法》,2009年9月,28家創(chuàng)業(yè)板公司正式掛牌上市,我國創(chuàng)業(yè)板市場正式形成。上市公司信息披露是投資者確信股票價值的重要途徑,創(chuàng)業(yè)板上市公司經(jīng)營風(fēng)險大,為了避免我國主板市場在信息披露制度建設(shè)方面走過的彎路,保護(hù)投資者的利益,促進(jìn)證券市場的健康發(fā)展,我國必須盡快建立符合我國創(chuàng)業(yè)板實際情況的信息披露監(jiān)管制度。 創(chuàng)業(yè)板市場是服務(wù)于中小企業(yè)和新興公司的市場,為那些處于企業(yè)生命周期前期、科技含量高、經(jīng)營歷史短、規(guī)模小達(dá)不到傳統(tǒng)股票交易市場上市標(biāo)準(zhǔn)的中小企業(yè)提供新的籌資渠道而設(shè)立的股票市場。創(chuàng)業(yè)板市場具有以服務(wù)成長企業(yè)為目標(biāo)、上市標(biāo)準(zhǔn)低,實行買者自負(fù)理念、投資高風(fēng)險需要有成熟的投資者等特點決定了該市場特有的經(jīng)營和技術(shù)風(fēng)險、市場運(yùn)作風(fēng)險、道德風(fēng)險和市場操縱風(fēng)險,因此需要嚴(yán)格的信息披露監(jiān)管制度。本文通過研究美國納斯達(dá)克市場、英國另類投資市場、香港創(chuàng)業(yè)板市場信息披露集中型、自律型和綜合型監(jiān)管模式的優(yōu)劣,分析我國應(yīng)汲取它們的各自優(yōu)勢,堅持在實行集中統(tǒng)一型監(jiān)管模式基礎(chǔ)上,加強(qiáng)自律組織的一線作用。在信息披露法律制度層面借鑒美國納斯達(dá)克市場強(qiáng)調(diào)上市公司全面、準(zhǔn)確的信息披露、香港創(chuàng)業(yè)板市場以“披露為本,自律為主”的理念,實行嚴(yán)格有效的信息披露監(jiān)管、英國另類投資市場根據(jù)國內(nèi)創(chuàng)業(yè)性企業(yè)的實際情況設(shè)計符合市場規(guī)則的自我監(jiān)管模式。我國創(chuàng)業(yè)板市場建立并運(yùn)行已近一年,監(jiān)管模式存在集中統(tǒng)一型監(jiān)管下自律性薄弱、法律體系和法律制度不完善、內(nèi)幕交易、虛假陳述等問題,本文根據(jù)我國創(chuàng)業(yè)板信息披露監(jiān)管現(xiàn)狀提出了針對我國創(chuàng)業(yè)板上市公司特點系統(tǒng)梳理、歸納創(chuàng)業(yè)板信息披露法律規(guī)則,修訂《公司法》、《證券法》將交易所層面的自律懲戒行為上升到立法層面,加大違規(guī)行為的處罰力度以完善我國創(chuàng)業(yè)板信息披露法律體系；加強(qiáng)信息披露真實性、完整性以及頻密性和及時性要求的法律制度建設(shè),完善我國創(chuàng)業(yè)板信息披露法律責(zé)任尤其民事責(zé)任制度,提出我國創(chuàng)業(yè)板信息披露監(jiān)管模式在實行集中統(tǒng)一監(jiān)管模式的同時,應(yīng)充分重視自律組織證券交易所和社會監(jiān)督的作用。
[Abstract]:Since the reform and opening up, small and medium-sized enterprises in China have become an important force to promote economic development. In the rapid growth of China's economy, SMEs have played an unprecedented role in expanding employment and maintaining social stability. At the same time, the problem of financing difficulties for small and medium-sized enterprises has received great attention. There are numerous calls to establish a multi-level capital market and solve the financing difficulties of small and medium-sized enterprises. In 2004, the regulatory level set up a board for small and medium-sized enterprises. On March 31, 2009, the China Securities Regulatory Commission issued the interim measures for the Administration of initial Public offering of stocks and listing on the gem. In September 2009, 28 gem companies were officially listed on the gem. China's gem market was formally formed. Information disclosure of listed companies is an important way for investors to be convinced of the value of stocks. Gem listed companies have a great risk of operation. In order to avoid the detours in the construction of information disclosure system in the main market of our country, and to protect the interests of investors, To promote the healthy development of the securities market, our country must establish the information disclosure supervision system that accords with the actual situation of the gem as soon as possible. The gem market is a market for small and medium-sized enterprises and emerging companies, for those in the early stages of the enterprise life cycle, high technology content, short operating history, A stock market set up by small and medium-sized enterprises that do not meet the standard of listing in the traditional stock market and provide new financing channels. The gem market has the characteristics of serving and growing enterprises, low listing standards, implementing the concept of buyer's conceit, and the need for mature investors to invest in high risk, which determines the unique management and technical risks and market operation risks of the market. Moral hazard and market manipulation risk require strict information disclosure regulation system. By studying the advantages and disadvantages of the American NASDAQ market, the British alternative investment market and the Hong Kong gem market, the advantages and disadvantages of the models of information disclosure, self-discipline and comprehensive supervision, this paper analyzes that China should draw on their respective advantages. Adhere to the implementation of centralized and unified mode of supervision on the basis of strengthening the role of self-discipline organizations. In the aspect of the legal system of information disclosure, we should draw lessons from the NASDAQ market in the United States to emphasize the comprehensive and accurate information disclosure of listed companies. In Hong Kong, the gem market is based on the idea of "disclosure as the basis, self-discipline as the main body" and carries out strict and effective information disclosure supervision. The alternative investment market in Britain designs a self-regulatory model in accordance with market rules according to the actual situation of domestic entrepreneurial enterprises. It has been nearly a year since the establishment and operation of the gem market in China. There are some problems in the regulatory model, such as weak self-discipline under centralized and unified supervision, imperfect legal system and legal system, insider trading, false statements, etc. According to the current situation of information disclosure supervision in gem, this paper puts forward a systematic combing of the characteristics of listed companies in gem, induces the legal rules of information disclosure on gem, and amends Company Law. The Securities Law raises the self-discipline behavior in the exchange level to the legislative level, and strengthens the punishment of the illegal behavior in order to perfect the legal system of information disclosure on the gem of our country. To strengthen the construction of legal system for the authenticity, integrity, frequency and timeliness of information disclosure, and to perfect the legal liability system for information disclosure on the gem, especially the civil liability system, At the same time, we should pay more attention to the role of self-discipline organization stock exchange and social supervision while implementing centralized and unified supervision mode of information disclosure in gem of our country.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：F832.51
本文編號：2368748
[Abstract]:Since the reform and opening up, small and medium-sized enterprises in China have become an important force to promote economic development. In the rapid growth of China's economy, SMEs have played an unprecedented role in expanding employment and maintaining social stability. At the same time, the problem of financing difficulties for small and medium-sized enterprises has received great attention. There are numerous calls to establish a multi-level capital market and solve the financing difficulties of small and medium-sized enterprises. In 2004, the regulatory level set up a board for small and medium-sized enterprises. On March 31, 2009, the China Securities Regulatory Commission issued the interim measures for the Administration of initial Public offering of stocks and listing on the gem. In September 2009, 28 gem companies were officially listed on the gem. China's gem market was formally formed. Information disclosure of listed companies is an important way for investors to be convinced of the value of stocks. Gem listed companies have a great risk of operation. In order to avoid the detours in the construction of information disclosure system in the main market of our country, and to protect the interests of investors, To promote the healthy development of the securities market, our country must establish the information disclosure supervision system that accords with the actual situation of the gem as soon as possible. The gem market is a market for small and medium-sized enterprises and emerging companies, for those in the early stages of the enterprise life cycle, high technology content, short operating history, A stock market set up by small and medium-sized enterprises that do not meet the standard of listing in the traditional stock market and provide new financing channels. The gem market has the characteristics of serving and growing enterprises, low listing standards, implementing the concept of buyer's conceit, and the need for mature investors to invest in high risk, which determines the unique management and technical risks and market operation risks of the market. Moral hazard and market manipulation risk require strict information disclosure regulation system. By studying the advantages and disadvantages of the American NASDAQ market, the British alternative investment market and the Hong Kong gem market, the advantages and disadvantages of the models of information disclosure, self-discipline and comprehensive supervision, this paper analyzes that China should draw on their respective advantages. Adhere to the implementation of centralized and unified mode of supervision on the basis of strengthening the role of self-discipline organizations. In the aspect of the legal system of information disclosure, we should draw lessons from the NASDAQ market in the United States to emphasize the comprehensive and accurate information disclosure of listed companies. In Hong Kong, the gem market is based on the idea of "disclosure as the basis, self-discipline as the main body" and carries out strict and effective information disclosure supervision. The alternative investment market in Britain designs a self-regulatory model in accordance with market rules according to the actual situation of domestic entrepreneurial enterprises. It has been nearly a year since the establishment and operation of the gem market in China. There are some problems in the regulatory model, such as weak self-discipline under centralized and unified supervision, imperfect legal system and legal system, insider trading, false statements, etc. According to the current situation of information disclosure supervision in gem, this paper puts forward a systematic combing of the characteristics of listed companies in gem, induces the legal rules of information disclosure on gem, and amends Company Law. The Securities Law raises the self-discipline behavior in the exchange level to the legislative level, and strengthens the punishment of the illegal behavior in order to perfect the legal system of information disclosure on the gem of our country. To strengthen the construction of legal system for the authenticity, integrity, frequency and timeliness of information disclosure, and to perfect the legal liability system for information disclosure on the gem, especially the civil liability system, At the same time, we should pay more attention to the role of self-discipline organization stock exchange and social supervision while implementing centralized and unified supervision mode of information disclosure in gem of our country.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：F832.51
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