本文選題：新三板市場　切入點：信息披露　出處：《遼寧大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：新三板市場作為繼滬深兩市之后的第三家全國性公開證券市場,在我國的多層次資本市場體系中發(fā)揮著承上啟下的重要作用。新三板市場正式擴容到全國僅僅三年多的時間,作為投資者近幾年投資的熱點市場,新三板市場的信息披露法律制度建設(shè)還不夠完善。由于新三板市場的掛牌公司主要為創(chuàng)新型、成長型公司,這類公司具有規(guī)模小、風(fēng)險高的特點,投資者對于信息披露的要求很高,為了保護投資者的投資權(quán)益,鼓勵資本進入新三板市場,盡快完善新三板市場信息披露的法律制度勢在必行。本文以新三板市場信息披露法律制度為研究對象,論文共分四個部分。第一部分概括地介紹新三板市場信息披露制度。論文從現(xiàn)有制度出發(fā),介紹了公司申請掛牌時的初次信息披露和掛牌后的持續(xù)性信息披露的內(nèi)容,以及新三板市場獨特的自律監(jiān)管加主辦券商持續(xù)督導(dǎo)的監(jiān)管體制,結(jié)合新三板市場的信息披露應(yīng)當(dāng)遵循的適度披露和分層披露的原則來說明完善新三板市場信息披露法律制度的必要性;第二部分主要對美國OTCBB市場和臺灣興柜市場兩個具有代表性的三板市場的信息披露制度進行介紹并做出評價,本文認為域外的三板市場信息披露制度在做市商信息披露、分層披露和民事救濟等方面的制度相對完善,值得我國借鑒;第三部分詳細分析了我國新三板市場信息披露的立法現(xiàn)狀及存在的問題,我國目前新三板市場信息披露法律問題主要表現(xiàn)為:法律體系不健全、監(jiān)管體制不完善、“重大性”標(biāo)準(zhǔn)認定不明確、自愿性信息披露缺乏引導(dǎo)、違規(guī)信息披露懲罰力度弱等;第四部分針對新三板市場信息披露存在的問題提出完善建議。第一,需要完善新三板市場信息披露多層次的立法體系;第二,要形成自律監(jiān)管為主、行政監(jiān)管為輔的監(jiān)管形式并完善主辦券商持續(xù)督導(dǎo)評價制度;第三,結(jié)合新三板市場板內(nèi)分層制度明確“重大性”信息披露的標(biāo)準(zhǔn);第四,采用多種方式鼓勵掛牌企業(yè)進行自愿性的信息披露;第五,完善違規(guī)信息披露主體的追責(zé)制度,給予投資者尋求民事賠償?shù)臋?quán)利。
[Abstract]:As the third national open securities market after the Shanghai and Shenzhen stock markets, the new third board market plays an important role in the multi-level capital market system of our country. The new third board market has officially expanded to the whole country for only more than three years. As a hot market for investors to invest in in recent years, the legal system of information disclosure in the new third board market is not perfect enough. Because the listed companies of the new third board market are mainly innovative and growth companies, such companies have a small scale. In order to protect investors' investment rights and interests and encourage capital to enter the new third board market, It is imperative to perfect the legal system of information disclosure in the new third board market as soon as possible. The paper is divided into four parts. The first part introduces the information disclosure system of the new third board market. From the existing system, the paper introduces the initial information disclosure and the continuous information disclosure after listing. As well as the unique self-regulation and supervision system of the new third-board market and the continuous supervision of the sponsored securities firms, The necessity of perfecting the legal system of information disclosure in the new third board market is explained by combining the principle of appropriate disclosure and stratified disclosure which should be followed in the information disclosure of the new third board market. The second part mainly introduces and evaluates the information disclosure system of the two representative third board markets of OTCBB and Taiwan. This paper thinks that the information disclosure system of the three boards is in the market maker information disclosure system. The system of stratified disclosure and civil relief is relatively perfect, which is worthy of our country's reference. The third part analyzes the current legislative situation and existing problems of the information disclosure in the new three boards market in China in detail. At present, the main legal problems of information disclosure in the new three boards are as follows: the legal system is not perfect, the supervision system is not perfect, the criterion of "materiality" is not clear, the voluntary information disclosure is lack of guidance, and the punishment for illegal information disclosure is weak. In the 4th part, some suggestions are put forward to perfect the problems existing in the information disclosure of the new three boards market. First, it is necessary to perfect the multi-level legislative system of the information disclosure of the new three boards market; second, to form self-regulation and supervision. The form of supervision supplemented by administrative supervision and the improvement of the evaluation system of continuous supervision and evaluation of the sponsoring securities companies; third, clear standards of "materiality" information disclosure in combination with the new three-board market system of in-board stratification; 4th, Adopt various ways to encourage listed enterprises to carry out voluntary information disclosure; 5th, improve the system of liability of the subject of information disclosure in violation of regulations, and give investors the right to seek civil compensation.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.29

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本文編號：1637974