本文選題：新三板 + 轉(zhuǎn)板��； 參考：《暨南大學(xué)》2016年碩士論文

【摘要】：中小企業(yè)融資難問題一直是困擾著我國政府和眾多中小企業(yè)主的一大難題。為解決我國中小企業(yè)融資難問題,2012年下半年,經(jīng)國務(wù)院批準(zhǔn)成立股轉(zhuǎn)公司。在過去的三四年時(shí)間里,新三板市場如火如荼的快速發(fā)展著,截止2016年3月31日新三板掛牌企業(yè)總數(shù)已突破六千家。隨著新三板市場的不斷發(fā)展,與其相關(guān)的問題也逐漸暴露出來。由于新三板掛牌要求門檻較低,掛牌企業(yè)質(zhì)量參差不齊,在目前已掛牌的企業(yè)中,部分企業(yè)的實(shí)力已經(jīng)遠(yuǎn)遠(yuǎn)超過普通上市公司的實(shí)力水平,而與此同時(shí)部分掛牌卻虧損嚴(yán)重,無法在市場中獲得投資者的青睞。如果優(yōu)秀的企業(yè)無法被市場重視,市場不能給予他們更多的機(jī)會和選擇去進(jìn)一步發(fā)展,則不僅會阻礙優(yōu)秀企業(yè)的發(fā)展,同時(shí)也會挫傷其他未掛牌的優(yōu)秀企業(yè)繼續(xù)掛牌新三板的熱情,也實(shí)現(xiàn)不了資本市場服務(wù)于實(shí)體經(jīng)濟(jì)的使命。因此,通過對國外發(fā)達(dá)資本市場的學(xué)習(xí),我們可以發(fā)現(xiàn),在三板市場發(fā)展到一定階段之時(shí),適時(shí)推出轉(zhuǎn)板上市制度,以幫助優(yōu)秀企業(yè)轉(zhuǎn)板去創(chuàng)業(yè)板甚至主板是非常有必要的。但是成功轉(zhuǎn)板并非易事,從制度設(shè)計(jì)到具體規(guī)則的推出再到具體的實(shí)施,均有一定的障礙,如何克服這些障礙是擺在我們面前的一道難題。本文旨在分析我國新三板轉(zhuǎn)板制度在推行中的各種法律和現(xiàn)實(shí)障礙,參照國外發(fā)達(dá)國家資本市場已有的經(jīng)驗(yàn),并結(jié)合我國的特殊情況提出本人的看法和主張。本文主要分為三個部分進(jìn)行寫作。第一部分內(nèi)容主要是結(jié)合我國資本市場的實(shí)際現(xiàn)狀和目前的理論研究,介紹轉(zhuǎn)板制度的價(jià)值所在以及我國推行轉(zhuǎn)板制度的主要障礙,并對目前的障礙進(jìn)行系統(tǒng)性分析總結(jié),明確主要矛盾。第二部分主要是在結(jié)合國外幾個主要發(fā)達(dá)資本市場轉(zhuǎn)板現(xiàn)狀和轉(zhuǎn)板制度設(shè)計(jì)的基礎(chǔ)上,總結(jié)出各國的具體轉(zhuǎn)板制度優(yōu)勢所在,提煉出對我國轉(zhuǎn)板制度有指導(dǎo)意義的部分,并進(jìn)行對比分析。第三部分主要是結(jié)合我國轉(zhuǎn)板制度的現(xiàn)有障礙和國外的現(xiàn)有經(jīng)驗(yàn),提出如何克服障礙、如何吸收國外現(xiàn)有的制度優(yōu)勢,最終幫助我國轉(zhuǎn)板制度順利實(shí)施。
[Abstract]:The financing difficulty of small and medium enterprises has been a big problem for our government and many small and medium-sized enterprises. In order to solve the financing problem of small and medium-sized enterprises in China, the State Council approved the establishment of the company in the second half of 2012. In the past three to four years, the new third board market has been developing rapidly, and the total number of new third board companies listed on March 31, 2016 has exceeded 6,000. With the continuous development of the new three-board market, and its related problems are gradually exposed. As the requirements for listing the new third board are relatively low and the quality of listed companies is uneven, some of the enterprises listed at present have far exceeded the level of strength of ordinary listed companies, while some of the listed companies have made serious losses at the same time. Can not win the favor of investors in the market. If a good enterprise cannot be valued by the market and the market cannot give them more opportunities and choices to further develop, it will not only hinder the development of the excellent enterprise. At the same time, it will dampen the enthusiasm of other outstanding unlisted companies to continue listing the new three boards, and will not achieve the mission of the capital market to serve the real economy. Therefore, through the study of foreign developed capital markets, we can find that it is very necessary to introduce the system of transferring board to gem or even the main board when the third board market develops to a certain stage. But it is not easy to turn the board successfully. There are some obstacles from the system design to the introduction of specific rules and then to the concrete implementation. How to overcome these obstacles is a difficult problem in front of us. The purpose of this paper is to analyze the various legal and practical obstacles in the implementation of the new three-board system in China, to refer to the experience of foreign developed countries in the capital market, and to put forward my own views and opinions in the light of the special situation of our country. This paper is mainly divided into three parts for writing. The first part mainly introduces the value of the system and the main obstacles to the implementation of the system, and makes a systematic analysis and summary of the current obstacles, combining with the actual situation and the current theoretical research of the capital market in China. Make clear the principal contradiction. The second part is mainly on the basis of combining the current situation and system design of several foreign major developed capital markets, summed up the specific advantages of the system of turntable in various countries, abstracted the part of guiding significance to the system of transfer board in our country. And carries on the contrast analysis. The third part is mainly about how to overcome the obstacles and how to absorb the advantages of foreign institutions in order to help the smooth implementation of the system.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：D922.287

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本文編號：1985797