本文選題：新三板 + 轉(zhuǎn)板規(guī)則　； 參考：《南昌大學(xué)》2015年碩士論文

【摘要】：全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)簡稱新三板,是我國資本市場體系中不可或缺的基石,作為全國性場外交易市場它是促進金融服務(wù)于實體經(jīng)濟的平臺。新三板是新興資本市場,隨著新三板市場掛牌公司數(shù)量的增加和市場流動性增強,在新三板與場內(nèi)市場間建立轉(zhuǎn)板橋梁成為構(gòu)建多層次資本市場的必經(jīng)步驟。場內(nèi)和場外市場都是資本市場的組成部分,其市場定位具有差異性,參照投資者的風(fēng)險承受能力和公司的經(jīng)營情況及所屬行業(yè)類別等因素,對市場參與主體設(shè)置了不同的準(zhǔn)入門檻。轉(zhuǎn)板包含從新三板轉(zhuǎn)入場內(nèi)市場上市和從場內(nèi)市場轉(zhuǎn)入新三板市場兩種情形,轉(zhuǎn)板有利于建立資本市場與公司之間的雙向選擇機制,提高市場的價值發(fā)現(xiàn)能力并保障公司的自主選擇權(quán)。根據(jù)現(xiàn)行證券法規(guī)定,股份有限公司申請股票上市的前提條件是股票經(jīng)證監(jiān)會核準(zhǔn)已公開發(fā)行,此規(guī)定的目的是為了加強對場內(nèi)市場的法律監(jiān)管,降低市場風(fēng)險。但這對已被納入非上市公眾公司監(jiān)管范圍的新三板掛牌公司來說,在很大程度上增加了公司上市的時間和費用成本。抑制了新三板掛牌公司轉(zhuǎn)板上市的積極性,對保障我國資本市場間的流動性有不利影響。而對于不再具備上市條件的公司則應(yīng)降入低層次交易市場或直接退出資本市場,以保障對市場風(fēng)險的控制。我國尚未建立資本市場間的轉(zhuǎn)板制度,對于轉(zhuǎn)板的具體規(guī)則和法律監(jiān)管模式尚處于研究論證的初期,法律的滯后性導(dǎo)致現(xiàn)行證券法難以為轉(zhuǎn)板提供有力的支撐。而且法律監(jiān)管體系存在行政權(quán)過度干預(yù)和自律監(jiān)管權(quán)效力低下等現(xiàn)象,造成資本市場中一些違法違規(guī)行為難以得到有效規(guī)制,投資者面臨的法律風(fēng)險增加。因此,需從理論研究方面進行分析論證并結(jié)合市場發(fā)展階段對立法實踐提供支持。本文從法學(xué)和金融學(xué)相結(jié)合的角度對新三板市場轉(zhuǎn)板法律問題進行探析,主要研究我國資本市場層次化的構(gòu)建、轉(zhuǎn)板的可行性及公平性、投資者權(quán)益保護、法律監(jiān)管等問題,同時分析境外發(fā)達證券市場的立法經(jīng)驗在我國證券市場的適用環(huán)境,以期對我國證券法的修改和轉(zhuǎn)板法律規(guī)則的制定提供一些建議。
[Abstract]:The National small and Medium-sized Enterprises share transfer system is referred to as the new third Board, which is an indispensable cornerstone of China's capital market system. As a national over-the-counter market, it is a platform to promote the financial services to the real economy.The new third board is a new capital market. With the increase of the number of listed companies and the enhancement of market liquidity, building a bridge between the new third board and the market becomes the necessary step to build a multi-level capital market.Both OTC and OTC markets are part of the capital market, and their market positioning is different, referring to the risk tolerance of investors, the company's operating situation and the industry category, etc.To the market participation main body has set the different entrance threshold.The transfer board includes two situations: from the new third board to the market on the market and from the inside market to the new third board market. The transfer board is conducive to the establishment of a two-way selection mechanism between the capital market and the company.Improve the market value discovery ability and protect the company's independent choice.According to the current securities law, the prerequisite for a joint stock limited company to apply for stock listing is that the stock has been publicly issued with the approval of the Securities Regulatory Commission. The purpose of this provision is to strengthen the legal supervision of the inside market and reduce the market risk.But for the new third board listed companies, which have been brought under the supervision of unlisted public companies, it has greatly increased the time and cost of listing.It restrains the enthusiasm of the new third board listed company to turn the board into the market, and has a negative effect on the liquidity between the capital markets of our country.But for the companies that no longer have the condition of listing, they should drop into the low level trading market or withdraw directly from the capital market to ensure the control of the market risk.China has not yet established the system of transfer board between the capital markets. The specific rules and the mode of legal supervision of the transfer board are still in the initial stage of research and argumentation. Due to the lag of the law, it is difficult for the current securities law to provide strong support for the transfer board.Moreover, there are some phenomena in the legal supervision system, such as excessive intervention of administrative power and low effectiveness of self-regulatory power, which makes it difficult to regulate effectively some illegal activities in the capital market and increases the legal risks faced by investors.Therefore, it is necessary to analyze and demonstrate from the theoretical research and provide support to the legislative practice combined with the market development stage.From the angle of the combination of law and finance, this paper analyzes the legal problems of the new third board market, mainly studies the construction of the capital market hierarchy, the feasibility and fairness of the transfer board, the protection of investors' rights and interests, the legal supervision and so on.At the same time, the paper analyzes the applicable environment of the overseas developed securities market in our country, in order to provide some suggestions for the revision of the securities law and the making of the law rules of the transposition.
【學(xué)位授予單位】：南昌大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：D922.287

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1 劉國勝;;資本市場結(jié)構(gòu)下的“轉(zhuǎn)板”法律行為[J];經(jīng)濟導(dǎo)刊;2011年06期

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