本文關(guān)鍵詞：我國(guó)證券市場(chǎng)升板制度研究　出處：《華東政法大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 多層次資本市場(chǎng) 升板 機(jī)制 制度

【摘要】：“升板制度”是指在低層次資本市場(chǎng)上掛牌或上市的公司發(fā)展到一定階段滿足高層次資本市場(chǎng)的上市或掛牌標(biāo)準(zhǔn)時(shí),申請(qǐng)或自動(dòng)轉(zhuǎn)移至高層次市場(chǎng)過(guò)程中,證券市場(chǎng)主體應(yīng)當(dāng)遵守的辦事規(guī)程。 我國(guó)內(nèi)地資本市場(chǎng)的建設(shè)經(jīng)過(guò)20余年的發(fā)展,以主板、中小板、創(chuàng)業(yè)板、股份報(bào)價(jià)轉(zhuǎn)讓系統(tǒng)、產(chǎn)權(quán)交易市場(chǎng)和股權(quán)交易市場(chǎng)為構(gòu)架板塊的資本市場(chǎng)體系已經(jīng)形成。截至2012年3月,我國(guó)三板市場(chǎng)掛牌公司只有5家成功轉(zhuǎn)板至創(chuàng)業(yè)板,2家轉(zhuǎn)板至中小企業(yè)板,并且都是經(jīng)過(guò)IPO申請(qǐng)程序,屬于增發(fā)股份,并不是業(yè)內(nèi)所期待的通過(guò)“綠色通道”升板,創(chuàng)業(yè)板市場(chǎng)和中小板市場(chǎng)尚無(wú)升板案例。 建立升板機(jī)制有著多重意義。首先,升板機(jī)制的建立可以落實(shí)政府的資本市場(chǎng)建設(shè)的精神。其次,升板機(jī)制的建立滿足了規(guī)模、質(zhì)量、風(fēng)險(xiǎn)程度不同的企業(yè)對(duì)資本的各類要求和資本市場(chǎng)上資金供求雙方的多種投融資需求。最后,升板機(jī)制的建立可以促進(jìn)資本市場(chǎng)的整體建設(shè),優(yōu)化資本結(jié)構(gòu)和投資方向,提高整個(gè)社會(huì)資源的優(yōu)化配置。 美國(guó)、新加坡、我國(guó)香港和臺(tái)灣地區(qū)資本市場(chǎng)已較為成熟,其升板制度各有特色,為我國(guó)多層次資本市場(chǎng)升板機(jī)制的構(gòu)建提供了寶貴經(jīng)驗(yàn)。 我國(guó)升板制度的設(shè)計(jì)應(yīng)立足國(guó)情,基于資本市場(chǎng)現(xiàn)有框架,遵循公平、效率、公開(kāi)、公正等資本市場(chǎng)運(yùn)行的基本原則,根據(jù)場(chǎng)內(nèi)市場(chǎng)與場(chǎng)外市場(chǎng)準(zhǔn)入標(biāo)準(zhǔn)差距較大,審核、備案部門(mén)不一的情況,區(qū)別制訂相應(yīng)制度。 本文共分4章,前冠引言。引言引出問(wèn)題,闡明研究背景、目的和意義,簡(jiǎn)介學(xué)術(shù)觀點(diǎn),勾勒本文框架；第一章闡述股票市場(chǎng)升板機(jī)制的基礎(chǔ)理論,從升板制度的概念開(kāi)始,對(duì)比分析了國(guó)內(nèi)外關(guān)于升板制度的理論,提出建立升板機(jī)制的必要性；第二章介紹美國(guó)、加拿大及我國(guó)香港、臺(tái)灣地區(qū)股票市場(chǎng)的發(fā)展、層次結(jié)構(gòu)及升板制度情況,并加以歸納；第三章介紹境內(nèi)股票市場(chǎng)的發(fā)展、層次結(jié)構(gòu)、升板實(shí)踐與發(fā)展的概況及在我國(guó)建立升板機(jī)制存在的障礙；第四章就境內(nèi)股票市場(chǎng)升板制度的設(shè)計(jì)作出嘗試。
[Abstract]:The "rising board system" refers to the application or automatic transfer to the high-level market when the listed or listed companies in the low level capital market develop to meet the listing or listing standards of the high-level capital market at a certain stage. Procedures to be followed by the main body of the securities market. After more than 20 years of development, the capital market in the mainland of China has been transferred to the main board, the small and medium board, the gem and the share quotation transfer system. The capital market system of property right market and equity market has been formed. As of March 2012, only 5 companies listed on the third board of our country have successfully transferred to the gem. Two boards to small and medium-sized enterprises, and are through the IPO application process, belong to additional shares, is not expected by the industry through the "green channel" board. Gem market and small and medium-sized board market has not been raised board cases. First, the establishment of the riser mechanism can implement the spirit of the government's capital market construction. Secondly, the establishment of the riser mechanism meets the needs of scale and quality. Enterprises with different levels of risk have various requirements for capital and various investment and financing needs of both supply and demand of capital in the capital market. Finally, the establishment of the rising board mechanism can promote the overall construction of the capital market. Optimize the capital structure and investment direction, improve the optimal allocation of social resources. The capital markets of America, Singapore, Hong Kong and Taiwan are mature, and their rising board system has its own characteristics, which provides valuable experience for the construction of multi-level capital market riser mechanism in our country. The design of China's rising board system should be based on the national conditions, based on the existing framework of the capital market, follow the basic principles of fairness, efficiency, openness, justice and other capital market operation. According to the wide gap between OTC and OTC market access standards, audit, filing departments of the situation, the difference between the formulation of the corresponding system. This paper is divided into four chapters. The introduction leads to problems, explains the background, purpose and significance of the research, introduces the academic viewpoints and outlines the framework of this paper. The first chapter expounds the basic theory of the rising board mechanism of the stock market, starts with the concept of the rising board system, compares and analyzes the theories about the rising board system at home and abroad, and puts forward the necessity of establishing the rising board mechanism; The second chapter introduces the development of the stock market in the United States, Canada, Hong Kong and Taiwan. The third chapter introduces the development of the domestic stock market, the hierarchy structure, the practice and development of the rising board and the obstacles to the establishment of the rising board mechanism in China; Chapter 4th on the domestic stock market board system design attempt.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D922.287;F832.51

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