本文關(guān)鍵詞： 發(fā)行制度 審核制度 上市條件　出處：《東北大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：2009年10月我國創(chuàng)業(yè)板市場正式開板,創(chuàng)業(yè)板市場的推出,是促進(jìn)我國多層次資本市場發(fā)展的需要也是我國走向完善資本市場進(jìn)程的重要一步,是解決中小型高新技術(shù)公司融資困難,為私募股權(quán)和風(fēng)險投資提供有效退出渠道的需要,也是出于我國經(jīng)濟(jì)發(fā)展、實(shí)現(xiàn)創(chuàng)新型國家的需要。作為一個全新的資本投資市場,承載著很多期待的創(chuàng)業(yè)板市場在開啟之初便引來了廣泛的關(guān)注。 然而,兩年來創(chuàng)業(yè)板市場的發(fā)展卻并非盡如人意。節(jié)節(jié)攀升的市盈率和高發(fā)行價不斷觸碰著市場參與者的神經(jīng),創(chuàng)業(yè)板市場的超募資金現(xiàn)象也愈加嚴(yán)重,信息披露,PE腐敗等一系列問題也日漸凸顯。發(fā)行制度作為證券市場的基礎(chǔ)制度,它不但是造成證券市場現(xiàn)狀的決定性因素,也是導(dǎo)致市場制度性和結(jié)構(gòu)性缺陷問題的根源。本文試圖從我國創(chuàng)業(yè)板市場的發(fā)行制度目標(biāo)出發(fā),探索研究我國創(chuàng)業(yè)板資本市場發(fā)行制度的缺陷以及問題,發(fā)現(xiàn)影響我國創(chuàng)業(yè)板市場發(fā)展的制度障礙,并在此基礎(chǔ)上通過對創(chuàng)業(yè)板發(fā)行制度改革的原則探索上,為我國創(chuàng)業(yè)板市場發(fā)行制度提出具有針對性的改革建議,從而促進(jìn)我國創(chuàng)業(yè)板市場資本市場的健康發(fā)展。 因此,文章的主線是以我國創(chuàng)業(yè)板市場發(fā)行制度的目標(biāo)出發(fā),再以我國現(xiàn)行創(chuàng)業(yè)板市場發(fā)行制度存在的缺陷為依托提出創(chuàng)業(yè)板市場發(fā)行制度的改革原則,最后闡述符合我國目前創(chuàng)業(yè)板市場情況的發(fā)行制度改革建議。文中提出了我國審核制度要向注冊制發(fā)展的必然趨勢以及建設(shè)配套制度的建議；引入投資者管理制度的必要性；在上市條件方面提出了建立多重上市條件的建議并嘗試在公司治理方面對擬上市企業(yè)的要求進(jìn)行完善。最后一章通過一個申請創(chuàng)業(yè)板市場上市的真實(shí)案例來更有力的說明創(chuàng)業(yè)板市場發(fā)行制度改革的必要性和目前創(chuàng)業(yè)板市場發(fā)行制度未能遵循其本身作用目標(biāo)而帶來的種種實(shí)際問題。
[Abstract]:In October 2009, China's gem market officially opened, and the launch of gem market is the need to promote the development of our multi-level capital market, and is also an important step for China to improve the capital market process. It is the need to solve the financing difficulties of small and medium-sized high-tech companies and to provide effective exit channels for private equity and venture capital. It is also due to the economic development of our country. As a new capital investment market, the gem market, which bears a lot of expectation, has attracted wide attention at the beginning of its opening. However, in the past two years, the development of gem market is not satisfactory. The rising price-earnings ratio and high issue price are touching the nerve of market participants, and the phenomenon of over-raising funds in gem market is becoming more and more serious. Information disclosure PE corruption and a series of problems are also increasingly prominent. As the basic system of the securities market, the issuance system is not only the decisive factor that causes the current situation of the securities market. It is also the root of the market institutional and structural defects. This paper attempts to explore the defects and problems of the gem capital market issuance system from the goal of the gem issuance system in China. Find out the system obstacles that affect the development of gem market in our country, and on this basis, through exploring the principles of the gem issue system reform, put forward targeted reform suggestions for the gem issue system of our country. In order to promote China's gem market capital market healthy development. Therefore, the main line of the article is to set out the goal of the gem issue system in our country, and then put forward the reform principles of the gem issuing system based on the defects of the current gem issue system in our country. Finally, the paper expounds the reform proposals of the issuing system in line with the current market situation of China's gem, and puts forward the inevitable trend of the development of our country's auditing system towards the registration system and the suggestion of constructing the supporting system. The necessity of introducing investor management system; In the aspect of listing conditions, the paper puts forward the suggestion of establishing multiple listing conditions and tries to perfect the requirements of the enterprises to be listed in the aspect of corporate governance. The last chapter is more effective through a real case of applying for listing on the gem market. It explains the necessity of the reform of the gem market issuing system and the various practical problems caused by the current gem market issuing system failing to follow its own function goal.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 曹鳳岐;董秀良;;我國IPO定價合理性的實(shí)證分析[J];財(cái)經(jīng)研究;2006年06期

2 閔娜;付雯瀟;;完善我國創(chuàng)業(yè)板公司治理的機(jī)制研究[J];當(dāng)代經(jīng)濟(jì);2011年03期

3 王相林;;糾纏退市不如放棄核準(zhǔn)制[J];董事會;2011年03期

4 徐青;;全球成功創(chuàng)業(yè)板上市條件分析及經(jīng)驗(yàn)借鑒[J];哈爾濱商業(yè)大學(xué)學(xué)報(社會科學(xué)版);2010年01期

5 楊邑龍;;完善我國證券市場監(jiān)管制度研究[J];經(jīng)濟(jì)師;2010年04期

6 劉志輝;劉秀玲;;信息技術(shù)公司治理結(jié)構(gòu)對其成長性影響研究[J];經(jīng)濟(jì)研究導(dǎo)刊;2009年05期

7 劉云松;;淺談當(dāng)前國內(nèi)的發(fā)行上市保薦制度[J];金融縱橫;2009年07期

8 韓敏;;創(chuàng)業(yè)板市場建設(shè)淺析[J];會計(jì)之友(下旬刊);2010年05期

9 戴坤宜;;對我國推出創(chuàng)業(yè)板的思考——基于國際創(chuàng)業(yè)板市場運(yùn)行狀況的分析[J];市場周刊(理論研究);2010年01期

10 蔣葵;向秀紅;;深圳創(chuàng)業(yè)板IPO抑價現(xiàn)象的實(shí)證研究[J];統(tǒng)計(jì)與決策;2010年22期

，

本文編號：1454057