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  本文選題：新三板 + 投資者準(zhǔn)入�。� 參考：《華東政法大學(xué)》2012年碩士論文

【摘要】：新三板市場是我國多層次資本市場的基礎(chǔ)，其作用是為初創(chuàng)期的中小高新技術(shù)企業(yè)提供有效的融資平臺，并通過信息披露、自律監(jiān)管等制度規(guī)范掛牌企業(yè)的運(yùn)營。 新三板市場是從老三板市場的基礎(chǔ)上發(fā)展而來的新興資本市場，作為多層次資本市場的不同環(huán)節(jié)，，新三板市場與主板、創(chuàng)業(yè)板市場在發(fā)行制度、交易制度、信息披露制度等方面都存在較大差異。 新三板市場在中關(guān)村科技園區(qū)試點運(yùn)行期間，已經(jīng)建立了相關(guān)的法律制度，但是仍存在著不少缺陷。新三板的法律制度無論是在限售期制度、投資者準(zhǔn)入制度還是轉(zhuǎn)讓制度（為了與通常交易所的交易制度相區(qū)別，本文將新三板的交易制度稱為轉(zhuǎn)讓制度以示區(qū)分）方面都有不盡如人意之處，無法有效地保障新三板市場的平穩(wěn)健康運(yùn)行，不利于新三板市場的繁榮發(fā)展。此外，新三板市場沒有建立合理的定向增資制度和轉(zhuǎn)板升級制度，限制了掛牌企業(yè)的融資渠道，不利于新三板市場發(fā)揮其作為主板、創(chuàng)業(yè)板市場的“孵化器”和“蓄水池”的功能。 因此，有必要對新三板現(xiàn)行法律制度進(jìn)行完善與改革。第一、縮短控股股東、實際控制人的限售期，適當(dāng)擴(kuò)大自然人投資主體的范圍即允許具有一定的投資經(jīng)驗和資金實力的自然人投資者參與新三板市場的股份交易。第二，完善新三板市場的轉(zhuǎn)讓制度：設(shè)定合理科學(xué)的最低轉(zhuǎn)讓額標(biāo)準(zhǔn)，引入做市商交易制度。第三，應(yīng)當(dāng)構(gòu)建適合我國新三板市場特點的定向增資制度和轉(zhuǎn)板升級制度，充分發(fā)揮新三板市場的融資功能和培養(yǎng)上市公司的“蓄水池”作用。第四，把握好新三板擴(kuò)容后的容量并構(gòu)建完善的做市商準(zhǔn)入制度。
[Abstract]:The new third board market is the foundation of the multi-level capital market in our country. Its function is to provide an effective financing platform for the small and medium-sized high-tech enterprises in the initial stage, and to standardize the operation of the listed enterprises through the systems of information disclosure, self-regulation and supervision and so on. The new third board market is a new capital market developed from the old third board market. As a different link of the multi-level capital market, the new third board market, the main board market and the growth enterprise market are in the issuing system and the trading system. There are great differences in information disclosure system. During the pilot operation of Zhongguancun Science and Technology Park, the new third board market has established the relevant legal system, but there are still many defects. The legal system of the new third Board, whether it is a restricted period system, an investor access system or a transfer system (in order to distinguish it from the trading system of a common exchange, In this paper, the transaction system of the new three boards is called the transfer system to show the difference between them. It can not effectively guarantee the smooth and healthy operation of the new three boards, and is not conducive to the prosperity and development of the new three boards. In addition, the new third board market has not established a reasonable directional capital increase system and a transfer board upgrade system, which limits the financing channels of listed enterprises, and is not conducive to the new third board market to play its role as the main board. The function of "incubator" and "reservoir" of gem market. Therefore, it is necessary to improve and reform the current legal system of the new three boards. First, shortening the period of restriction for controlling shareholders and actual controllers, and appropriately expanding the scope of natural person's investment subject, that is, allowing natural person investors with certain investment experience and capital strength to participate in the stock trading in the new three boards market. Second, perfect the transfer system of the new third board market: set the reasonable and scientific minimum transfer amount standard, introduce the market maker transaction system. Third, we should construct the directional capital increase system and the transfer board upgrade system, which are suitable for the characteristics of the new third board market in our country, give full play to the financing function of the new third board market and train the "reservoir" function of the listed companies. Fourth, grasp the capacity of the new three-board expansion and build a perfect market-maker access system.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;D922.287

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本文編號：2010629