發(fā)布時間：2019-02-24 13:49

【摘要】：近年來,中小企業(yè)已經(jīng)成為我國社會經(jīng)濟(jì)增長的巨大推動力,在我國國民經(jīng)濟(jì)發(fā)展中占有重要地位,對于我國經(jīng)濟(jì)的持續(xù)健康發(fā)展具有重大意義。然而,中小企業(yè),尤其是技術(shù)型、成長型中小企業(yè)在快速發(fā)展的同時,面臨著維持日常運(yùn)營和長遠(yuǎn)發(fā)展所需要的資金的困境。而我國創(chuàng)業(yè)板市場的設(shè)立為中小企業(yè)融資開辟了新的途徑,使得一些具有高技術(shù)性、高成長性且資金實(shí)力不夠雄厚的中小企業(yè)通過在創(chuàng)業(yè)板上市獲得資金支持和長遠(yuǎn)發(fā)展。然而根據(jù)世界主要國家創(chuàng)業(yè)板的實(shí)踐經(jīng)驗(yàn)以及我國的經(jīng)驗(yàn)來看,設(shè)立創(chuàng)業(yè)板市場為中小企業(yè)融資并不能夠一勞永逸,在為中小企業(yè)提供融資途徑的同時存在許多風(fēng)險。因此,對中小企業(yè)通過創(chuàng)業(yè)板市場上市面臨的風(fēng)險進(jìn)行分析,并針對性地提出相應(yīng)的防范措施就具有十分重要的理論意義和現(xiàn)實(shí)意義。 本文首先系統(tǒng)地介紹了創(chuàng)業(yè)板市場的概念、特征和功能,并進(jìn)一步定位了創(chuàng)業(yè)板市場的服務(wù)主體,即高成長性和高技術(shù)型中小企業(yè)。然后介紹了中小企業(yè)的概念及其劃分標(biāo)準(zhǔn),并對高成長性和高技術(shù)型中小企業(yè)進(jìn)行詳細(xì)界定,進(jìn)而論述我國中小企業(yè)在融資過程中遇到的困難及原因。文章的第二部分介紹了我國以及境外幾個最具代表性地區(qū)的創(chuàng)業(yè)板市場的立法框架和風(fēng)險防范法律制度內(nèi)容,力圖通過對世界先進(jìn)創(chuàng)業(yè)板市場制度的借鑒找出我國在創(chuàng)業(yè)板市場風(fēng)險防范法律制度方面存在的問題。第三部分主要從創(chuàng)業(yè)板自身、中小企業(yè)、中介機(jī)構(gòu)以及監(jiān)管主體這幾方面具體分析我國創(chuàng)業(yè)板市場存在的風(fēng)險及問題。在第四部分中詳細(xì)探討了對上述風(fēng)險進(jìn)行防范的制度構(gòu)建,以保證我國創(chuàng)業(yè)板市場的健康良好運(yùn)行以及中小企業(yè)持續(xù)獲得資金支持。 通過對我國創(chuàng)業(yè)板市場的風(fēng)險進(jìn)行詳細(xì)歸類和分析,本文認(rèn)為,我國的創(chuàng)業(yè)板市場要定位于一個與主板市場相互補(bǔ)充、部分業(yè)務(wù)相互競爭的支持中小企業(yè)融資的平臺,來降低創(chuàng)業(yè)板市場本身的風(fēng)險。建立起一套完整健全的法律法規(guī)體系,使得各項(xiàng)行為有法可依。更要建立起一整套包括上市公司遴選制度、靈活的交易制度、嚴(yán)格的信息披露制度、層次分明且科學(xué)高效的監(jiān)管制度、完善的退市制度等創(chuàng)業(yè)板市場的各種制度,來防范上市企業(yè)風(fēng)險和監(jiān)管風(fēng)險。同時培養(yǎng)合格的中介機(jī)構(gòu)和理性投資者,降低創(chuàng)業(yè)板市場中參與主體的風(fēng)險。
[Abstract]:In recent years, small and medium-sized enterprises (SMEs) have become a huge driving force for the social and economic growth of our country, and play an important role in the development of our national economy, which is of great significance to the sustained and healthy development of our economy. However, small and medium-sized enterprises (SMEs), especially technology-type and growth-type SMEs, are facing the dilemma of maintaining their daily operation and long-term development. The establishment of the gem market in China has opened up a new way for small and medium-sized enterprises to finance, making some small and medium-sized enterprises with high technology, high growth and insufficient capital strength to obtain financial support and long-term development through listing on the gem. However, according to the practical experience of the gem in the world and the experience of our country, the establishment of the gem market to finance SMEs cannot be done once and for all, and there are many risks in providing financing channels for SMEs at the same time. Therefore, it is of great theoretical and practical significance to analyze the risks faced by small and medium-sized enterprises (SMEs) in listing through the gem market and to put forward corresponding preventive measures. This paper first systematically introduces the concept, characteristics and functions of the gem market, and further locates the service subject of the gem market, that is, high-growth and high-tech small and medium-sized enterprises. Then it introduces the concept of SMEs and their classification standards, and defines the high growth and high-tech SMEs in detail, and then discusses the difficulties and reasons encountered by SMEs in the process of financing. The second part of the article introduces the legislative framework and the content of the legal system of risk prevention of the gem market in China and the most representative areas outside China. This paper tries to find out the problems existing in the legal system of risk prevention in the gem market in China through the reference of the advanced gem market system in the world. The third part mainly analyzes the risks and problems in the gem market from the aspects of gem itself, small and medium-sized enterprises, intermediary institutions and regulatory bodies. In the fourth part, the author discusses the construction of the system to prevent the above risks in order to ensure the healthy and good operation of the gem market and the sustained financial support for the small and medium-sized enterprises. Through the detailed classification and analysis of the risks in the gem market of our country, this paper believes that the gem market of our country should be positioned as a platform to support the financing of small and medium-sized enterprises, which is complementary to the main board market and some of the businesses compete with each other. To reduce the risk of the gem market itself. Establish a complete and sound system of laws and regulations, so that all acts have laws to abide by. It is also necessary to set up a set of gem market systems, including a selection system for listed companies, a flexible trading system, a strict information disclosure system, a well-structured and scientific and efficient regulatory system, and a perfect delisting system on the gem market. To guard against the risk of listed enterprises and regulatory risks. At the same time, to train qualified intermediary institutions and rational investors to reduce the risk of participants in the gem market.
【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.287;F832.51

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