本文選題：新三板 + 中小企業(yè)�。� 參考：《復(fù)旦大學(xué)》2014年碩士論文

【摘要】：本文所用的分析數(shù)據(jù)均為2014年2月前所能獲得的最新數(shù)據(jù),并且以2013年底出臺的新擴容政策為基礎(chǔ),全面剖析近年來新起的場外交易系統(tǒng)新三板的市場容量及總體掛牌中小企業(yè)情況,同時通過對最新的新三板轉(zhuǎn)板機制進行研究、對掛牌新三板后已經(jīng)轉(zhuǎn)板至創(chuàng)業(yè)板市場及中小板市場的8家中小企業(yè)進行深入分析研究,探析新三板對于中小企業(yè)的融資及其他隱性作用,分析新三板市場存在的問題并對其發(fā)展給出一定的預(yù)測和建議。通過分析研究,本文認(rèn)為新三板掛牌對于中小企業(yè)確實存在一定的意義和作用,但也有一定的局限性。對于已經(jīng)轉(zhuǎn)板的企業(yè),新三板平臺可融資交易的作用并不顯著。同時可以看到,從財務(wù)數(shù)據(jù)上較難分析得到新三板對于企業(yè)發(fā)展的飛躍的提升。新三板對于中小企業(yè)有一定的融資性作用,在一定程度上幫助掛牌中小企業(yè)擴大生產(chǎn)規(guī)模。但經(jīng)過分析得到,該融資性作用有一定的局限性,相對于非融資性的隱性激勵作用及規(guī)范作用,融資性作用較為次要,而非融資性的隱形激勵作用及規(guī)范作用為主要作用,并且通過這些隱性作用來推動其融資作用。換而言之,即中小企業(yè)在新三板掛牌其所獲得的資金支持是通過新三板對于中小企業(yè)的非融資性的隱性作用體現(xiàn)出的,而非融資性的隱性作用是中小企業(yè)在新三板掛牌的主要作用。在政策對策上,本文認(rèn)為,應(yīng)進一步完善和推進做市商制度,提高新三板市場的交易量以及流動性。同時,需要鞏固擴容力度,鼓勵中小企業(yè)在市場上掛牌,進一步改變資本市場體系結(jié)構(gòu)。第三,完善新三板掛牌企業(yè)的轉(zhuǎn)板上市的具體機制。第四,增加主板及創(chuàng)業(yè)板市場退市股票退市至新三板的機制,并確立一定的摘牌機制。完善我國資本市場層次體系。第五,整合各地的場外股權(quán)交易中心,統(tǒng)籌管理,統(tǒng)一規(guī)范。
[Abstract]:The analytical data used in this paper are the latest data available by February 2014 and are based on the new expansion policy introduced at the end of 2013. This paper comprehensively analyzes the market capacity of the new third board of the new over-the-counter trading system in recent years and the overall situation of the small and medium-sized enterprises listed in the market. At the same time, through the research on the latest mechanism of the new third board, This paper makes an in-depth analysis and study on the 8 small and medium-sized enterprises that have been transferred to the gem market and the small and medium-sized board market since the listing of the new three boards, and probes into the financing and other recessive effects of the new three boards for small and medium-sized enterprises. This paper analyzes the problems existing in the new third board market and gives some forecasts and suggestions for its development. Through analysis and research, this paper thinks that the new third board listing does have certain significance and function for small and medium-sized enterprises, but it also has some limitations. For enterprises that have been converted, the role of the new three-board platform financing transactions is not significant. At the same time, we can see that it is difficult to analyze the new three-board from the financial data to improve the development of enterprises. The new three-board has certain financing function for small and medium-sized enterprises, and to some extent helps them to expand their production scale. However, the analysis shows that the financing function has some limitations. Compared with the non-financing implicit incentive role and the normative role, the financing role is relatively minor, while the non-financing implicit incentive role and the normative role are the main role. And through these implicit role to promote its financing role. In other words, the financial support received by SMEs listed on the new third board is reflected through the recessive effect of the new third board on the non-financing of SMEs. The recessive role of non-financing is the main role of small and medium-sized enterprises in the new three-board listing. In the policy countermeasures, this paper holds that the market maker system should be further improved and promoted, and the trading volume and liquidity of the new third board market should be improved. At the same time, there is a need to consolidate and expand capacity, encourage small and medium-sized enterprises to be listed in the market, and further change the structure of the capital market system. Third, improve the new three-board listing of the specific mechanism of the board listing. Fourth, increase the main board and gem delisting stock delisting to the new third board mechanism, and establish a delisting mechanism. Improve China's capital market hierarchy system. Fifth, the integration of local over-the-counter equity trading center, overall management, unified norms.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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本文編號：1815088