本文關鍵詞： 新三板 風險 政策建議　出處：《華中師范大學》2016年碩士論文　論文類型：學位論文

【摘要】：改革開放以來,我國的資本市場建設穩(wěn)步向前,但是資本市場結構的發(fā)展還不完善,并沒有建立起真正的多層次資本市場,很多投融資者的需求并沒有得到滿足。2001年為解決退市企業(yè)問題和“兩網(wǎng)企業(yè)”問題,我國建立“代辦股份轉讓系統(tǒng)”,即曾經(jīng)的“老三板”市場。但我國的三板市場發(fā)展緩慢,交易比較活躍的仍然是主板市場和創(chuàng)業(yè)板市場。2006年,中關村科技園區(qū)非上市股份有限公司進入代辦股份系統(tǒng)進行轉讓試點,標志著“新三板”市場的形成。2013年12月新三板市場“擴容”至全國,交易異�；鸨�,使得新三板一躍成為與主板市場和創(chuàng)業(yè)板市場具有可比意義的場外交易市場。新三板市場在擴容至全國后,不論是在掛牌企業(yè)數(shù)量、股票發(fā)行規(guī)模還是在企業(yè)融資規(guī)模、股票交易頻率都取得了非常不錯的成績。截至2015年12月底,新三板市場累積掛牌企業(yè)已達5129家,2015年全年新三板市場股票融資額已達1216.17億元。另外,新三板市場推出了做市商交易制度,并出臺了一系列業(yè)務指導規(guī)則和管理規(guī)定,新三板市場的監(jiān)管制度在不斷完善。但是,新三板市場的發(fā)展還面臨著很多問題,尤其是新三板市場的風險問題。新三板市場對掛牌企業(yè)的企業(yè)規(guī)模、年利潤、存續(xù)年限等各類定量指標不設限制,使得新三板市場的掛牌企業(yè)質量難以保證；新三板市場企業(yè)以中小型科技型企業(yè)為主,企業(yè)規(guī)模較小,流通股本規(guī)模不大,市場容易被操縱,內(nèi)幕交易頻繁；另外,高額利潤回報驅使炒作氛圍濃厚,投資者投機心理嚴重,再加上新三板市場不設漲跌幅限制、信息適當性披露等因素導致新三板市場投資風險較大。新三板市場風險既來自微觀方面的投資者、掛牌企業(yè)、中介機構和監(jiān)管機構等,也來自宏觀方面的國家經(jīng)濟形勢。但是,與新三板市場配套的法律、法規(guī)還比較滯后,投資者對新三板市場的認識還需要時間和經(jīng)驗積累,中介機構對自身角色定位還需要不斷探索,監(jiān)管機構對自身職能定位仍需要充分認識。規(guī)避新三板市場風險需要投資者加強市場研究和業(yè)務學習,更需要監(jiān)管部門在源頭上做好制度設計、法律規(guī)定和市場監(jiān)管。本文最后從掛牌企業(yè)、中介機構、監(jiān)管政策和市場建設等方面提出了市場健康發(fā)展對策。
[Abstract]:Since the reform and opening up, the construction of the capital market in our country has made steady progress, but the development of the capital market structure has not been perfect, and the real multi-level capital market has not been established. In 2001, in order to solve the problems of delisting enterprises and "two net enterprises", our country established the "agency share transfer system", which was once the "old third board" market. However, the third board market in our country developed slowly. On 2006, the Zhongguancun Science and Technology Park Unlisted Company Limited entered the agency stock system to conduct a pilot transfer. Marked the formation of the "new third board" market. In December 2013, the new third board market "expanded" to the whole country, and the transactions were exceptionally hot. The new third board has become an over-the-counter market with comparable significance to the main board market and the growth enterprise market. After the new third board market has expanded to the whole country, whether it is the number of listed enterprises, the size of the stock issue or the scale of financing in the enterprise, the new third board market has become an over-the-counter market with comparable significance to the main board market and the growth enterprise board market. The frequency of stock trading has been very good. As of the end of December 2015, there were 5,129 listed companies in the new third board market, and the total amount of stock financing in the new third board market reached one hundred and twenty-one billion six hundred and seventeen million yuan in 2015. In addition, The new third board market has introduced a market maker trading system, and issued a series of business guidance rules and management regulations. The new third board market supervision system is constantly improving. However, the development of the new third board market still faces many problems. Especially the risk of the new third board market. The new third board market has no restrictions on the enterprise size, annual profit, life span and other quantitative indicators, which makes it difficult to guarantee the quality of the new third board market. The new third Board market enterprises are mainly small and medium-sized technology-based enterprises, with small scale, small circulating shares, easy manipulation of the market and frequent insider trading. In addition, the high profits and returns drive a strong atmosphere of speculation. The serious speculative psychology of investors, coupled with the fact that there is no limit on the price and decline of the new third board market, and that such factors as proper disclosure of information lead to a greater investment risk in the new third board market. The risks in the new third board market are not only from investors in the micro aspects, but also from listed enterprises. Intermediary organizations and regulatory bodies, etc., also come from the macroeconomic situation of the country. However, the laws and regulations supporting the new third board market are still lagging behind, and investors' understanding of the new third board market still needs time and experience. Intermediary organizations still need to explore their role orientation, and regulators still need to fully understand their own role positioning. To avoid the market risks of the new three boards, investors need to strengthen market research and business learning. At the end of this paper, the author puts forward some countermeasures for the healthy development of the market from the aspects of listed enterprises, intermediary organizations, regulatory policies and market construction.
【學位授予單位】：華中師范大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F832.51

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