【摘要】：近年來(lái),我國(guó)經(jīng)濟(jì)實(shí)現(xiàn)了快速的發(fā)展。其中,我國(guó)資本市場(chǎng)發(fā)展十分突出。然而,我國(guó)中小微企業(yè)的發(fā)展卻十分緩慢,這主要是因?yàn)槲覈?guó)新三板市場(chǎng)的發(fā)展還不完善。新三板市場(chǎng)在其發(fā)展過(guò)程中,也遇到了許多的困難,比如市場(chǎng)交易不活躍、流動(dòng)性不足、企業(yè)價(jià)值被低估等。其中以新三板市場(chǎng)轉(zhuǎn)板問(wèn)題較為突出。到目前為止,只有15家企業(yè)轉(zhuǎn)板成功,這些企業(yè)都是通過(guò)走IPO之路來(lái)進(jìn)行轉(zhuǎn)板的,這使得它們都付出了巨大的轉(zhuǎn)板成本。這樣也就大大地打擊了優(yōu)質(zhì)企業(yè)到新三板掛牌的積極性,同時(shí)對(duì)我國(guó)新三板資本市場(chǎng)的長(zhǎng)遠(yuǎn)發(fā)展是十分不利的。這種情況主要是由我國(guó)多層次資本市場(chǎng)轉(zhuǎn)板制度不完善所造成的。為此,本文將新三板轉(zhuǎn)板問(wèn)題作為本文研究主題,并結(jié)合相關(guān)理論,對(duì)合縱科技轉(zhuǎn)板案例進(jìn)行分析,進(jìn)而得出一些建議。首先,新三板市場(chǎng)自身需要完善相關(guān)的配套機(jī)制。可以通過(guò)適當(dāng)引入競(jìng)爭(zhēng)機(jī)制以完善做市商制度、引入公募基金及適當(dāng)降低投資者門檻等方式,來(lái)解決其掛牌企業(yè)估值較低、交易不活躍、流動(dòng)性差等問(wèn)題,使得其可以滿足更多掛牌企業(yè)的融資需求,從而留住優(yōu)質(zhì)企業(yè)來(lái)促使其發(fā)展,同時(shí)也可以緩解掛牌企業(yè)紛紛要求轉(zhuǎn)板的壓力。其次,建立更為有效的分層機(jī)制。自從新三板擴(kuò)容之后,來(lái)新三板市場(chǎng)掛牌的企業(yè)數(shù)量迅速增加,僅將這些企業(yè)分為基礎(chǔ)層和創(chuàng)新層太過(guò)于簡(jiǎn)單,不能夠滿足新三板市場(chǎng)擴(kuò)容之后的需求。我們可以通過(guò)以下方式來(lái)建立更為有效的分層機(jī)制。第一,可以根據(jù)新三板掛牌企業(yè)股權(quán)交易方式的不同來(lái)進(jìn)行細(xì)分,將其中以競(jìng)價(jià)交易方式進(jìn)行股權(quán)交易的掛牌企業(yè)分為精選層,將其中以做市商交易方式進(jìn)行股權(quán)交易的掛牌企業(yè)分為創(chuàng)新層,而將其中以股份轉(zhuǎn)讓交易方式進(jìn)行股權(quán)交易的掛牌企業(yè)分為基礎(chǔ)層。第二,為其中的優(yōu)質(zhì)企業(yè)提供轉(zhuǎn)板便利服務(wù)。第三,完善市場(chǎng)化退市制度。最后,建立高效便捷的轉(zhuǎn)板機(jī)制。我們可以通過(guò)以下方式來(lái)建立高效便捷的轉(zhuǎn)板機(jī)制。第一,提高管理層對(duì)新三板資本市場(chǎng)的重視,尤其是在轉(zhuǎn)板機(jī)制方面。第二,建立高效便捷的轉(zhuǎn)板通道。第三,建立更多的轉(zhuǎn)板方式。例如,我們可以建立允許企業(yè)掛牌私募發(fā)行機(jī)制、企業(yè)在板內(nèi)自動(dòng)轉(zhuǎn)板升級(jí)制度等。
[Abstract]:In recent years, China's economy has achieved rapid development. Among them, our country capital market development is very outstanding. However, the development of small and medium enterprises in China is very slow, which is mainly due to the imperfect development of the new third board market. In the process of its development, the new third board market has also encountered many difficulties, such as inactive market transactions, insufficient liquidity, undervalued enterprises and so on. Among them, the new three-board market turntable problem is more prominent. So far, only 15 enterprises have been successful, all of them have been transferred by IPO, which makes them pay a huge cost. In this way, the enthusiasm of high quality enterprises to go to the new three boards is greatly dampened, and at the same time, it is very unfavorable to the long-term development of the new third board capital market of our country. This situation is mainly caused by the imperfect system of multi-level capital market. Therefore, this paper takes the new three boards as the research topic, and combines with the relevant theory, analyzes the case of the composite technology transfer board, and then comes up with some suggestions. First of all, the new three-board market itself needs to improve the relevant supporting mechanism. We can solve the problems of low valuation, inactive trading and poor liquidity of listed enterprises by properly introducing competition mechanism to perfect the market maker system, introducing public offering funds and lowering the threshold of investors, and so on. So that it can meet the financing needs of more listed companies, so as to retain high-quality enterprises to promote its development, but also to ease the listing of the pressure to demand a board. Secondly, a more effective stratification mechanism is established. Since the expansion of the new third board, the number of enterprises listed in the new third board market has increased rapidly. It is too simple to divide these enterprises into basic and innovative layers and can not meet the needs after the expansion of the new third board market. We can establish a more effective hierarchical mechanism in the following ways. First, it can be subdivided according to the different equity trading methods of the new three-board listed enterprises, and the listed enterprises that trade shares by way of competitive price trading can be divided into selected layers. The listed enterprises which are traded by market makers are divided into innovation layer, and listed enterprises which trade shares by means of share transfer are divided into basic layers. Second, provide convenient service for high-quality enterprises. Third, perfect the market-oriented delisting system. Finally, the establishment of efficient and convenient turntable mechanism. We can establish efficient and convenient turntable mechanism in the following ways. First, management should pay more attention to the new three-board capital market, especially in the conversion mechanism. Second, establish efficient and convenient turntable channel. Third, establish more turntable ways. For example, we can set up a private-placement mechanism that allows companies to list private equity, and an automatic board-to-board upgrade system.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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本文編號(hào)：2398405