本文選題：全國性場外交易市場　切入點：全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)　出處：《華東政法大學》2014年碩士論文

【摘要】：相較于場內(nèi)交易市場，我國場外交易市場在整個資本市場主體融資方面具有不可替代的作用。與發(fā)達國家相比，我國場外交易市場起步晚、發(fā)展緩慢。從2001年到2013年的13年間，三板市場不斷地蛻變，經(jīng)歷了“老三板”“新三板”“全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)”三個階段。2012年9月20日，全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)有限責任公司在國家工商總局登記注冊。2013年1月6日，全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)有限責任公司正式揭牌運營，成為全國場外交易市場建設(shè)的標志性事件，，也是全國場外市場建設(shè)從試點走向規(guī)范運行的重要指標。2013年6月全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)再次擴容至全國，這就意味著全國范圍內(nèi)的非上市股份有限公司的股票均可在全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)流通。至此，全國性場外交易市場的建立表明了我國多層次資本市場框架的建立。 證券市場在本質(zhì)上是一個信息市場。證券信息披露制度是證券市場賴以建立和發(fā)展的基礎(chǔ)，也是保證證券市場“三公”、保護投資者利益的基本法律制度。投資者的價值判斷和決策很大程度上依賴于信息披露，因此信息披露制度會對投資者產(chǎn)生影響，由此也會對債權(quán)人等利害關(guān)系人產(chǎn)生影響。作為證券市場的重要組成部分，全國性場外交易市場的良好、健康、持續(xù)發(fā)展與完善成熟的信息披露制度密切相關(guān)。本文以全國性場外交易市場信息披露法律法規(guī)為基礎(chǔ)，分析目前適用的信息披露制度存在不足并提出相應的完善建議。 本文第一章是信息披露義務(wù)主體。首先從我國全國性場外交易市場信息披露過程中涉及的機構(gòu)和人員著手，分析上述主體在全國性場外交易市場信息披露活動中所處的地位、作用、職責，進而確定哪些是信息披露義務(wù)主體，依法承擔信息披露義務(wù)。 本文第二章是信息披露義務(wù)的內(nèi)容。通過分析兩網(wǎng)以及退市公司、申請掛牌公司、掛牌公司適用的兩套信息披露規(guī)則，發(fā)現(xiàn)兩網(wǎng)以及退市公司信息披露內(nèi)容過于繁雜，同時掛牌公司所適用的信息披露規(guī)則沒有考慮公司資本規(guī)模、人數(shù)的因素。因此全國性場外交易市場應當在適用統(tǒng)一信息披露規(guī)則的前提下，根據(jù)公司不同的規(guī)模、人數(shù)來確定信息披露義務(wù)內(nèi)容的范圍。 本文第三章是違規(guī)信息披露的責任。我國違規(guī)信息披露的法律責任主要有刑事責任、行政責任、民事責任，并呈現(xiàn)出以行政責任為主，刑事責任和民事責任為輔的特點。根據(jù)全國性場外交易市場的特點，總結(jié)三種法律責任在處罰力度、處罰方式等方面存在的不足并提出相應的完善建議，從而真正地發(fā)揮打擊不法行為和保護投資者利益的作用，為全國性場外交易市場的發(fā)展保駕護航。
[Abstract]:Compared with the OTC market, the OTC market in China plays an irreplaceable role in the financing of the whole capital market. Compared with the developed countries, the OTC market in China started late and developed slowly. During the 13 years from 2001 to 2013, the OTC market in China started late and developed slowly. The third board market has undergone three stages: "the old third board", "the new third board" and "the national small and medium-sized enterprise share transfer system." on September 20, 2012, The National small and Medium-sized Enterprises share transfer system Limited liability Company was registered with the State Administration for Industry and Commerce. On January 6, 2013, the National small and Medium-sized Enterprises share transfer system Limited liability Company officially opened and operated. It has become a landmark event in the construction of the national over-the-counter market, and is also an important indicator for the construction of the national over-the-counter market from a pilot to a standardized operation. In June 2013, the National small and Medium-sized Enterprises (SMEs) share transfer system was again expanded to the whole country. This means that the shares of non-listed companies in the whole country can be circulated in the national small and medium-sized enterprises share transfer system. So far, the establishment of the national over-the-counter market shows the establishment of the multi-level capital market framework in our country. The securities market is essentially an information market. The securities information disclosure system is the basis for the establishment and development of the securities market. It is also a basic legal system to ensure that the securities market is "three public" and to protect the interests of investors. Investors' value judgment and decision-making depend to a large extent on information disclosure, so the information disclosure system will have an impact on investors. As an important part of the securities market, the national over-the-counter market is sound and healthy. The sustainable development is closely related to the improvement of the mature information disclosure system. Based on the national over-the-counter market information disclosure laws and regulations, this paper analyzes the shortcomings of the current applicable information disclosure system and puts forward corresponding suggestions. The first chapter of this paper is the subject of information disclosure obligations. Firstly, from the institutions and personnel involved in the process of information disclosure in the national over-the-counter market, this paper analyzes the status of the above mentioned subjects in the information disclosure activities of the national over-the-counter market. Role, responsibility, and then determine which information disclosure obligations subject, according to law to assume information disclosure obligations. The second chapter of this paper is the content of information disclosure obligations. By analyzing the two networks and delisting companies, applying for listing companies, listing companies applicable to the two sets of information disclosure rules, it is found that the information disclosure content of the two networks and delisting companies is too complicated. At the same time, the information disclosure rules applicable to listed companies do not take into account the factors of the size and number of companies' capital. Therefore, the national over-the-counter market should, on the premise of applying uniform rules on information disclosure, take into account the different size of the company. The number of people to determine the scope of the content of information disclosure obligations. The third chapter of this paper is the responsibility of information disclosure in violation of regulations. The legal liability of illegal disclosure of information in our country mainly includes criminal liability, administrative liability, civil liability, and presents mainly administrative liability. According to the characteristics of the national over-the-counter trading market, this paper summarizes the shortcomings of the three kinds of legal liabilities in terms of the degree of punishment and the manner of punishment, and puts forward corresponding suggestions for perfection. Thus, it can play the role of cracking down on illegal behavior and protecting investors' interests, so as to protect the development of the national over-the-counter market.
【學位授予單位】：華東政法大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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