【摘要】：信息一直以來在資本市場中扮演著非常重要的角色,一個(gè)完善而有效的信息披露體系是建立高效、健康的市場管理制度的重要基礎(chǔ)和前提。在資本市場中,信息披露已成為市場參與者進(jìn)行全面溝通信息的橋梁。真實(shí)、準(zhǔn)確、完整和及時(shí)的信息披露不僅有利于促進(jìn)企業(yè)的健康發(fā)展,提高資本市場運(yùn)行效率,而且還有助于投資者作出合理的投資決策,降低投資風(fēng)險(xiǎn)。我國新三板市場的設(shè)立、發(fā)展改變了我國資本市場“倒金字塔”的狀況,彌補(bǔ)了我國資本市場體系短缺的一塊。近年來新三板企業(yè)掛牌數(shù)量激增,已進(jìn)入“萬家燈火”時(shí)代,但是新三板信息披露水平卻不容樂觀,加之我國新三板發(fā)展歷程短暫,在制度建設(shè)、法律法規(guī)制定、掛牌企業(yè)自身、監(jiān)管方面不夠完善,所以出現(xiàn)了很多違規(guī)性披露。因此,分析研究新三板市場違規(guī)性披露不僅能規(guī)范信息披露主體的行為,強(qiáng)化信息披露質(zhì)量,更重要的是有利于加快新三板市場建設(shè),推動眾多中小微企業(yè)的健康有序發(fā)展,最終強(qiáng)化我國資本市場體系。本文的主要內(nèi)容是從新三板的“先天不足”出發(fā),分析新三板的現(xiàn)狀為下文研究信息披露做鋪墊;接著闡述信息披露內(nèi)涵、委托代理理論、信息不對稱理論、有效市場假說等內(nèi)容,進(jìn)一步論證信息披露在新三板市場中的重要性;再者,分析我國新三板市場信息披露存在的違規(guī)問題,并結(jié)合具體案例進(jìn)行分析,然后對比主板市場信息披露找到提高我國新三板市場信息披露質(zhì)量的途徑和方法;最后通過加強(qiáng)掛牌公司機(jī)制建設(shè)、加大違規(guī)處罰力度和提高違規(guī)成本、提升中介機(jī)構(gòu)信用水平等措施,以此完善我國新三板信息披露制度,減少信息披露違規(guī)現(xiàn)象的發(fā)生。最終提高我國新三板市場信息披露質(zhì)量,進(jìn)而完善我國多層次、高水平的資本市場體系。
[Abstract]:Information has always played a very important role in the capital market. A perfect and effective information disclosure system is an important foundation and prerequisite for the establishment of an efficient and healthy market management system. In the capital market, information disclosure has become a bridge for market participants to communicate information. True, accurate, complete and timely disclosure of information is not only conducive to promoting the healthy development of enterprises and improving the efficiency of the capital market, but also helps investors to make reasonable investment decisions and reduce investment risks. The establishment of the new third board market in China has changed the situation of the "inverted pyramid" of China's capital market and made up for the shortage of the capital market system in our country. In recent years, the number of new third board companies has increased dramatically, and they have entered the era of "light in every house". However, the level of information disclosure on the new three boards is not optimistic. In addition, the development of the new three boards in China is short, the system construction, the formulation of laws and regulations, Listed enterprises themselves, supervision is not perfect, so there are a lot of illegal disclosure. Therefore, analyzing and studying the illegal disclosure of the new third board market can not only standardize the behavior of the main body of information disclosure, strengthen the quality of information disclosure, but also accelerate the construction of the new third board market and promote the healthy and orderly development of many small, medium and small enterprises. Finally, strengthen the capital market system of our country. The main content of this paper is to analyze the present situation of the new three boards from the "innate deficiency" of the new three boards, and then to elaborate the connotation of information disclosure, the theory of principal-agent, the theory of asymmetric information. The effective market hypothesis, etc., to further demonstrate the importance of information disclosure in the new third board market; furthermore, to analyze the problems existing in the information disclosure of the new third board market in China, and to analyze the specific cases. Then compare the main board market information disclosure to find ways and methods to improve the quality of information disclosure in the new third board market of our country. Finally, by strengthening the construction of listed company mechanism, we will increase the penalties for violations and increase the cost of violations. In order to improve the credit level of intermediary organizations and improve the information disclosure system of the new three boards in China, the phenomenon of information disclosure violations will be reduced. Finally, we can improve the quality of information disclosure in the new third board market and perfect our country's multi-level and high-level capital market system.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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本文編號：2198621