本文選題：輕資　切入點(diǎn)：上市公司　出處：《浙江大學(xué)》2013年碩士論文

【摘要】：輕資產(chǎn)上市公司主要依靠核心人員或技術(shù),從而較容易復(fù)制、轉(zhuǎn)移。而中國資本市場受國內(nèi)政治體制、法制健全程度和信用體系建設(shè)情況等因素制約,實(shí)際控制人等(擬)上市公司相關(guān)人員利用資本市場謀取個(gè)人不法利益欲望明顯。筆者根據(jù)監(jiān)管實(shí)踐中看到的輕資產(chǎn)上市公司風(fēng)險(xiǎn)苗頭,提出如何加強(qiáng)輕資產(chǎn)上市公司監(jiān)管的問題。 筆者結(jié)合多年上市公司監(jiān)管實(shí)踐,通過對(duì)現(xiàn)行監(jiān)管制度下上市公司違法行為收益-成本分析,提出“市場博弈、立法靈活、嚴(yán)刑重罰、內(nèi)部制約、輿論監(jiān)督”等提高上市公司監(jiān)管有效性及效率的綜合思路和建議。 結(jié)合輕資產(chǎn)上市公司特點(diǎn),對(duì)核心資產(chǎn)復(fù)制、轉(zhuǎn)移等利益輸送、借殼炒作獲利、重復(fù)募資、惡意退市、盲目投資、欺詐發(fā)行、虛抬發(fā)行價(jià)、操縱股價(jià)與內(nèi)幕交易等輕資產(chǎn)上市公司侵害投資者利益行為,逐條分析并提出對(duì)策建議；研究提出通過市場化改革提高資本市場生態(tài)環(huán)境的建議,以及強(qiáng)制提高信息披露標(biāo)準(zhǔn),要求發(fā)行人等做出承諾,要求中小投資者代表進(jìn)入董事會(huì)和監(jiān)事會(huì),支持輕資產(chǎn)上市公司運(yùn)用股權(quán)激勵(lì)減少核心人員的流動(dòng),強(qiáng)化輕資產(chǎn)上市公司退市機(jī)制并建立退市責(zé)任追究賠償機(jī)制、募集資金追回機(jī)制等5項(xiàng)具體措施。 筆者在綜合上市公司違法行為收益-成本,以及輕資產(chǎn)上市公司侵害投資者利益行為兩方面分析及建議,提出分行業(yè)、類型制定輕資產(chǎn)公司上市標(biāo)準(zhǔn),強(qiáng)化輕資產(chǎn)上市公司退市機(jī)制；對(duì)輕資產(chǎn)上市公司首次發(fā)行股份比例設(shè)定更高標(biāo)準(zhǔn),增加外部股東持股比例；強(qiáng)制提高輕資產(chǎn)上市公司信息披露標(biāo)準(zhǔn),鼓勵(lì)主動(dòng)披露；要求發(fā)行人及實(shí)際控制人等關(guān)聯(lián)人做出承諾；要求中小投資者代表進(jìn)入董事會(huì)和監(jiān)事會(huì),設(shè)立董事會(huì)道德委員會(huì)；支持輕資產(chǎn)上市公司市場化運(yùn)用股權(quán)激勵(lì)等6項(xiàng)輕資產(chǎn)上市公司差異化監(jiān)管建議。 本文主要?jiǎng)?chuàng)新之處是提出輕資產(chǎn)上市公司差異化監(jiān)管思路及具體建議；根據(jù)輕資產(chǎn)上市公司特點(diǎn)及現(xiàn)行監(jiān)管制度預(yù)研輕資產(chǎn)上市公司可能的風(fēng)險(xiǎn)點(diǎn)；整理分析上市公司違法收益-成本,提出提高上市公司監(jiān)管有效性及效率的綜合思路及對(duì)策建議。
[Abstract]:Light assets listed companies mainly rely on core personnel or technology, thus easier to copy, transfer.However, China's capital market is restricted by factors such as domestic political system, the degree of legal perfection and the construction of credit system.According to the risks of listed companies with light assets, the author puts forward the problem of how to strengthen the supervision of listed companies with light assets.Based on the practice of supervision of listed companies for many years, through the analysis of the income and cost of illegal acts of listed companies under the current supervision system, the author puts forward that "market game, flexible legislation, severe punishment and severe punishment, internal restriction,"Public opinion Supervision "and other comprehensive ideas and suggestions to improve the effectiveness and efficiency of supervision of listed companies."Combining the characteristics of listed companies with light assets, conveying the benefits of copying and transferring core assets, making profits through shell speculation, refinancing, malicious delisting, blind investment, fraudulent issuance, and false raising of the issue price,Manipulating stock price and insider trading and other light assets listed companies encroach on investors' interests, analyze them article by article and put forward countermeasures, put forward suggestions to improve the ecological environment of capital market through market-oriented reform, and compulsorily raise information disclosure standards.Requiring issuers and others to make commitments, requiring representatives of small and medium-sized investors to enter the board of directors and supervisory boards, and supporting listed companies with light assets to use equity incentives to reduce the flow of core personnel.Strengthening the delisting mechanism of light assets listed companies, establishing delisting liability and compensation mechanism, collecting funds recovery mechanism, etc.The author analyzes and proposes two aspects of comprehensive listed companies' illegal behavior income-cost and light assets listed companies' infringing on investors' interests, and puts forward the standard of listing of light assets companies by industry and type.Strengthening the delisting mechanism of listed companies with light assets; setting a higher standard for the proportion of shares issued by listed companies with light assets for the first time, increasing the proportion of external shareholders holding shares; increasing the disclosure standards of information of listed companies with light assets by force, encouraging active disclosure;To require the issuer and the actual controller to make a commitment, to require the representatives of small and medium investors to enter the board of directors and the board of supervisors, to set up a board of directors ethics committee;To support the light assets listed companies market-oriented use of equity incentives and other six light assets listed companies differential regulatory recommendations.The main innovation of this paper is to put forward the ideas and specific suggestions of differential supervision of listed companies with light assets, to study the possible risk points of listed companies with light assets according to the characteristics of listed companies with light assets and the current regulatory system.This paper analyzes the illegal income-cost of listed companies and puts forward the comprehensive ideas and suggestions to improve the effectiveness and efficiency of supervision of listed companies.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F276.6

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本文編號(hào)：1727422