本文選題：非上市公眾公司 + 股權(quán)轉(zhuǎn)讓��； 參考：《鄭州大學(xué)》2010年碩士論文

【摘要】： 非上市公眾公司是指那些向不特定公眾公開發(fā)行股票,或者股東超過200人,且股票未在證券交易所掛牌公開交易的股份有限公司。由于各種原因這部分公司的股權(quán)轉(zhuǎn)讓在我國缺乏合法、有效率的市場制度和監(jiān)管措施,歷史上曾經(jīng)出現(xiàn)的各種非上市股份交易市場也被當(dāng)作非法證券市場關(guān)停。而另一方面,民間澎湃的投資熱情和非上市公眾公司股東轉(zhuǎn)讓股權(quán)的現(xiàn)實需要都急需一個滿足的渠道。本文正是以這種現(xiàn)實需求為目標(biāo),力求通過對于非上市公眾公司股權(quán)轉(zhuǎn)讓制度的理論分析,對世界各國現(xiàn)有制度的比較分析,并結(jié)合我國國情,提出完善我國非上市公眾公司股權(quán)轉(zhuǎn)讓交易制度和監(jiān)管制度的建議。 非上市公眾公司股權(quán)轉(zhuǎn)讓制度的理論基礎(chǔ)是這類公司在法律上的資合性以及公眾性、經(jīng)濟學(xué)關(guān)于公司契約的不完全性以及安全、效率和公平價值的協(xié)調(diào)統(tǒng)一性。完善非上市公眾公司股權(quán)轉(zhuǎn)讓制度有著完善公司治理、保護少數(shù)派股東、豐富資本市場體系、鼓勵創(chuàng)業(yè)投資和解決融資困境等現(xiàn)實意義。 比較國外及港臺地區(qū)非上市公眾公司股權(quán)轉(zhuǎn)讓制度,可以發(fā)現(xiàn),經(jīng)紀(jì)商制度和做市商制度各有優(yōu)劣,經(jīng)紀(jì)商制度較為透明、交易成本較小,而做市商制度有助于穩(wěn)定市場、穩(wěn)定價格,使股票價格體現(xiàn)股權(quán)價值,并可以提供較多的流動性�；旌鲜褂脙煞N制度既是世界潮流所指也是我國現(xiàn)實所需。 根據(jù)我國大陸歷史上及現(xiàn)有非上市公眾公司股權(quán)轉(zhuǎn)讓的各種制度途徑的分析,提出以現(xiàn)有的代辦股權(quán)轉(zhuǎn)讓系統(tǒng)為統(tǒng)一市場、各地產(chǎn)權(quán)交易所為區(qū)域市場,建立有層級的非上市公眾公司股權(quán)轉(zhuǎn)讓市場體系。 我國非上市公眾公司股權(quán)轉(zhuǎn)讓市場制度的完善,應(yīng)該從交易主體制度、市場準(zhǔn)入制度、基本運作制度、轉(zhuǎn)板及退市制度四個方面采取相應(yīng)的措施。 我國非上市公眾公司股權(quán)轉(zhuǎn)讓監(jiān)管制度的完善的原則是即保證市場效率又不犧牲交易安全。確立證監(jiān)會的監(jiān)管職責(zé)和監(jiān)管手段,并結(jié)合證券業(yè)協(xié)會的自律管理,來確保非上市公眾公司股權(quán)交易市場的健康發(fā)展。最后,針對做市商在市場中的特殊地位,應(yīng)當(dāng)針對做市商做出特別的管理措施。
[Abstract]:An unlisted public company is a limited company that issues shares to an unspecified public or has more than 200 shareholders and whose shares are not publicly traded on the stock exchange. Due to the lack of legal and efficient market system and supervision measures for the share transfer of this part of the company in our country, all kinds of unlisted stock trading markets that have appeared in history have also been closed down as illegal securities markets. On the other hand, private investment enthusiasm and the real need for shareholders to transfer equity in unlisted public companies are in urgent need of a channel to meet. This article aims at this kind of realistic demand, through the theoretical analysis of the stock transfer system of the unlisted public company, the comparative analysis of the existing system of countries in the world, and combined with the national conditions of our country. The paper puts forward some suggestions on perfecting the system of stock transfer and supervision of non-listed public companies in China. The theoretical basis of the equity transfer system of unlisted public companies is the legal compatibility and public nature of such companies, the incompleteness of corporate contracts and the coordination and unity of safety, efficiency and fair value in economics. It is of practical significance to perfect corporate governance, protect minority shareholders, enrich capital market system, encourage venture capital investment and solve financing dilemma. Comparing the stock transfer systems of foreign and unlisted public companies in Hong Kong and Taiwan, we can find that the brokerage system and the market maker system have their own advantages and disadvantages, the broker system is more transparent, the transaction cost is relatively small, and the market maker system is conducive to stabilizing the market. Stable price, so that the stock price reflects equity value, and can provide more liquidity. The mixed use of the two systems is not only what the world trend refers to, but also what our country needs. Based on the analysis of various institutional approaches to equity transfer of unlisted public companies in the history of mainland China, this paper proposes that the existing agency equity transfer system is the unified market, and the property exchanges in various places are the regional markets. Establish a hierarchical market system for the transfer of shares of unlisted public companies. In order to perfect the stock transfer market system of unlisted public companies, the corresponding measures should be taken from four aspects: the system of trading subject, the system of market access, the system of basic operation, the system of transferring board and the system of delisting. The perfect principle of the supervision system of non-listed public company's equity transfer is to guarantee the market efficiency without sacrificing the transaction safety. To ensure the healthy development of the stock trading market of unlisted public companies, we should establish the regulatory responsibilities and means of the CSRC and combine the self-regulation management of the Securities Industry Association to ensure the healthy development of the stock trading market of non-listed public companies. Finally, in view of the special position of market makers in the market, special management measures should be made for market makers.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：F832.51

【引證文獻】

相關(guān)碩士學(xué)位論文 前2條

1 于晉云;我國非上市公眾公司的監(jiān)管路徑選擇[D];四川省社會科學(xué)院;2012年

2 丁進禧;非上市股份公司股權(quán)轉(zhuǎn)讓市場監(jiān)管法制研究[D];復(fù)旦大學(xué);2012年

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本文編號：2012933