本文選題：多層次資本市場(chǎng) + 區(qū)域性股權(quán)交易市場(chǎng)　； 參考：《中央民族大學(xué)》2016年博士論文

【摘要】：加快發(fā)展多層次資本市場(chǎng)是黨中央、國(guó)務(wù)院根據(jù)新時(shí)期資本市場(chǎng)和國(guó)民經(jīng)濟(jì)發(fā)展需要而做出的重要戰(zhàn)略部署。這其中,發(fā)展統(tǒng)一監(jiān)管的、多層次的場(chǎng)外市場(chǎng),特別是大力發(fā)展區(qū)域性股權(quán)交易市場(chǎng),既是清理各類(lèi)交易場(chǎng)所、規(guī)范市場(chǎng)秩序的客觀需要,又是加大資本市場(chǎng)支持經(jīng)濟(jì)社會(huì)發(fā)展薄弱領(lǐng)域、解決中小微型企業(yè)融資難融資貴問(wèn)題的客觀需要,更是深化資本市場(chǎng)服務(wù)實(shí)體經(jīng)濟(jì)、支持各地區(qū)經(jīng)濟(jì)特別是民族地區(qū)經(jīng)濟(jì)發(fā)展的客觀需要。我國(guó)是一個(gè)統(tǒng)一的多民族國(guó)家,民族地區(qū)經(jīng)濟(jì)發(fā)展水平相對(duì)落后,轄區(qū)企業(yè)核心競(jìng)爭(zhēng)力普遍較弱,利用資本市場(chǎng)發(fā)展區(qū)域經(jīng)濟(jì)的能力明顯不足。區(qū)域性股權(quán)交易市場(chǎng)作為多層次資本市場(chǎng)中最基礎(chǔ)的部分,通過(guò)向本地區(qū)不符合公開(kāi)發(fā)行上市條件的企業(yè)提供直接融資渠道,有助于幫助企業(yè)增強(qiáng)競(jìng)爭(zhēng)力,提升地區(qū)經(jīng)濟(jì)活力,不斷擴(kuò)大資本市場(chǎng)服務(wù)的范圍和內(nèi)涵,促進(jìn)資本市場(chǎng)更好地為實(shí)體經(jīng)濟(jì)服務(wù)。因此,不斷加強(qiáng)區(qū)域性股權(quán)交易市場(chǎng)法律制度體系建設(shè),提升區(qū)域性股權(quán)市場(chǎng)服務(wù)實(shí)體經(jīng)濟(jì)的能力和范圍,發(fā)揮地方政府、監(jiān)管部門(mén)和專(zhuān)業(yè)中介機(jī)構(gòu)的合力,大力支持民族地區(qū)利用資本市場(chǎng)發(fā)展經(jīng)濟(jì),有利于推動(dòng)我國(guó)各地區(qū)特別是民族地區(qū)在內(nèi)的各區(qū)域經(jīng)濟(jì)和諧發(fā)展,對(duì)于維護(hù)國(guó)家安定團(tuán)結(jié)具有非常重要的作用。近年來(lái),隨著各類(lèi)交易所清理整頓工作的結(jié)束,區(qū)域性股權(quán)交易市場(chǎng)迎來(lái)了快速發(fā)展時(shí)期,但與新三板市場(chǎng)如火如荼的發(fā)展形成鮮明對(duì)比,我國(guó)區(qū)域性股權(quán)交易市場(chǎng)仍處于探索發(fā)展階段,不少區(qū)域性股權(quán)交易市場(chǎng)發(fā)展過(guò)程曲折而反復(fù),面臨著諸多困境,未能充分發(fā)揮市場(chǎng)組織功能,真正納入到多層次資本市場(chǎng)體系中去。究其原因,有地方政府和監(jiān)管部門(mén)支持與關(guān)注力度不夠、業(yè)務(wù)模式市場(chǎng)適應(yīng)性不足等原因,但更重要的是,我國(guó)資本市場(chǎng)發(fā)展起步較晚,資本市場(chǎng)法制建設(shè)和法律環(huán)境仍有待完善,規(guī)范區(qū)域性股權(quán)交易市場(chǎng)的法律制度還很不健全。長(zhǎng)期以來(lái),我國(guó)證券法律法規(guī)主要以規(guī)范場(chǎng)內(nèi)交易所市場(chǎng)為主,配套制度規(guī)則比較完善,而規(guī)范區(qū)域性股權(quán)交易市場(chǎng)的立法及相關(guān)規(guī)則制度嚴(yán)重缺失,對(duì)區(qū)域性股權(quán)交易市場(chǎng)的功能定位、法律制度設(shè)計(jì)、風(fēng)險(xiǎn)防范和監(jiān)管安排等均不明確,嚴(yán)重影響了我國(guó)多層次資本市場(chǎng)體系的建立和完善。本文的研究和寫(xiě)作主要采用比較分析方法、制度分析方法、案例分析法和理論與實(shí)踐相結(jié)合等方法,共分為五個(gè)部分：第一章為緒論,主要是闡述本文的研究背景、范圍和框架,并簡(jiǎn)要介紹了筆者對(duì)從事本文研究寫(xiě)作做的前期準(zhǔn)備情況。第二章對(duì)我國(guó)區(qū)域性股權(quán)交易市場(chǎng)發(fā)展現(xiàn)狀進(jìn)行了比較研究。對(duì)我國(guó)部分區(qū)域性股權(quán)交易市場(chǎng)的功能定位進(jìn)行闡述；介紹了證券公司參與區(qū)域性股權(quán)交易市場(chǎng)現(xiàn)狀,從證券公司的角度對(duì)區(qū)域性股權(quán)交易市場(chǎng)的相關(guān)制度以及存在的問(wèn)題進(jìn)行了評(píng)估；重點(diǎn)對(duì)民族地區(qū)股權(quán)交易市場(chǎng)——廣西北部灣股權(quán)交易所的現(xiàn)狀及運(yùn)營(yíng)模式和新疆股權(quán)交易中心融資情況進(jìn)行了全面介紹和分析,揭示出制約其市場(chǎng)發(fā)展過(guò)程中存在的突出問(wèn)題,并在此基礎(chǔ)上結(jié)合我國(guó)區(qū)域性股權(quán)交易市場(chǎng)普遍存在的共性問(wèn)題嘗試提出發(fā)展思路和方向。第三章探討了影響我國(guó)區(qū)域性股權(quán)交易市場(chǎng)發(fā)展的核心問(wèn)題即法律制度建設(shè)問(wèn)題,通過(guò)對(duì)現(xiàn)行區(qū)域性股權(quán)交易市場(chǎng)法律法規(guī)體系的介紹以及對(duì)部分區(qū)域性股權(quán)市場(chǎng)基礎(chǔ)制度的比較,分析研判當(dāng)前我國(guó)區(qū)域性股權(quán)交易市場(chǎng)法律制度方面存在的不足。第四章對(duì)美國(guó)私募市場(chǎng)發(fā)展經(jīng)驗(yàn)進(jìn)行了研究和探索,對(duì)其私募市場(chǎng)的發(fā)展歷程、法律制度建設(shè)做出介紹、分析和總結(jié)。通過(guò)結(jié)合對(duì)部分經(jīng)典案例進(jìn)行解析,重點(diǎn)對(duì)美國(guó)私募市場(chǎng)的發(fā)行制度、信息報(bào)告制度、合格投資者制度等做出詳細(xì)介紹,以期為完善我國(guó)區(qū)域性股權(quán)交易市場(chǎng)法律制度建設(shè)提供借鑒。第五章是完善我國(guó)區(qū)域性股權(quán)交易市場(chǎng)法律制度的建議。在上述研究的基礎(chǔ)上,筆者嘗試提出我國(guó)區(qū)域性股權(quán)交易市場(chǎng)的發(fā)展趨勢(shì),并對(duì)完善我國(guó)區(qū)域性股權(quán)市場(chǎng)法律制度建設(shè)提出具體建議：一是加強(qiáng)法律層面的頂層設(shè)計(jì),進(jìn)一步明確區(qū)域性股權(quán)交易市場(chǎng)的法律定位,從根本上保障區(qū)域性股權(quán)交易市場(chǎng)規(guī)范有序發(fā)展；二是建立相對(duì)統(tǒng)一的基礎(chǔ)制度,各區(qū)域性股權(quán)交易市場(chǎng)基礎(chǔ)制度建設(shè)應(yīng)做到“書(shū)同文、車(chē)同軌”,避免監(jiān)管套利；三是要充分發(fā)揮地方政府和監(jiān)管部門(mén)作用,構(gòu)建與區(qū)域性股權(quán)交易市場(chǎng)發(fā)展相適應(yīng)的監(jiān)管體制,同時(shí),要加大對(duì)民族地區(qū)企業(yè)的政策扶持傾斜力度,多渠道支持民族地區(qū)利用資本市場(chǎng)發(fā)展區(qū)域經(jīng)濟(jì)；四是加強(qiáng)產(chǎn)品創(chuàng)新和業(yè)務(wù)創(chuàng)新,充分發(fā)揮專(zhuān)業(yè)機(jī)構(gòu)作用,增強(qiáng)市場(chǎng)活力。以上既是本文研究的創(chuàng)新之處,也是研究的重點(diǎn)內(nèi)容及結(jié)論,以期為我國(guó)的多層次資本市場(chǎng)建設(shè)提出制度層面的政策建議。
[Abstract]:To speed up the development of the multi-level capital market is the important strategic deployment of the Party Central Committee and the State Council in accordance with the needs of the capital market and the development of the national economy in the new period. Among them, the development of unified supervision, multi-level market, especially the development of regional equity market, is not only cleaning up all kinds of trading places and standardizing market order. The objective needs are the objective need to increase the capital market to support the weak areas of economic and social development, to solve the objective needs of the difficult financing of small and medium sized and small enterprises, to deepen the capital market to serve the real economy and to support the economic development of the regional economy, especially in the ethnic areas. The regional economic development level is relatively backward, the core competitiveness of the enterprises in the area is generally weak, and the ability to use the capital market to develop the regional economy is obviously insufficient. As the most basic part of the multi-level capital market, the regional equity trading market provides direct financing channels for the enterprises that do not conform to the conditions of the public development bank. It helps enterprises to enhance their competitiveness, enhance regional economic vitality, continuously expand the scope and connotation of capital market services, and promote the better service of the capital market for the real economy. Therefore, the legal system of regional equity market is constantly strengthened and the ability and scope of the regional equity market to serve the real economy will be promoted. The joint force of local governments, supervision departments and professional intermediaries, vigorously supporting the development of the economy by using the capital market in ethnic areas, is conducive to promoting harmonious economic development in all regions, especially in ethnic areas, and is very important for the maintenance of national stability and unity. In recent years, with the clearing and consolidation of various types of exchanges. At the end of the work, the regional equity trading market has been developing rapidly, but it is in sharp contrast with the development of the new three board market. The regional equity market in China is still in the stage of exploration and development, and many regional equity trading markets have been tortuous and repeated, facing many difficulties and not fully exerting. The function of the market organization is really included in the multi-level capital market system. The reason is that there are not enough support and attention of the local government and supervision department and the lack of adaptability of the business model market. But more importantly, the development of China's capital market is late, the legal construction and legal environment of the capital market still remain to be perfected and standardized. The legal system of regional equity market is still unsound. For a long time, China's securities laws and regulations are mainly based on the regulation of the exchange market in the field, and the rules of the supporting system are perfect, while the legislation and relevant rules of the regional equity market are seriously missing, and the function of the regional equity market is located. The design of law system, risk prevention and supervision arrangement are not clear, which seriously affect the establishment and improvement of the multi-level capital market system in our country. The research and writing of this paper mainly adopt comparative analysis method, system analysis method, case analysis method and combination of theory and practice, which are divided into five parts: the first chapter is the introduction and the main part. This paper describes the background, scope and framework of this paper, and briefly introduces the preparatory conditions for the study of this article. The second chapter makes a comparative study on the current situation of the development of the regional equity market in China, expounds the functional orientation of some regional equity market in China, and introduces the securities company. Take part in the current situation of regional equity market, and evaluate the relevant systems and problems of regional equity market from the perspective of securities companies, and focus on the status and operation mode of the stock exchange in Guangxi Beibu Gulf stock exchange and the financing of Xinjiang Stock Exchange Center. In the third chapter, the third chapter discusses the core problem that affects the development of regional equity trading market in China, namely, the construction of legal system. The problem, through the introduction of the legal system of the current regional equity market and the comparison of the basic system of some regional equity markets, this paper analyzes the shortcomings of the legal system of the current regional equity market in China. The fourth chapter studies and explores the development experience of the private equity market in the United States. The development process of the market and the construction of the legal system are introduced, analyzed and summarized. Through the analysis of some classic cases, the paper gives a detailed introduction to the distribution system of the private market in the United States, the information reporting system, the system of qualified investors and so on, in order to provide reference for the improvement of the legal system construction of the regional equity market in China. The fifth chapter is the suggestion to improve the legal system of the regional equity market in China. On the basis of the above research, the author tries to put forward the development trend of the regional equity market in our country, and puts forward some concrete suggestions to improve the legal system construction of the regional equity market in our country: first, to strengthen the top level design of the legal level, and further clear that The legal orientation of the regional equity trading market ensures the standard and orderly development of the regional equity market; two is to establish a relatively unified basic system, and the construction of the basic system of the regional equity trading market should be "books, cars and tracks" to avoid regulatory arbitrage; and the three is to give full play to the local government and supervision. The function of the Department is to build a regulatory system adapted to the development of the regional equity market. At the same time, we should strengthen the policy support for the enterprises in ethnic areas and support the minority areas to develop the regional economy by using the capital market; four, to strengthen the product innovation and business creation, to give full play to the role of professional institutions and to enhance the market activity. The above is not only the innovation of this study, but also the key content and conclusion of the study, in order to put forward the policy suggestions for the multi-level capital market construction in China.
【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類(lèi)號(hào)】：D922.287

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本文編號(hào)：1968875