發(fā)布時間：2018-04-11 09:05

  本文選題：直接退市制度 + 中國創(chuàng)業(yè)板　； 參考：《華東政法大學》2011年碩士論文

【摘要】：《我國創(chuàng)業(yè)板直接退市制度的可行性研究》一文是在我國創(chuàng)業(yè)板推出一年半的背景下,以直接退市制度為研究對象,結合海外創(chuàng)業(yè)板市場的運作實踐以及我國主板、中小板市場的經(jīng)驗教訓,探討直接退市制度在我國創(chuàng)業(yè)板市場上的可行性問題。監(jiān)管機構早在2009年10月30日創(chuàng)業(yè)板誕生之初就有意要實施直接退市制度。 對創(chuàng)業(yè)板來說,實施直接退市制度是基本的也是必要的,它有利于市場的健康發(fā)展,加快退市流程,防止借殼上市。最近,深圳證券交易所向中國證券監(jiān)督管理委員會遞交了兩次報告,一稿中提出要在創(chuàng)業(yè)板上實施直接退市制度,二稿中則強調(diào)允許退市企業(yè)進入股份代辦系統(tǒng),有意回避直接退市制度。筆者認為,創(chuàng)業(yè)板退市還是應該選擇直接退市方案,但應當是有條件地推行。本文分為四個部分: 第一章分析我國創(chuàng)業(yè)板實施直接退市制度的可行性。根據(jù)我國現(xiàn)有的市場和法律基礎,并參考海外實踐經(jīng)驗,初步得出我國適合在創(chuàng)業(yè)板上構建直接退市制度。接著又闡述了實施直接退市制度對創(chuàng)業(yè)板的重要意義。 第二章討論我國創(chuàng)業(yè)板實施直接退市制度的前提。實施直接退市制度,需要有四個前提條件。一是改革新股發(fā)行管制,只有市場化的上市,才能保證市場化的退市。二是形成理性投資者氛圍,只有市場中的投資者趨于理性,直接退市才能平穩(wěn)推出。三是加強創(chuàng)業(yè)板監(jiān)管,逐步釋放直接退市中的風險。四是建立有效的退市渠道,須知締造場外市場與發(fā)展創(chuàng)業(yè)板市場同等重要。 第三章指出創(chuàng)業(yè)板實施直接退市制度的難題及其克服。雖然直接退市方案早已提出,但是要在現(xiàn)實中實施似乎還有點難度。面對當前存在的各方利益難以協(xié)調(diào)、違規(guī)違法現(xiàn)象嚴重、缺乏主動退市制度等問題,應有針對性地采取措施,減小退市阻力,克服退市難題。 第四章著眼于完善我國創(chuàng)業(yè)板直接退市后的救濟制度。投資者是證券市場的基石,一旦投資者對市場失去了信心,“證券大廈”就會轟然倒塌。明確實施直接退市制度與保護投資者利益原則并不矛盾。通過完善直接退市后的救濟制度,維護好中小投資者的權益。 最后得出當前我國適合在創(chuàng)業(yè)板上構建直接退市制度,但相關的實施前提、難題克服以及退市后如何救濟也需要納入考慮范圍。否則,實施直接退市制度只能是一句空話。
[Abstract]:Under the background of the introduction of the gem for one and a half years, taking the direct delisting system as the research object, the article combines the operation practice of the overseas gem market and the main board of our country.This paper discusses the feasibility of direct delisting system in China's gem market.Regulators as early as October 30, 2009 when the birth of gem intended to implement the direct delisting system.For the gem, the implementation of the system of direct delisting is basic and necessary, which is conducive to the healthy development of the market, speed up the process of delisting, and prevent backdoor listing.Recently, the Shenzhen Stock Exchange submitted two reports to the China Securities Regulatory Commission. In one draft, it was proposed to implement a direct delisting system on the gem, and in the second draft, it was emphasized that delisting enterprises should be allowed to enter the share agency system.Intentional avoidance of the direct delisting system.The author thinks that gem delisting should choose direct delisting scheme, but it should be carried out conditionally.This paper is divided into four parts:The first chapter analyzes the feasibility of implementing the system of direct delisting on gem.According to the existing market and legal basis of our country, and referring to overseas practical experience, it is preliminarily concluded that China is suitable for constructing the system of direct delisting on the gem.Then elaborated the implementation of the direct delisting system on the gem significance.The second chapter discusses the premise of direct delisting on gem.The implementation of the direct delisting system requires four preconditions.First, the reform of new stock issuance control, only market-oriented listing, can ensure market delisting.Second, the formation of rational investor atmosphere, only investors in the market tend to be rational, direct delisting can smooth out.Third, strengthen gem supervision, gradually release the risk of direct delisting.Fourth, the establishment of effective delisting channels, it is important to create an off-the-counter market and the development of the gem market.The third chapter points out the difficulties of implementing the system of direct delisting on gem and how to overcome it.Although the direct delisting plan has long been proposed, it seems a bit difficult to implement it in reality.In the face of the existing problems such as the difficult coordination of the interests of all parties, the serious violation of the law and the lack of active delisting system, measures should be taken to reduce the delisting resistance and overcome the delisting problem.The fourth chapter focuses on perfecting the relief system after the gem delisting.Investors are the cornerstone of the securities market, once investors lose confidence in the market, the "securities tower" will collapse.There is no contradiction between the implementation of the direct delisting system and the principle of protecting the interests of investors.By perfecting the relief system after direct delisting, we should safeguard the rights and interests of small and medium investors.Finally, it is concluded that China is suitable to build a direct delisting system on the gem, but the relevant implementation premise, difficulties overcome and how to remedy the delisting also need to be taken into account.Otherwise, the implementation of the direct delisting system can only be an empty word.
【學位授予單位】：華東政法大學
【學位級別】：碩士
【學位授予年份】：2011
【分類號】：D922.287;F832.51

【引證文獻】

相關碩士學位論文 前6條

1 黃嘯;創(chuàng)業(yè)板上市公司退市法律制度研究[D];中國政法大學;2012年

2 苗譯;創(chuàng)業(yè)板退市制度研究[D];鄭州大學;2012年

3 趙萌;我國創(chuàng)業(yè)板退市制度研究[D];吉林大學;2013年

4 付麗麗;論我國上市公司退市制度的再造[D];江西財經(jīng)大學;2013年

5 朱華;我國創(chuàng)業(yè)板市場退市法律制度研究[D];中央民族大學;2013年

6 何艷眉;我國上市公司退市法律制度研究[D];華東政法大學;2013年

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本文編號：1735340