發(fā)布時(shí)間：2018-04-15 03:00

  本文選題：場(chǎng)外交易市場(chǎng) + 做市商制度　； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：本文在結(jié)構(gòu)上由引言和正文構(gòu)成,其中正文分為四章。 引言介紹了本文的研究背景和選題意義。從理論上來(lái)說(shuō),構(gòu)建場(chǎng)外交易市場(chǎng)是完善資本市場(chǎng)體系不可缺少的一部分；而實(shí)踐方面,證監(jiān)會(huì)發(fā)布的工作部署也表明了其對(duì)場(chǎng)外市場(chǎng)的重視性。目前,我國(guó)相關(guān)法律規(guī)制的缺失致使場(chǎng)外交易市場(chǎng)的構(gòu)建困難重重,需要從法律層面對(duì)其加以研究。此外,引言部分還明確了本文對(duì)場(chǎng)外交易市場(chǎng)的討論范疇。 第一部分概述了我國(guó)場(chǎng)外交易市場(chǎng)的歷史沿革以及相關(guān)階段的法治理念,重點(diǎn)探討了造成對(duì)場(chǎng)外市場(chǎng)以禁為主的法治理念的來(lái)源以及不足,分析了新《證券法》出臺(tái)后對(duì)構(gòu)建場(chǎng)外交易市場(chǎng)在立法上的積極作用,并具體闡述了我國(guó)目前的場(chǎng)外交易市場(chǎng)狀況：代辦股份轉(zhuǎn)讓系統(tǒng)、股份報(bào)價(jià)轉(zhuǎn)讓系統(tǒng)、區(qū)域股權(quán)交易所以及游離于場(chǎng)外交易市場(chǎng)邊緣的產(chǎn)權(quán)交易所。 第二部分分析了我國(guó)場(chǎng)外交易市場(chǎng)的缺點(diǎn)以及它應(yīng)當(dāng)具有的功能。目前,我國(guó)場(chǎng)外交易市場(chǎng)最大的缺點(diǎn)還是缺少完善的法律規(guī)制,由此帶來(lái)了監(jiān)管困難、定位混亂等一系列問(wèn)題。通過(guò)對(duì)場(chǎng)外交易市場(chǎng)應(yīng)當(dāng)具有的功能的分析,明確未來(lái)建設(shè)相關(guān)法律規(guī)制的方向 第三部分嘗試探討未來(lái)場(chǎng)外交易市場(chǎng)體系的構(gòu)建。通過(guò)對(duì)美國(guó)場(chǎng)外交易市場(chǎng)的分析得出,合理的場(chǎng)外交易市場(chǎng)應(yīng)當(dāng)是多層次并且具有升降機(jī)制的。因此,本文跳出以往的思路,試圖將新三板的擴(kuò)容和股權(quán)交易所的建設(shè)結(jié)合起來(lái),同時(shí)發(fā)展全國(guó)性的和區(qū)域性的場(chǎng)外交易市場(chǎng),兩個(gè)市場(chǎng)相互補(bǔ)充相互推動(dòng)。 第四部分針對(duì)場(chǎng)外交易市場(chǎng)提出具體的法律規(guī)制。首先是做市商制度,本文分析了現(xiàn)行證券法、公司法與做市商制度的沖突之處,為建立做市商制度提供了幾條建議。其次是市場(chǎng)主體,包括投資者和掛牌公司的資格問(wèn)題。其中,針對(duì)新三板部分,提出了現(xiàn)有的新三板規(guī)則和未來(lái)市場(chǎng)發(fā)展的沖突之處。第三是監(jiān)管制度,在監(jiān)管模式上,我國(guó)《證券法》規(guī)定實(shí)行自律監(jiān)管與政府監(jiān)管相結(jié)合的模式,本文針對(duì)這一模式提出了幾點(diǎn)宏觀建議；在具體監(jiān)管制度方面,通過(guò)和美國(guó)的監(jiān)管制度相比較,本文提出了幾點(diǎn)具體的制度改革方向。最后是關(guān)于轉(zhuǎn)板機(jī)制,鑒于目前只有新三板的掛牌企業(yè)成功轉(zhuǎn)板,本文以新三板為例探討轉(zhuǎn)板應(yīng)當(dāng)實(shí)行何種機(jī)制,期望在場(chǎng)外交易市場(chǎng)全面構(gòu)建之后,能夠?qū)⒔?jīng)驗(yàn)拓展到其他層次的場(chǎng)外市場(chǎng)。
[Abstract]:The structure of this paper is composed of introduction and text, in which the text is divided into four chapters.The introduction introduces the research background and significance of this paper.Theoretically, the construction of over-the-counter market is an indispensable part of perfecting the capital market system. In practice, the work plan issued by the CSRC also shows that it attaches importance to the over-the-counter market.At present, the lack of relevant legal regulations in our country makes the construction of OTC market difficult, which needs to be studied from the legal level.In addition, the introduction also defines the scope of the discussion of the OTC market in this paper.The first part summarizes the historical evolution of the OTC market in China and the concept of rule of law in the relevant stages, focusing on the origin and deficiency of the concept of the rule of law, which is mainly prohibited to the OTC market.This paper analyzes on the positive role of the new Securities Law in establishing the over-the-counter market in legislation, and expounds the current situation of the over-the-counter trading market in China: the agency share transfer system, the share quotation transfer system, and the over-the-counter trading market in China.Regional equity exchanges and property exchanges on the edge of the OTC market.The second part analyzes the shortcomings of the OTC market and its functions.At present, the biggest shortcoming of the OTC market in China is the lack of perfect legal regulation, which brings about a series of problems, such as difficulty of supervision, confusion of positioning and so on.Through the analysis of the functions of the OTC market, the direction of the related legal regulation in the future construction is clarified.The third part attempts to explore the construction of the future OTC market system.Through the analysis of the American OTC market, it is concluded that a reasonable OTC market should be multi-level and have a rise and fall mechanism.Therefore, this paper tries to combine the expansion of the new third board with the construction of the stock exchange, and at the same time develop the national and regional over-the-counter market, the two markets complement each other and promote each other.The fourth part puts forward specific legal regulations for the OTC market.The first is the market maker system. This paper analyzes the conflicts between the current securities law, company law and market maker system, and provides several suggestions for the establishment of market maker system.Next is the market main body, including the investor and the listed company's qualification question.Aiming at the new third board, this paper puts forward the conflict between the new three board rules and the future market development.The third is the supervision system, in the supervision mode, our country "Securities Law" stipulates the implementation self-discipline supervision and the government supervision union pattern, this article has put forward several macroscopic suggestions to this model, in the concrete supervision system aspect,By comparing with the American regulatory system, this paper puts forward some specific direction of institutional reform.The last part is about the mechanism of the transfer board. In view of the successful conversion of the new third board, this paper takes the new third board as an example to discuss what kind of mechanism should be implemented in the new third board, hoping that after the overall construction of the over-the-counter trading market,Ability to extend experience to other levels of OTC market.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;D922.287

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