我國(guó)創(chuàng)業(yè)板市場(chǎng)的退市制度研究
發(fā)布時(shí)間：2018-09-12 18:19
【摘要】：證券市場(chǎng)是現(xiàn)代經(jīng)濟(jì)的重要組成部分,證券市場(chǎng)的良性運(yùn)行離不開(kāi)一套健全的法律制度體系。而退市制度是證券法律制度體系中不可或缺的一部分。只有建立完善的退市制度,才能及時(shí)將證券市場(chǎng)中劣質(zhì)的企業(yè)淘汰出局,從而確保上市公司的整體質(zhì)量,實(shí)現(xiàn)資源的優(yōu)化配置。創(chuàng)業(yè)板市場(chǎng)是為具有成長(zhǎng)潛力的高新技術(shù)企業(yè)以及中小型公司提供融資渠道的重要市場(chǎng)。相比主板市場(chǎng),創(chuàng)業(yè)板市場(chǎng)具有低門檻、高風(fēng)險(xiǎn)的特點(diǎn),因而需要制定更加嚴(yán)格的退市制度,以保障廣大投資者的利益。 2009年我國(guó)創(chuàng)業(yè)板的正式推出,開(kāi)創(chuàng)了我國(guó)構(gòu)建多層次資本市場(chǎng)的新局面。然而,我國(guó)的創(chuàng)業(yè)板正處于發(fā)展的初期,創(chuàng)業(yè)板的各項(xiàng)法律制度也有許多不成熟之處。在創(chuàng)業(yè)板退市制度方面,目前只有深圳證券交易所發(fā)布的《創(chuàng)業(yè)板股票上市規(guī)則》中有所涉及。因此,創(chuàng)業(yè)板退市制度的立法亟待完善。隨著我國(guó)創(chuàng)業(yè)板市場(chǎng)建設(shè)的不斷進(jìn)行,社會(huì)各界也掀起了對(duì)創(chuàng)業(yè)板學(xué)術(shù)研究的熱潮。但是目前學(xué)界關(guān)于創(chuàng)業(yè)板市場(chǎng)的研究和探討多集中在創(chuàng)業(yè)板的監(jiān)管制度、做市商制度等方面,有關(guān)創(chuàng)業(yè)板市場(chǎng)退市制度的專門研究較少。因此,筆者將在借鑒國(guó)外成熟創(chuàng)業(yè)板有益經(jīng)驗(yàn)的基礎(chǔ)上,結(jié)合我國(guó)證券市場(chǎng)的發(fā)展實(shí)際,對(duì)創(chuàng)業(yè)板的退市制度進(jìn)行系統(tǒng)而深入的探討和研究,以期對(duì)我國(guó)創(chuàng)業(yè)板市場(chǎng)的實(shí)際運(yùn)作和理論研究盡一份綿薄之力。 本文共分為以下四個(gè)部分內(nèi)容: 第一部分關(guān)于創(chuàng)業(yè)板市場(chǎng)退市制度的概述。這部分內(nèi)容也是本文的研究起點(diǎn)。筆者首先通過(guò)比較創(chuàng)業(yè)板和主板、中小企業(yè)板的關(guān)系,對(duì)創(chuàng)業(yè)板的概念進(jìn)行了界定;其次對(duì)退市及退市制度等基本概念作了明確的界定;最后筆者闡述了創(chuàng)業(yè)板市場(chǎng)退市制度的重要性。筆者認(rèn)為,完善的創(chuàng)業(yè)板退市制度,將對(duì)優(yōu)化資源配置、促進(jìn)上市公司成長(zhǎng)、保護(hù)投資者利益等方面都有著極其重要的意義。 第二部分關(guān)于國(guó)際成熟創(chuàng)業(yè)板市場(chǎng)的退市制度。海外成熟的證券市場(chǎng)經(jīng)歷了上百年的發(fā)展,證券市場(chǎng)的各項(xiàng)法律制度在實(shí)踐中逐步完善,為我國(guó)提供了許多寶貴經(jīng)驗(yàn)。因此,在這部分內(nèi)容,筆者對(duì)成熟證券市場(chǎng)退市制度中的退市決定主體、退市標(biāo)準(zhǔn)、退市程序、退市的法律后果等內(nèi)容做了系統(tǒng)的介紹,并對(duì)其特點(diǎn)以及發(fā)展趨勢(shì)進(jìn)行了詳細(xì)的分析。 第三部分關(guān)于我國(guó)創(chuàng)業(yè)板市場(chǎng)退市制度的現(xiàn)狀及其不足。由于我國(guó)創(chuàng)業(yè)板的退市制度是在我國(guó)主板市場(chǎng)退市制度的基礎(chǔ)上建立和完善的,因此筆者首先闡述了我國(guó)主板市場(chǎng)的退市制度;其次筆者介紹了我國(guó)創(chuàng)業(yè)板市場(chǎng)現(xiàn)有的退市制度,并對(duì)其特點(diǎn)進(jìn)行了分析。由于我國(guó)創(chuàng)業(yè)板市場(chǎng)正處于發(fā)展的初期,有關(guān)法律制度還有待進(jìn)一步完善。就其退市制度而言,筆者認(rèn)為在退市的法規(guī)制定、證券市場(chǎng)各板塊的有機(jī)銜接、退市程序中的救濟(jì)措施、退市責(zé)任的追究機(jī)制等方面還存在不足。 第四部分關(guān)于我國(guó)創(chuàng)業(yè)板市場(chǎng)退市制度的完善建議。針對(duì)前一部分?jǐn)⑹龅奈覈?guó)現(xiàn)有創(chuàng)業(yè)板退市制度的不足,筆者提出了加強(qiáng)立法、完善退市標(biāo)準(zhǔn)、完善退市中的救濟(jì)措施、健全我國(guó)資本市場(chǎng)體系、完善我國(guó)證券民事責(zé)任制度等具體建議。
[Abstract]:The securities market is an important part of the modern economy, the sound operation of the securities market can not be separated from a sound legal system. The delisting system is an indispensable part of the securities legal system. The GEM market is an important market to provide financing channels for high-tech enterprises and small and medium-sized companies with growth potential. Compared with the main board market, the GEM market has the characteristics of low threshold and high risk, so it needs to formulate a more stringent delisting system to ensure the broad investment. The interests of investors.
The formal launch of GEM in 2009 has created a new situation for China to construct a multi-level capital market. However, GEM in China is at the initial stage of development, and there are many immature legal systems of GEM. Therefore, the legislation of GEM delisting system needs to be perfected urgently. Along with the development of GEM market construction in China, the academic research on GEM has been booming. However, the current academic research and Discussion on GEM market mainly focus on the supervision system and market maker system of GEM. Therefore, the author will make a systematic and in-depth study on the delisting system of GEM on the basis of the useful experience of foreign mature GEM and the actual development of China's securities market, in order to make a full contribution to the actual operation and theoretical research of GEM in China. Modest efforts.
This article is divided into four parts:
The first part is an overview of the delisting system of GEM. This part is also the starting point of this paper. The author first defines the concept of GEM by comparing the relationship between GEM and motherboard, SME board; secondly defines the basic concepts of delisting and delisting system; finally, the author expounds the entrepreneurship. The author believes that a perfect GEM delisting system will be of great significance to optimize the allocation of resources, promote the growth of listed companies and protect the interests of investors.
The second part is about the delisting system of the international mature GEM market. Overseas mature securities market has experienced hundreds of years of development, and the legal systems of the securities market have been gradually improved in practice, which provides a lot of valuable experience for our country. Therefore, in this part of the content, the author decides the delisting decision-maker of the mature securities market delisting system. This paper systematically introduces the content of the system, the standard of delisting, the procedure of delisting and the legal consequences of delisting, and makes a detailed analysis of its characteristics and development trend.
The third part is about the current situation and shortcomings of the delisting system of GEM in China. Since the delisting system of GEM in China is established and perfected on the basis of the delisting system of the main board market in China, the author firstly expounds the delisting system of the main board market in China; secondly, the author introduces the existing delisting system of GEM in China. As China's GEM market is in the early stage of development, the relevant legal system needs to be further improved. As far as the delisting system is concerned, the author thinks that the legislation of delisting, the organic connection of the various sectors of the securities market, the relief measures in delisting procedures, and the investigation mechanism of delisting liability should be returned. There are deficiencies.
In view of the shortcomings of the existing GEM delisting system described in the previous part, the author puts forward some concrete suggestions, such as strengthening legislation, perfecting delisting standards, perfecting relief measures in delisting, perfecting China's capital market system and perfecting China's securities civil liability system.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：F832.51;D922.287
本文編號(hào)：2239849
[Abstract]:The securities market is an important part of the modern economy, the sound operation of the securities market can not be separated from a sound legal system. The delisting system is an indispensable part of the securities legal system. The GEM market is an important market to provide financing channels for high-tech enterprises and small and medium-sized companies with growth potential. Compared with the main board market, the GEM market has the characteristics of low threshold and high risk, so it needs to formulate a more stringent delisting system to ensure the broad investment. The interests of investors.
The formal launch of GEM in 2009 has created a new situation for China to construct a multi-level capital market. However, GEM in China is at the initial stage of development, and there are many immature legal systems of GEM. Therefore, the legislation of GEM delisting system needs to be perfected urgently. Along with the development of GEM market construction in China, the academic research on GEM has been booming. However, the current academic research and Discussion on GEM market mainly focus on the supervision system and market maker system of GEM. Therefore, the author will make a systematic and in-depth study on the delisting system of GEM on the basis of the useful experience of foreign mature GEM and the actual development of China's securities market, in order to make a full contribution to the actual operation and theoretical research of GEM in China. Modest efforts.
This article is divided into four parts:
The first part is an overview of the delisting system of GEM. This part is also the starting point of this paper. The author first defines the concept of GEM by comparing the relationship between GEM and motherboard, SME board; secondly defines the basic concepts of delisting and delisting system; finally, the author expounds the entrepreneurship. The author believes that a perfect GEM delisting system will be of great significance to optimize the allocation of resources, promote the growth of listed companies and protect the interests of investors.
The second part is about the delisting system of the international mature GEM market. Overseas mature securities market has experienced hundreds of years of development, and the legal systems of the securities market have been gradually improved in practice, which provides a lot of valuable experience for our country. Therefore, in this part of the content, the author decides the delisting decision-maker of the mature securities market delisting system. This paper systematically introduces the content of the system, the standard of delisting, the procedure of delisting and the legal consequences of delisting, and makes a detailed analysis of its characteristics and development trend.
The third part is about the current situation and shortcomings of the delisting system of GEM in China. Since the delisting system of GEM in China is established and perfected on the basis of the delisting system of the main board market in China, the author firstly expounds the delisting system of the main board market in China; secondly, the author introduces the existing delisting system of GEM in China. As China's GEM market is in the early stage of development, the relevant legal system needs to be further improved. As far as the delisting system is concerned, the author thinks that the legislation of delisting, the organic connection of the various sectors of the securities market, the relief measures in delisting procedures, and the investigation mechanism of delisting liability should be returned. There are deficiencies.
In view of the shortcomings of the existing GEM delisting system described in the previous part, the author puts forward some concrete suggestions, such as strengthening legislation, perfecting delisting standards, perfecting relief measures in delisting, perfecting China's capital market system and perfecting China's securities civil liability system.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：F832.51;D922.287
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