發(fā)布時間：2018-04-15 03:00

  本文選題：場外交易市場 + 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。從理論上來說,構(gòu)建場外交易市場是完善資本市場體系不可缺少的一部分；而實踐方面,證監(jiān)會發(fā)布的工作部署也表明了其對場外市場的重視性。目前,我國相關(guān)法律規(guī)制的缺失致使場外交易市場的構(gòu)建困難重重,需要從法律層面對其加以研究。此外,引言部分還明確了本文對場外交易市場的討論范疇。 第一部分概述了我國場外交易市場的歷史沿革以及相關(guān)階段的法治理念,重點探討了造成對場外市場以禁為主的法治理念的來源以及不足,分析了新《證券法》出臺后對構(gòu)建場外交易市場在立法上的積極作用,并具體闡述了我國目前的場外交易市場狀況：代辦股份轉(zhuǎn)讓系統(tǒng)、股份報價轉(zhuǎn)讓系統(tǒng)、區(qū)域股權(quán)交易所以及游離于場外交易市場邊緣的產(chǎn)權(quán)交易所。 第二部分分析了我國場外交易市場的缺點以及它應(yīng)當具有的功能。目前,我國場外交易市場最大的缺點還是缺少完善的法律規(guī)制,由此帶來了監(jiān)管困難、定位混亂等一系列問題。通過對場外交易市場應(yīng)當具有的功能的分析,明確未來建設(shè)相關(guān)法律規(guī)制的方向 第三部分嘗試探討未來場外交易市場體系的構(gòu)建。通過對美國場外交易市場的分析得出,合理的場外交易市場應(yīng)當是多層次并且具有升降機制的。因此,本文跳出以往的思路,試圖將新三板的擴容和股權(quán)交易所的建設(shè)結(jié)合起來,同時發(fā)展全國性的和區(qū)域性的場外交易市場,兩個市場相互補充相互推動。 第四部分針對場外交易市場提出具體的法律規(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。其次是市場主體,包括投資者和掛牌公司的資格問題。其中,針對新三板部分,提出了現(xiàn)有的新三板規(guī)則和未來市場發(fā)展的沖突之處。第三是監(jiān)管制度,在監(jiān)管模式上,我國《證券法》規(guī)定實行自律監(jiān)管與政府監(jiān)管相結(jié)合的模式,本文針對這一模式提出了幾點宏觀建議；在具體監(jiān)管制度方面,通過和美國的監(jiān)管制度相比較,本文提出了幾點具體的制度改革方向。最后是關(guān)于轉(zhuǎn)板機制,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)當實行何種機制,期望在場外交易市場全面構(gòu)建之后,能夠?qū)⒔?jīng)驗拓展到其他層次的場外市場。
[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)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;D922.287

【相似文獻】

相關(guān)期刊論文 前10條

1 唐雯;;股票場外交易市場法律制度初探[J];山西財政稅務(wù)�？茖W(xué)校學(xué)報;2009年06期

2 唐雯;;股票場外交易市場法律制度初探[J];無錫商業(yè)職業(yè)技術(shù)學(xué)院學(xué)報;2010年01期

3 晉入勤;;股票場外交易市場的制度構(gòu)建應(yīng)遵循五項原則[J];當代經(jīng)濟管理;2010年03期

4 晉入勤;;股票場外交易市場的制度構(gòu)建應(yīng)遵循五項原則[J];區(qū)域金融研究;2010年02期

5 何昌福;;做市商交易制度在場外資本交易市場中的應(yīng)用探討[J];武漢金融;2011年03期

6 洪錦;;完善我國證券場外交易市場體系的法律思考[J];湖北社會科學(xué);2010年04期

7 申嵐;;發(fā)展新三板 助推經(jīng)濟轉(zhuǎn)型[J];遼寧經(jīng)濟管理干部學(xué)院(遼寧經(jīng)濟職業(yè)技術(shù)學(xué)院學(xué)報);2011年04期

8 劉簫;徐冉;;我國場外交易市場組織形式選擇及法律規(guī)制[J];商品與質(zhì)量;2010年S5期

9 董瑞華;王U，

本文編號：1752189