我国创业板市场的退市制度研究

发布时间：2018-09-12 18:19

【摘要】：证券市场是现代经济的重要组成部分,证券市场的良性运行离不开一套健全的法律制度体系。而退市制度是证券法律制度体系中不可或缺的一部分。只有建立完善的退市制度,才能及时将证券市场中劣质的企业淘汰出局,从而确保上市公司的整体质量,实现资源的优化配置。创业板市场是为具有成长潜力的高新技术企业以及中小型公司提供融资渠道的重要市场。相比主板市场,创业板市场具有低门槛、高风险的特点,因而需要制定更加严格的退市制度,以保障广大投资者的利益。 2009年我国创业板的正式推出,开创了我国构建多层次资本市场的新局面。然而,我国的创业板正处于发展的初期,创业板的各项法律制度也有许多不成熟之处。在创业板退市制度方面,目前只有深圳证券交易所发布的《创业板股票上市规则》中有所涉及。因此,创业板退市制度的立法亟待完善。随着我国创业板市场建设的不断进行,社会各界也掀起了对创业板学术研究的热潮。但是目前学界关于创业板市场的研究和探讨多集中在创业板的监管制度、做市商制度等方面,有关创业板市场退市制度的专门研究较少。因此,笔者将在借鉴国外成熟创业板有益经验的基础上,结合我国证券市场的发展实际,对创业板的退市制度进行系统而深入的探讨和研究,以期对我国创业板市场的实际运作和理论研究尽一份绵薄之力。本文共分为以下四个部分内容: 第一部分关于创业板市场退市制度的概述。这部分内容也是本文的研究起点。笔者首先通过比较创业板和主板、中小企业板的关系,对创业板的概念进行了界定;其次对退市及退市制度等基本概念作了明确的界定;最后笔者阐述了创业板市场退市制度的重要性。笔者认为,完善的创业板退市制度,将对优化资源配置、促进上市公司成长、保护投资者利益等方面都有着极其重要的意义。第二部分关于国际成熟创业板市场的退市制度。海外成熟的证券市场经历了上百年的发展,证券市场的各项法律制度在实践中逐步完善,为我国提供了许多宝贵经验。因此,在这部分内容,笔者对成熟证券市场退市制度中的退市决定主体、退市标准、退市程序、退市的法律后果等内容做了系统的介绍,并对其特点以及发展趋势进行了详细的分析。第三部分关于我国创业板市场退市制度的现状及其不足。由于我国创业板的退市制度是在我国主板市场退市制度的基础上建立和完善的,因此笔者首先阐述了我国主板市场的退市制度;其次笔者介绍了我国创业板市场现有的退市制度,并对其特点进行了分析。由于我国创业板市场正处于发展的初期,有关法律制度还有待进一步完善。就其退市制度而言,笔者认为在退市的法规制定、证券市场各板块的有机衔接、退市程序中的救济措施、退市责任的追究机制等方面还存在不足。第四部分关于我国创业板市场退市制度的完善建议。针对前一部分叙述的我国现有创业板退市制度的不足,笔者提出了加强立法、完善退市标准、完善退市中的救济措施、健全我国资本市场体系、完善我国证券民事责任制度等具体建议。
[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.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F832.51;D922.287

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