中国创业板市场准入法律制度研究.pdfVIP

目 录 摘要 ······························································Ⅰ Abstract ·························································Ⅲ 引 言 ···························································1 一、创业板市场证券发行的审核制度····································3 （一）证券发行审核制度的模式·····································3 （二）我国创业板市场发行审核制度的建议···························8 二、创业板市场证券发行方式·········································9 （一）证券发行的方式············································9 （二）我国创业板市场证券发行方式的建议 ··························12 三、创业板市场的门槛制度···········································15 （一）海外几个主要创业板市场的门槛制度··························15 （二）海外创业板市场门槛制度的分析及启示························17 （三）我国创业板市场的门槛制度··································18 （四）我国创业板市场门槛制度的建议······························23 四、创业板市场的退市制度···········································26 （一）退市······················································26 （二）主要国家或地区创业板市场退市标准的分析···················27 （三）我国的退市制度············································30 （四）我国创业板市场退市的改革思路·····························33 结语 ······························································36 参考文献··························································37 致谢······························································40 中文摘要 创业板市场，又称第二板市场，即是在主板市场之外，为中小企业和新兴 公司提供筹资途径的新市场，它是资本市场重要的组成部分。创业板市场的建 立对于完善中国的资本市场体系，拓宽中小高新技术企业融资渠道，加快发展 创业风险投资具有重要意义。但是由于创业板市场公司发展的不确定性，其也 存在包装风险、圈钱风险、股价易操纵、投资者易受骗、监管困难等问题。因 此，建立一套具有操作性、专业性、系统性的市场准入制度已成为开设创业板 的前提之一，同时也是保护投资者和维护创业板市场交易安全的必要条件，对 我国资本市场的法治建设也有着极其深远的现实意义。 市场准入制度的核心内容表现为行政许可，即通过国家主管部门的审查批 准，认为符合法律规定的资格条件之后才可进入相关市场进行经营。市场准入 制度的合理与否对经济发展具有重要的影响。创业板市场准入制度就是根据法 律的规定，对拟在创业板市场上市的公司必须达到法律规定的程序及实体要件 的要求，主要包括创业板市场的发行审核制度、发行制度、门槛制度和退市制 度。 审核制度是证券市场的基本制度，公开发行股票都须经一定审批程序，但 不同的国家其审核机构、审核的形式与内容却有所不同。发行上市审核制度主 要有注册制、核准制和审批制三种基本类型。采用什么样的审核制度主要与一 个国家证券市场状况有关。我国的创业板市场应实行核准制