创业板上市监管法律制度研究.docVIP

创业板上市监管法律制度研究 摘 要 2009年10月30日，创业板首批28家公司挂牌上市，标志着我国创业板市场的最终确立。创业板作为我国多层次资本市场建设的重要组成部分，它的正式运行在我国资本市场建设的历程中具有划时代的里程碑意义。至此,我国学界对创业板市场的研究终于进入了实证阶段,本研究正是在这样的历史背景下开展的。 本文在国家干预理论和交易成本理论的启发和引导下，通过对我国创业板运行两年多来出现的市场定位偏差、高市盈率、关联交易等不正常现象进行深入考察之后，发现创业板上市监管过程中存在的制度问题。从市场定位偏差来看，我国创业板发行审核制度是引发这一问题的重要因素，发审制度的政策性、行政性导向以及严格的上市审核条件和过程，促使拟上市企业不得不尽量满足国家的政策需求和发审委的严格要求，而不是尽量满足市场对创新型或高成长性企业的需求。从高市盈率来看，我国创业板市场信息披露制度导致的严重的公共信息供给不足是引发这一现象的重要原因，信息披露的不严格、不全面、不完整、不直观以及不具有预测性是导致广大投资者盲目投资、跟风，抬高股价和市盈率，加上不法组织和个人运用内幕信息进行内幕交易，运用市场势力暗中操纵市场，使创业板市场监管不利雪上加霜。此外，保荐制度设计不合理，投行可以作旗下直投公司控股、参股拟上市企业的保荐人，从制度供给层面为创业板上市利益关联现象创造了有利的制度环境。 针对上述研究中发现的问题，本文提出了以维护广大投资者合法利益为目标和宗旨，建立健全创业板市场相关主体充分参与的多元化市场监管框架。该多元化监管框架是政府监管、行业监管、企业自律、社会监管相互协作、配合的“四位一体”的监管体系。并进一步提出了废除发行审核制度，建立发行注册制度；借鉴美国经验确立信息披露的诚信和严格责任原则，围绕市场定价构建创业板信息披露制度；借鉴英国终身保荐制度的成功经验，完善创业板保荐人资格审查制度的具体建议和措施。 关键词：Abstract On October 30, 2009, the Growth Enterprise Market (GEM) first 28 companies listed, marked the final establishment of GEM in China. GEM is an important part of Chinas multi-level capital market, and its official run is an epoch-making milestone in the construction of Chinas capital market history. From now on ,Chinas academic research on the GEM has finally entered empirical stage ,This study is carried out in such a historical background. This article is in the national intervention theory and the transaction cost theory of inspiration and guidance, through my country’s GEM running for more than two years ,market positioning bias, high price-earnings ratio and transactions are not normal. An in-depth study found that GEM has the system problem in the process of market supervising and managing. Market positioning deviation of GEM issuer audit system is an important factor to cause this problem, The evaluation system of policy, administration, as well as strictly a guide listing the condition and process, to be listed businesses are forced to try to meet the state requirements and policies of the Board, rather than strict requirements as much as possi