英美创业板场准入监管法律制度概述.DOC

PAGE PAGE 9 英美与我国内地创业板市场准入监管制度的经济法思考 摘要：创业板证券市场又称为二板市场，主要为暂时无法在主板市场上市的处于初创期、规模小，但运作良好的、具有高成长性的新兴高科技企业提供融通资金渠道和成长空间的场所。创业板市场准入法包括一系列调整创业板市场准入过程中形成的社会关系的法律规范，是对创业板市场准入的条件、标准、程序、责任等的系统性规定。2011年是我国内地创业板证券市场蹒跚学步进入的第二个年头。然而，从上市至今各创业板公司的表现仍延续去年的败绩，“创业板之伤”尚未彻底改良。在境外，创业板市场准入监管法律制度在法律规制上已经取得较完善经验，许多发达国家已形成了各具特色的较成熟的创业板市场准入监管法律制度。所以，结合我国内地创业板市场准入监管法律制度立法上存在的诸多缺陷和空白所导致的实际问题进行比较分析，充分借鉴境外成熟法律规制经验，找到我国内地创业板市场准入监管法律制度完善的良方具有现实必要性。 关键词: 创业板市场；创业板市场准入监管；立法缺陷；经验借鉴；启示 Abstract GEM（Growth Enterprise Market） is also known as the second board stock market, the main to provide financial intermediation channels and the room for development for the time being which can not be listed on the Main Board at the start-up period, small scale, but it worked well, with high growth emerging high-tech enterprises. GEM Access Act includes the legal norms of social relations in the course of a series of adjustments GEM access, which involves the GEM market access conditions, standards, procedures, responsibilities and other systemic requirements. 2011 is the second year which our country inland undertaking board stock market. However, so far from the GEM listed companys performance is still suffering last years defeat , GEM injury has not completely improved. Outside, the GEM market access regulation for the legal regulation of the legal system has achieved a better experience, many developed countries have formed a unique GEM the more mature legal system, market access regulation. Therefore, it’s practical necessity to find GEM perfect legal system for the Mainland of China market access regulation, combined GEM market access Legal System of legislation many defects and gaps caused by a comparative analysis of the actual problem, to fully draw on experiences outside the mature legal regulations. Key words: GEM; Enterprise Market access regulation; Legislative defects; Experience; Inspiration. 引 言 2009年10月末，历经十年酝酿，我国内地创业板证券市场终于来了。然而，从上市至今各创业板公司所交年报看来，答卷实在是令人大失所望。创业板甚至成了“创伤板”。当然，我们不能因此而畏惧退缩，创业板对