【作者】 刘傑雄；

【导师】 徐杰；

【作者基本信息】 中国政法大学 ， 经济法， 2007， 博士

【摘要】 民营中小企业业已成为我国社会经济增长的巨大推动力,在我国国民经济中占有重要地位,对于我国经济的持续健康发展具有重大意义。然而,中小企业,尤其是高科技型、成长型中小企业在快速发展的同时,面临着维持日常运营和长远发展所需要的资金的困境。针对这样融资难及资金紧张的局面,参照外国的经验,设立创业板市场是一个有效解决的方式。本文通过对创业板市场进行深入分析,以理论为基础,以事实为依据,推导出基于创业板市场面向的是高科技型、成长型中小企业的特质,创业板市场整体及其上市企业都潜藏着比主板股票市场更大更多的风险的观点,同时,根据我国对创业板市场的筹建设想,提出了我国将设立的创业板市场中特殊的风险:创设方式风险、市场流动性不足风险和企业风险。针对这些特殊风险,本文从保护投资者利益的法律角度出发,研究相应的风险防范法律制度。首先,分析学术界、国内外法律对风险的认知和定义,开创性的论证,综合总结建议风险的法律定义。接着,对风险防范的理论进行探究,开创性地论证并建构风险防范法律原则,以作为各个风险防范理论的最底层基础。对于创业板市场创设方式风险,本文建议保留中小企业板及其原有上市资源,并新设创业板市场,同时通过划定创业市场体系的方式,以化解此特殊风险。对于创业板市场流动性不足风险和企业风险,本文有系统整理我国股票市场的风险防范法律制度,并与世界主要几个创业板市场比较分析以取长补短。其中,本文建议借鉴外国最新的企业风险管理理论和制度框架,加上风险预警机制法律规范化、企业风险管理师法律规范化和董事风险防范义务法律规范化之观点,建构我国创业板市场上市公司风险防范法律制度。本文认为建立有效的风险防范法律制度,才能在保护投资者利益的基础上,使创业板市场真正成为高科技型、成长型中小企业的融资平台,实现解决这类企业资金需求的预期目标,同时又能完善我国的资本市场的法律制度。更多还原

【Abstract】 Nowadays the private small and medium enterprises have become the gigantic force to the growth of our economy. They take an important part in our economy. This is important to the persistent and healthy growth to our economy. However, the small and medium enterprises, especially the high-tech and fast growth ones, are in face of a plight of capital needs in operation and long-term development. For the sake of solving this problem, establishment of venture market is an effective way in according to the experience from overseas countries.On the analysis of the venture markets, this dissertation, on the basis of theories and verification of facts, found that the venture market as a whole and its listed companies have greater and more potential risks than the main stock market as these are the characteristics of high-tech and fast growth companies therein. Also, this dissertation found out the special risks of the venture market namely, formation risk, market liquidity risk and enterprise risk, according to the blue print of the Venture Market in our country.Dealing with these special risks, this dissertation studied the corresponding legal system from the protection of investors’interest legal point of view. First, it analyzed the perception to and definitions of risk in the field of academy and law in both overseas countries and ours. After comprehensive analysis with creative arguments, it suggested a definition of risk in law. Second, it studied the risk prevention theories and then creatively argued and built up the legal principle of risk prevention as the bottom layer of those theories. In respect of the formation risks of the Venture Market, this dissertation suggested retaining the existing Small and Medium Board and its listes companies.The Venture Market should be established separately. Together with the established means of Venture Market System, it is dissolved this special risk. In respect of the market liquidity risk and enterprise risk of the Venture Market, this dissertation systematically described the risk prevention legal system of the stock market in our country and then compared it with some distinctive venture markets in the world, in order to take the good and drop the bad. Among them, it suggested taking consideration of the experience and legal system of the successful venture markets in the process of establishment of our own for preventing market liquidity risk. Besides, this dissertation suggested taking consideration of the latest enterprise management theory and framework, legalized risk alertness system, legalized enterprise risk manager system, and legalized director’s risk prevention obligation in the process of establishment of the risk prevention legal system for the listed companies of our Venture Market.This dissertation opined to establish the effective risk prevention legal systems so as to protect the investors’interest and to make the Venture Market become a real capital platform for the high-tech and fast growth small and medium enterprises. This not only suits the needs of capital of the small and medium enterprises and realizes their expected targets, but also perfects the legal system of capital markets of our country.更多还原