【作者】 胡玥；

【导师】 胡晓红；

【作者基本信息】 南京大学 ， 法学， 2012， 硕士

【摘要】 自1996年深圳证券交易所开始对内地建立创业板市场交易系统的可行性进行研究分析以来,经过长达10多年的酝酿,终于在2009年我国创业板登上了我国证券市场的舞台。创业板市场又称“二板市场”,作为对证券市场的特殊创新形式和组成部分,是一个与主板市场相对的概念,它的出现可以为创新型和高成长型中小企业上市融资提供便利以帮助其扩展业务,同时也为风险投资者提供套现或集资机会。有关创业板的研究成果颇丰,在创业板正式推出以前,国内对于我国构建创业板的理论研究很多,创业板正式推出以后,研究大都是集中在对如何在创业板成功上市进行阐述,很少对创业板在发展过程中表现出的问题进行探讨研究,并提出相应的建议,而本论文则通过采用比较研究的分析方法对我国创业板上市条件法律制度进行回溯,比较了一些国家、地区创业板上市条件法律规定,寻找我国创业板上市条件法律制度与这些国家和地区相关规定的差异性,发掘有利于中国创业板发展的内在因素,从而为进一步完善中国创业板制度提出可行性建议。本论文全文共分五章,第一章列举了两个案例引出本论文的写作意图,第二章介绍了创业板市场上市条件理论问题概述,包括创业板市场的概念、特征、历史发展概况、中国创业板市场产生背景、作用,后面三章的写作基本思路可分为三类：首先是提出问题—中国创业板市场和一些国家、地区创业板市场上市条件立法现状,在其他国家和地区中,本文选取的是发展比较成熟的美国纳斯达克(NASDAQ)市场、英国的另类投资(AIM)市场、韩国科斯达克(KOSDAQ)市场、香港创业板等,通过查阅大量资料,列出了在这些国家、地区创业板市场上市所要求的条件；其次是分析问题—中国创业板与一些国家、地区创业板市场上市条件比较分析,从对资本额、净有形资产、股票总市值、总资产、股东分布、公众持股比例、保荐人和独立董事的各项数据和指标的横向比较中得出我国创业板市场可以吸取的经验和教训；最后是解决问题—中国创业板上市条件法律规范之完善,先总的描述了借鉴其他国家和地区的成功经验,这里分为了二点进行论述,包括上市资源与入市标准之间的平衡和行业的多元化可以有效地抵御了风险。接着就是具体的细化,从保荐人制度、无形资产折股比例、财务指标、持续经营年限、公司治理结构中独立董事人数和权利五个具体方面提出了关于完善我国创业板的意见。更多还原

【Abstract】 Since1996, Shenzhen Stock Exchange has set about researching the feasibility to establish the GEM (growth enterprise market) trading system in Chinese mainland. After more than10years of brewing, the GEM finally gets on the stage of Chinese security market in2009. The GEM, comparing to the main board market, can often be called second board market. It is a special innovative form and component of security market, which can not only provide convenience for those medium-sized and small enterprises to finance on the market and help them expand their business, but also offer a good opportunity for venture investors to withdrawal cash and raise funds.There have been a lot of studies on theories of the GEM. The studies about how to establish the GEM are a lot in China before the GEM are officially launched. However, after being launched, studies are mainly focusing on how to list the GEM on the market successfully, but seldom studies are about the problems in the development of the GEM and some suggestions to it. This paper intends to use the comparative analysis method to recall legal institutions of the GEM listing conditions in China, compare legal institutions of the GEM listing conditions in different countries and districts so as to explore the internal factors in favor of the development of China GEM and provide possible suggestions the perfect the China GEM system.The paper consists of five chapters. In the first chapter, the writer put forward the possible problems of the GEM in china by two cases. In the second chapter, the writer will firstly give a general introduction about the listed conditions of the GEM, including the concept of the GEM, its characteristics, its history and its development in China. The rest three chapters can be concluded as three aspects. For the first part, the writer proposes the question:the current legal situation of listed conditions in China GEM and some other countries. In this part, the writer will state the listed condition of the GEM in China and some other countries like NASDAQ in America, AIM in Britain, KOSDKAQ in Korea, GEM in Hongkong and so on. For the second part, the writer will analysis the question in detail. The writer will illustrate data and index of captal amount, net tangible assets, total stock market value, total assets, shareholder distribution, public ownership, sponsor and independent director. For the last part, the writer intends to solve the problem:how to improve the legal institution of the listed conditions in China GEM. In this part, the writer will describe the successful experiences in other countries and regions. Then the writer will put forward how to perfect the China GEM by explaining such five factors as sponsor system, intangible assets fold proportion, profitability index, fixed number of years of continued operation, the number of directors in governance structures of corporations.更多还原