【作者】 朱敏；

【导师】 张宇润；

【作者基本信息】 安徽大学 ， 经济法学， 2012， 硕士

【摘要】 要构建多层次的资本市场体系,三板市场是不可缺少的一部分,它不仅可以为现在不符合主板市场、二板市场上市条件的公司提供融资服务,还可以为退市的公司提供相应的融资服务。三板市场的健康有序发展,对促进整个资本市场的有序发展都起着不可替代的作用。但是由于我国的三板市场比国外的三板市场起步晚,之间还是存在着很大的差距,缺陷还是很多的,特别是在监管方面的缺陷。那么加强对三板市场的研究就有着非常重要的意义。三板市场监管也就是国家或政府或者证券业协会为了保证三板市场健康有序的运转,通过制定一定的规则,来保证其正常运作,保护投资者的合法权益,维护资本市场的稳定。三板市场的监管有着场内交易市场所不具有的特征,如监管对象的广泛性,方式的多样性以及手段的专业性。海外三板市场起步比我们早,在发展的过程中积累了很多成功的经验,如在监管模式方面,监管手段方面,都能给我们积极的借鉴之处,从而为我们更好的完善三板市场的监管制度提供一定的经验。我国三板市场的发展起源于证券交易自动报价系统,随着这二十年来的发展,自身也在逐步的完善,但仍然存在着一定的不足。如对三板市场监管的法律规定不完善；没有完全确定监管主体及其权限；信息披露上也存在一些问题等等这些都严重的制约了我国三板市场的发展与壮大。面对我国三板市场监管存在的一系列问题,对三板市场监管的不足,提出了相应的应对措施：首先,确立完善科学的监管原则,如公开原则、公正原则、适度原则、效率原则等,这些原则对我国三板市场监管的立法做出了原则性的要求；其次,明确了三板市场的法律地位；再次进一步加强和完善对三板市场的信息披露制度；最后,探索各产权交易所的协调机制,建设全国统一监管的三板市场。理论为实践提供了必不可少的依据。三板市场在中国出现的时间相对较晚,他的发展和完善还需要长期的实践和积累。因此,在通过对欧美国家成功的经验的研究基础上,结合我国三板市场发展的具体情况,提出了相应的建议,期望对我国三板市场制度的完善有所帮助。更多还原

【Abstract】 To the construction of multi-level capital market system, the third board market is an indispensable part of, it not only can now do not accord with the main board market, second board market conditions listed companies to provide financing services, can also be listed companies provide financing services. The third market healthy and orderly development of the capital market, to promote the orderly development plays an irreplaceable role. But as a result of the third board market in our country than that of foreign third market started late, still have the very big difference, still a lot of defects, especially in terms of regulatory defects or more. So to strengthen the third board market research has a very important significance.The third market supervision is the state or government or the securities industry association to ensure the board market healthy and orderly operation, through the formulation of certain rules, to ensure the normal operation, protection of the legitimate rights and interests of investors, maintaining the stability of the capital market. The third market regulation has the market does not have the characteristics, such as regulatory object of extensive sex, the diversity of ways and means of professional.Overseas futures markets started earlier than us, in the development process has accumulated many successful experiences, such as in a supervisory mode, superintendency means, can give us a positive lessons, so that we can better improve the third market supervision system provides certain experience.Third board market in our country development originated from Securities Trading Automated Quotation system, along with the twenty years of development, has gradually improved, there are still some deficiencies. As for the third market regulation law is not perfect; not completely determine the regulation subject and authority; information disclosure, there also exist some problems, these are serious constraints on the third board market in our country’s development and growth.The face of China’s third market supervision and a series of problems on the third board market, regulatory deficiencies, puts forward corresponding countermeasures:first, establish perfect scientific and regulatory principles, such as the principle of openness, justice principle, moderate principle, efficiency principle, the principle of the third board market of China regulatory legislation made the principle of requirements; secondly, the legal status of the third board market; to further strengthen and improve the third market information disclosure system; finally, to explore the property rights exchange and coordination mechanism, building a unified national regulatory board market.Theory for practice provides essential basis. The third board market in China relatively late, his development and" perfect need long-term practice and accumulation. Therefore, in the European and American countries successful experience on the basis of third board market in our country, combined with the development situation, put forward the corresponding proposal, expectations of the third board market in our country the system of perfect help somewhat.更多还原