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我国三板市场的创生机理及发展对策研究

Research on Enendering Mechanism and Countermeasures for the Development of Our Third Board

【作者】 肖鸿鹏

【导师】 周乃敏;

【作者基本信息】 吉林大学 , 技术经济及管理, 2004, 硕士

【摘要】 三板市场是资本市场体系的重要组成部分。规划、发展三板市场,充分发挥其在国民经济中应有的作用,这是我国资本市场建设的当务之急。党的十六大报告明确提出要“推进资本市场的改革开放和稳定发展”。把资本市场的发展作为本世纪头二十年健全现代市场体系的一项重要内容写进党的十六大报告中,进一步提升了资本市场在现代市场体系中的地位,为推动我国资本市场的全面发展指明了方向。在发展三板市场过程中,应以“十六大”精神为指引,从我国的市场实际出发,把握好正确的市场取向,明确其功能。在此基础上,借鉴国外经验,努力使三板市场成为推动我国资本市场发展的一个创新平台,充分发挥三板市场的作用,实现历史赋予三板市场的特定使命“存在的必然有其合理性”,从过去场外交易屡禁不止中,我们可以窥见三板市场存在的现实基础。首先,我国国有企业股份改制的长期目标必然使越来越多的国有企业成为股份制企业,而为了盘活国有资产,必然面临股份转让的问题或上市的问题;另一方面,我国上海、深圳两家证券交易所的上市资源是有限的,不能满足大量国有股份企业的上市要求,这必然使得场外交易成为必须。其次,上市公司应具备较高的上市标准,而大多数中小股份制企业难以满足其要求。况且,事物的发展总是遵循着一定的客观规律。随着我国市场经济改革的深入,证券市场的不断发展和完善,尤其是二板市场的即将推出、核准制的实施和上市公司退市机制的落实,以场外交易市场为基础发展三板市场的必要性愈加突出出来。因此,目前建立与证券交易所和二板市场并存的三板市场的组织格局,是完善的证券流通市场所应具有的形式。本文的主线是从三板市场的理念开始分析,通过对美国典型三板市场<WP=77>的发展的研究,揭示出其实质性的发展条件和运作机制。对比我国三板市场的发展历程及现状,总结出适合我国三板市场发展的一套模式,尤其是对我国三板市场的创生机理和发展对策进行了深入的分析。1. 三板市场作为一个高风险的资本市场,必然存在市场效率的问题,这也是考虑组织模式的根本出发点,根据不同的国情选择不同的市场模式,这对市场的发展和正常运作关系重大。三板市场在管理系统、交易系统和报价系统上是否相互独立,这是独立型与附属型的根本区别。构建我国的三板市场模式,应借鉴国际经验并考虑我国资本市场的长远发展和健康运行来设计,决不能简单地照搬现成的某种模式。我国三板市场不宜一开始就采取独立形式,而应先选择附属证券交易所的模式,然后逐渐规范和完善。比较可行的方案应当是采取分步实施的办法建立一个由“附属”到“独立”的三板市场:第一步,在深沪设立附属于主板的三板市场,根据三板市场的特征进行制度设计,按照自身特有的机制运作;第二步,待三板市场建设取得经验和发展得较为成熟之后,再将三板市场独立出来,最终实现主板、三板各自分开,独立运作。2. 由于三板市场主要面向高风险的新兴中小企业,上市标准低于主板市场,为了保护投资者的利益,同时为了保证三板市场的运作效率,三板市场比主板市场应该有更为严格和完善的监管支持系统。三板市场上的上市公司经营具有不确定性,与主板和二板市场上的上市公司相比,其技术风险、市场风险和经营风险较大,因此,需要用对上市公司价值评估来保证上市公司的质量,要求更高的信息披露制度来规范保证上市公司的运作。3. 实行做市商制度,为了防止在三板市场进行股份转让的公司弄虚作假, 欺骗投资者, 同时也克服由于这些证券公司本身也参与股票买卖而利用自身优势损害投资者利益, 中国可以借鉴美国三板市场的经验, <WP=78>实现上市公司保荐制度和做市商制度, 加强对证券公司的监管, 再通过证券公司深入细致的工作和利益的约束来保证上市公司的质量。4. 构建完整的资本市场体系,实现三板、二板、主板市场间的升级转换。业绩不佳的上市公司可以由主板、二板降到三板;业绩上升的上市公司也可由三板升格到二板或主板。由此使资本市场间形成互动,形成多层次、多元化、可转换、充满活力的资本市场格局。5.在三板市场的设立和运营上,政府的参与是必不可少的,尤其是在设立三板市场的决策上,是最终决策者。政策是政府制定一系列的行动准则,用以规范和指导各种经济主体的行为。政策环境既是政府对三板市场的参与也是对三板发展的支持。

【Abstract】 The third board market is one important component of the market system of the capital。We should plan and develop the third board market, and give full play to its due function in national economy; it is a top priority task of construction of capital market of our country. Report of 16th National Congress of Communist Party of China proposed " advancing the reform and opening-up of the capital market and developing steadily " clearly. Writing the development of the capital market into report of 16th National Congress of Communist Party of China as an important content of modern market system in the first 20 years of this century has promoted the capital market’s position in modern market system further, it pointed out the direction of the development in an all-round way of the capital market of our country. During the course of developing the third board market, we should regard " 16th National Congress spirit as an direction, set out from the market of our country actually, get hold of the correct market orientation, and define its function. On this basis, use external experience for reference, make great efforts to make the third board market become an innovative platform promoting the development of capital market of our country, give play to the role of the third board market fully, and realize the specific mission which history gives the third board."Everything existing have its rationality inevitably", from the remaining incessant after repeated prohibition over-the-counter in the past, we can detect his realistic <WP=80>foundation existing. First of all, the share reform’s long-term goal of our state-owned enterprise must make more and more state-owned enterprises become share-issuing enterprises, and in order to vitalize state-run assets, we must face the problem of transfer of shares or the problem of enterprise listing; On the other hand, the listing resources of two stock exchanges of Shanghai, Shenzhen of our country are limited, and they can’t meet the listing request of so many state-owned enterprises, this must make over-the- counter become a necessity. The thread of this text is to begin to analyze from the idea of the third board market, reveal its substantive development condition and operation mechanism by the studying on development of U.S.A. model third board market. Comparing the third board market development course of our country and current situation, this text summarize a mode of development which suits the third board market of our country, it go on deep analysis to our country’s third board producing mechanism and development countermeasure especially.The third board market must have the question of market efficiency as a capital market with high risk, this is a starting point of mode to consider too, choosing different market mode according to different national conditions, this is essential to development and normal operation of the market. Whether the third board is separate in administrative system, trade system and quotation system is a fundamental difference of an independent type and attaching type.The structuring of the third board market mode of our country should use international experience for reference, and consider of <WP=81>our country long-term development of capital market and run to design healthily, we must not imitate the available a certain mode briefly . The third board market in our country should not adopt the independent form at the beginning, but should choose to attach to the mode of the stock exchange first, then normal and perfect gradually. A feasible scheme is to implement step by step to set up one " attach to " third board of market and then become " independence ". The first step, set up the third board which affiliate the main board in Shenzhen and Shanghai, carry on system design according to the characteristic of the third board market, peculiar mechanism operation, but should implement strictly supervision standard according to itself; Second, After the third board market makes the experience and development comparatively ripely, and

  • 【网络出版投稿人】 吉林大学
  • 【网络出版年期】2004年 04期
  • 【分类号】F832.5
  • 【被引频次】3
  • 【下载频次】318
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