我国创业板市场的现状及对策研究
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目录
摘要 1
Abstract 2
引言 3
第1章 我国创业板市场的发展概述 4
1.1 创业板市场的概念 4
1.2 设立创业板市场的意义 4
1.3 我国创业板市场的发展特点 5
1.3.1投资风险高 5
1.3.2设置投资者入市规定 5
1.3.3市场定位广泛 6
第2章 我国创业板市场的现状 7
2.1 我国创业板市场已初具规模 7
2.2“三高”现象过于明显 8
2.3上市标准不完善,上市公司的成长性不高 10
2.4监管体制薄弱 11
2.5退市制度存在问题 11
2.5.1退市标准缺乏完整性 12
2.5.2退市程序不够简明 12
2.5.3缺乏完善的配套机制 12
第3章 国外创业板市场的经验与教训 13
3.1成功的纳斯达克市场 13
3.2发展较好的英国创业板市场 14
3.3陷入低迷的香港创业板市场 15
3.4失败关闭的德国新市场 16
第4章 完善我国创业板市场的对策研究 17
4.1 制定科学合理的发行制度 17
4.1.1 完善询价机制 17
4.1.2引入存量发行机制 18
4.1.3加强对投资者教育 18
4.2 优化上市标准,改善上市公司的治理结构 19
4.2.1优化上市标准 19
4.2.2改善公司的治理结构 19
4.3 加强监管,维护市场平稳运行 20
4.3.1建立健全法律法规 20
4.3.2 改革发行核准制 20
4.3.3加强对保荐人的监管 21
4.3.4严格信息披露制度 21
4.4 制定严格的退市机制,保护投资者权益 22
4.4.1完善退市标准 22
4.4.2简化退市程序 22
4.4.3建立配套机制 22
结束语 23
参考文献 24
[摘要]我国创业板市场自2009年10月30日正式建立以来,历经五年的发展,已经初具规模,但也存在一些隐忧。一方面,我国创业板市场的上市公司总市值、总股本、譆@山欢钪鹉昱噬硪环矫妫鹿煞⑿屑鄹瘛⑹杏省⒊悸食中吒撸徊郊哟罅送蹲收咚媪俚姆缦铡3酥猓匆蛋迨谐〉纳鲜斜曜肌⒓喙芴逯埔约巴耸兄贫纫泊嬖诓煌潭鹊娜毕荨Ⅻbr>针对我国创业板市场所存在的问题,本文借鉴国外成功创业板市场的发展经验,总结国外失败创业板市场的教训,并结合我国的特殊国情,提出了切实可行的解决办法,以期对我国创业板市场的健康稳定发展有所帮助,具体包括以下几个方面:制定科学合理的发行制度、优化上市标准,改善上市公司的治理结构、加强监管,维护市场平稳运行、制定严格的退市机制,保护投资者的权益。
[关键词] 创业板市场;资本市场;退出机制;保荐人制度
Research about present situation and countermeasures of china's second board market
[Abstract]Since October 30, 2009,the gem market in China formally established, after five years of development, has begun to take shape, but there are also some concerns. On the one hand, the total market value of listed company of the gem market in China, total equity, total turnover rise year by year, on the other hand, the new issue price, p/e ratio, super raise rate is high, further strengthen the risk faced by investors. In addition, the growth enterprise market listing standards, regulatory system, and the shortcomings of the delisting system also has different degree.
In view of the problems existing in the growth enterprise market of our country, this paper draw lessons from foreign successful experience in the development of the growth enterprise market, the failure of the growth enterprise market abroad and lessons and combining our country's special national condition, proposed the feasible solution, hoping to be helpful to the healthy and stable development of the growth enterprise market in China, including the following aspects: making scientific and reasonable distribution system, optimizing the listing standards, improve the governance structure of listed companies, strengthening supervision, maintenance market running smoothly, strict delisting mechanism, protect the rights and interests of investors.
[keywords] growth enterprises market; capital market; exit mechanism; sponsor system