中国股票市场制度建设的若干问题探讨

【作者】 刘岩；

【导师】 戴玉林；

【作者基本信息】 东北财经大学 ， 金融学， 2002， 硕士

【摘要】 本文论述的中心内容是中国在加入世界贸易组织的背景下股票市场制度建设的若干问题。文章以股票发行和流通为主线，对其过程当中的发行方式、市场分割、内幕交易、关联交易、信息披露等问题进行了具体的分析与阐述，对中国股票市场制度建设提出了相应的观点和政策建议。中国目前正处于渐进式转轨经济的发展过程中，这是本文的基本判断也是论述的出发点，在这一过程中制度稀缺是产生各种问题的重要原因之一。没有制度约束的经济因人们对整个经济运行中各个阶段、事件缺乏稳定预期的依据，因而只能是随机的、主观色彩浓厚的经济，这对于中国的经济改革与对外开放非常不利。缺乏合理有效的制度供给，缺乏高效率的制度实施，那么不仅仅一个股票市场，整个经济也有可能陷入一种劣势的“路径依赖”往复循环的发展误区中。中国目前的经济发展阶段，正是承前启后的关键时期，许多方面制度建设的不完善阻碍了经济的发展，我们有必要借鉴国外发达国家的成功经验和完备的制度体系逐步使我国方方面面制度建设得到改善。笔者很久就开始思考这些问题，在进一步学习过程当中所思考的问题又逐渐具体化，即集中于中国的股票市场，对其中一些具体问题形成了自己的看法。本文包括六部分，第一部分为导言，对中国股票市场现状作了概括描述，据此提出了本文的问题，同时详细解释了本文研究方法选择的依据。从第二部分即展开对具体问题的分析，论述了我国股票发行方面存在的一些问题，并对完善股票发行制度提出了几点建议。第三部分就B股市场和国有股流通问题对我国股票市场分割问题进行了阐述。第四部分为内幕交易问题，分别从对其定义、处罚规定、民事赔偿法律制度等方面进行了国际比较，从而对我国规范内幕交易提供了借鉴。第五部分论述了关联交易问题，在定义关联交易和不当关联交易的基础上，对其影响进行了分析从而提出一系列对策。最后一部分具体研究了信息披露问题，力图对其规范和完善提出具体的方案。文本的观点及政策见解和建议散见于各章节。更多还原

【Abstract】 This thesis mainly deals with issues of the changes of the stock market on the background of China’s entry into the WTO. With the main line of securities issuing and transferring, this thesis raises concrete analysis on the questions among them, they are securities issuing, market segmentation, insider dealing, affiliated dealing, information revealing. And the thesis also draws relevant opinions and policy suggestions for the institutional constructions of China’s stock market. China is now in the process of economy transformation, which is the fundamental judgment and analysis setting point of this thesis. In the process, institution scarcity is an important cause that gives rise to problems. An economy without the restraint of institution leads to people’s lack of steady anticipation of the stages and events in the whole operation of the economy is a random and subject-based economy, which is heavily weighted against China’s economic reform and opening. Lack of reasonable and effective institution supply and lack of high efficient institution implementation will cause not only the securities market but also the whole economy to be caught in a disadvantageous "path-dependent" circulation of development misconceptions. The period of China’s economic development now is the most important time or carrying out. The imperfect of institution construction in many fields hinders the development of the economy. It is necessary for us to learn from the foreign developed countries’ successful experience and perfect institution system to develop our institution construction. The author began to think about these questions quite long ago. During my work, the questions in thought have gradually concretized and specified with a concentration on China’s stock market, and formed my own opinions of some concrete questions. This thesis covers six parts. As the introduction, the first part gives a general picture of the present situation of China’s stock market, based on which it raises the problems to be dealt with. Meanwhile, this part illustrates in detail the ground of the <WP=4>study method of this thesis. The second part begins with the analysis of the concrete questions. It discussed some problems, which exist in the period of stock issuing and gives some suggestions of perfecting stock issuing system. The third part concerns the elaboration of market segmentation of our stock market, which included the question of B stock market and the circulation of state owned stock. The fourth part involves the analysis of insider dealing. Expounds the international compare of the definitions, punish rules and compensation system of civil case. So that gives advices for our standardization of insider dealing. The fifth part comprises the affiliated dealing. On the base of definition of affiliated dealing and inappropriate affiliated dealing, the thesis analyses the influential and gives a piece of suggestions. The last part analyzes information revealing. Trying to give concrete solutions of stand and perfection of the problem. Views of this thesis and policy suggestions are found in every parts.更多还原