【作者】 李华；

【导师】 王天习；

【作者基本信息】 华中科技大学 ， 法律， 2013， 硕士

【摘要】 新三板市场是我国资本市场的重要组成部分，是我国发展多层次资本市场、优化资本市场功能的必要举措。新三板市场既能为无法在主板、创业板上市的中小企业提供股份转让、增发融资的平台，又能为中小企业提供辅导培育服务，促进其优化公司治理结构、完善信息披露制度。同时，对于从主板、创业板退市的公司，新三板市场可以提供一个股份转让交易的场所。因此，新三板市场有着重要的存在价值与不可或缺的市场作用。但是，自新三板市场开办以来，市场交投冷清，极少有投资者愿意涉足该市场，导致场外交易市场功能无从发挥，多层次证券体系更是无从建立。探究其产生的原因，相关法律体系不健全已严重阻碍了新三板市场的健康有序发展。立法体系的不足限制了新三板市场的持续发展、交易制度的缺陷抑制了投资者的积极性、信息披露制度的不足导致市场操纵与欺诈问题频发、监管机制的失位制约了市场功能的有效发挥等。本文的研究目的在于对我国新三板市场现行法律问题进行分析并借鉴国外成熟资本市场经验，从而提出对我国新三板市场相关法律制度完善的建议。为实现该研究目的，本文主要从四大方面进行研究：首先，对我国三板市场的产生及其发展进行概括说明，并界定其法律范畴。其次，试从我国新三板市场现行的法律制度进行分析并指出其未完善之处。再次，通过对国外成熟资本市场的三板市场法律制度的分析，总结出值得我们借鉴的相关法律制度。最后，通过比较分析及理论论证提出完善我国新三板市场的相关法律制度的具体措施及相关建议。更多还原

【Abstract】 The new third board market is an important part of China’s capital market,also it is the necessary measure to develop Chinese multi-level capital market and optimize the capital market. The new third market can not only provide a platform which can satisfy the need of transferring share and listing financing for the enterprise,but also supply training services and perfect corporate governance structure and strengthen the information disclosure system. Meanwhile, the new third market can provide a shares trading place for the delisting company from the main board and the growth enterprise board. Therefore, the value of the new third market is absolutely important. However, the market trading was quiet since the new third board market’s opening, few investors are willing to dabble in the market,which led to the over-the-counter market’s construction,and also the multi-level security system is not established. The reason is the related legal system is not healthy,which led to the new third market’s good development. The inadequacy of legislative system limits the continuous development of the new third market,the flaws of the trading system curb the enthusiasm of investors,the inadequacy of information disclosure system led to market manipulation and fraud-prone, the loss of market regulatory mechanisms restricted the market functions effectively.This article aims to analyze the new third market’s current legal issues in China and study the overseas experience in mature capital markets,and then raises suggestions for perfecting the legal system of the new third market in China. This paper mainly includes four major areas to achieve the research purpose:First,I will outline the theory of the new third market in China and its development, and to define the scope of its laws. Second, after analyze of the new third market,I will note the adequacy of current legal system.In the third part,I will propose excellent advice by the analysis of overseas legal system.At last,some definite measures and interrelated proposals will be proposed to perfect our the new third market by a comparative analysis and theory argumentation.更多还原