【作者】 刘勇；

【导师】 凌丹；

【作者基本信息】 武汉理工大学 ， 国际贸易， 2003， 硕士

【摘要】 截止到2000年末，我国有各种股份制公司9000多家，这其中定向募集股份有限公司将近6000家，占已有股份制公司近70％的比例。然而这6000家公司的股权因为没有交易市场而无法流动，股东的转让权不能行使，整个社会资源配置的效率也受到影响。 我国的证券市场存在明显的“市场分割”现象，证券市场缺乏层次；而从事实物型产权交易的地方产权市场面临生存困境，产权市场与证券市场不统一。这种情况导致交易所市场面临巨大的扩容压力，中小企业和民营企业缺乏股权融资市场，以及企业产权交易费用过高。 本论文提出改造地方产权市场，建立场外交易市场进行定向募集公司产权交易，完善证券市场层次结构，实现产权市场与证券市场的统一。 论文各章内容如下： 第一章对论文中涉及的产权、产权市场、证券市场等概念进行了界定，介绍了柯斯的“交易费用理论”，并以美国证券市场为例介绍了证券市场的层次结构；本章还对我国证券市场和地方产权市场的状况进行了分析，指出了证券市场存在缺乏层次的问题，并且指出进行证券化的标准型产权交易，替代非证券化的实物型产权交易已经成为我国地方产权市场发展的内在要求； 第二章对我国定向募集公司的发展过程以及现状进行了分析，并且对定向募集公司产权交易曾经的几种渠道进行了介绍； 第三章对定向募集公司产权交易问题进行讨论，讨论重新恢复以定向募集方式设立股份有限公司的必要性，本章还对定向募集公司产权通过曾经的几种交易渠道进行交易的可能性进行了分析，指出依靠这几种交易渠道无法解决定向募集公司产权交易问题； 第四章综合以上几章的分析，提出改造地方产权市场，建立场外交易市场进行定向募集公司产权交易，形成有层次的证券市场体系，并且对场外交易市场的定位、网络建设、监管等问题进行了分析。更多还原

【Abstract】 Until the end of 2000, there are 9,000 joint-stock companies in china. Among them, there are nearly 6000 stock companies of a fixed direct collection, accounting for almost 70 per cent of existing stock companies. However the stocks of these corporations cannot be business. As a result, transfer right of shareholder cannot be used and the efficiency of the whole society’s resource collocation will be effected.There is obvious "market split" phenomenon in security market of China and securities business is lack of levels. Moreover, local property rights markets that take of barter have existing plight, property rights market and security market are not uniform also. This phenomenon results in many problems as follows: securities exchange market meet with huge expanding pressure ; middle and small enterprises, private enterprises are lack of stock-financing market and the costs of property right dealing are so high.This paper promotes to reform local property rights markets, and set up over the counter market for dealing stocks of stock company of a fixed direct collection, in order to perfect levels of securities business.The contents of this paper are as follows :Chapter 1 defines the concepts of property rights and property rights market, securities business and so on which are mentioned in this paper , introduces the "Transaction Costs law" of Coase and introduces the level organization of security market taking American security market as an example. Furthermore, analyses the states of securities business and local property rights market and points out the problems of lacking of levels of securities business and that the development of local property rights market requires stocks transaction to take the place of barter.Chapter 2 analyses the processes and states of stock companies of a fixed direct collection and introduces a few channels of property rights dealing of stock company of a fixed direct collection.Chapter 3 discusses the problems of property rights dealing of stock company of a fixed direct collection and points out that it is very necessary to resume setting up joint-stock company by a fixed direct collection. This chapter also analyses the possibilityof dealing stocks of stock company of a fixed direct collection by the whilom markets.Chapter 4 makes a conclusion , promotes to reform local property rights markets, set up over the market for dealing stocks of stock company of a fixed direct collection, and analyses the problems of setting up over the counter market, including orientation, network, supervise and so on .更多还原