创新证券市场监管制度研究

ECNs1123421123566681010111213131414151516181919222427272828292929330343435364040404244454548494953AIM55585859606263636566676868707579828384854909193939391959696969898101103103105ECNs107109110113ECN120121121123126128129IMAS130131132137Abstract5Basedontheeconomicandlegaltheorywithafocusontheliteratureoffinancialandsecuritiesregulationandinformationdisclosure,andbyintroducingandincorporatingthelatestresearchfindingsontheWesternInnovatingStockMarket,thisdissertationemployscomprehensivemethodologiessuchasthesystematic,empirical,comparative,thedynamicanalysisandthecombinedanalysisofthetheoryandpracticetoprovideasystematicandthoroughdiscussionontheregulatoryissuesofInnovatingStockMarket,toputforwardsomeviableproposalsinanattempttocontributingtothetheoreticalbuildupfortheimprovementoftheregulatorysystemofChina’sInnovatingStockMarketandtoprovidingsomeconcreteandeffectivemeasuresforthehealthydevelopmentofChina’sSecuritiesmarket.Thedissertationcomprisesfivechapters,firsttwoelaboratethetheoreticalfundamentalsofthethesiswhiletheotherthreedealwiththespecificregulatorysystemsoftheInnovatingStockMarket.Chapter1conductsanin-depthresearchintotheconnotation,characteristics,functionsandthedevelopmentsoftheInnovatingStockMarketanditscurrentestablishmentinChina.Chapter2studiesthegeneraltheoryoftheregulationoftheInnovatingStockMarketincludingthegoalandthemodeloftheregulationaswellasthesubstancesandproceduresoftheregulation.Chapter3focusesontheinformationdisclosuremechanismoftheInnovatingStockMarket.TheauthoranalyzedthebasicprinciplesandthefeaturesoftheinformationdisclosureoftheInnovatingStockMarketandcomparedtheinformationdisclosuremechanismsamongthemajoroverseasInnovatingStockMarkets,andthenmadeproposalsonhowtoimprovetheinformationdisclosuremechanismofShenchenGrowthEnterpriseMarket(GEM).Chapter4exploresspecificallytheregulatorysystemsoftheshareissuingandlistingintheInnovatingStockMarket,whichmainlydealswiththreeissues:thefirstissueisthechoiceoftheregulatorymodeloftheshareissuingintheInnovatingStockMarket,theauthordemonstratedthemeritsoftheregistrationsystemmodelandprovidedoptionsforChina’sregulatorymodeloftheshareissuing;theauthorthenelaboratedandanalyzedtheissueoftheregulationandtheexaminationandapprovalofthesharelistingintheInnovatingStockMarketandtheissueoftheregulationoftheintermediaryinstitutionsforlisting.Chapter5addressestheregulatorysystemofthetradingintheInnovatingStockMarket.ByanalyzingtheattributesandmechanismsofthetradingintheInnovatingStockMarketanddelineatingtherelationshipbetweenthetargetdeviceofthesecuritiestradingsystemandtheregulationofthesecuritiestrading,theauthorheldtheviewthatthatthemeasuresofthe6regulationofthetradingaremeansbywhichtheconflictbetweentargetsofsecuritiestradingmechanismscanbecoordinatedandresolved.Overall,thisdissertationmadethefollowingcontributionstotheknowledgeofthefield:1,byidentifyingandanalyzingtheinherentdefectsinthewordingof“secondboard’and“growthenterprisemarket”,andbasedontheintrinsicfeaturesofthesetwoconcepts,anewconceptof“innovatingstockmarket”wasintroducedanditsconnotationandfeatureswerescientificallydefined.2,bycomparingandsummarizingthevariousregulatorysystemsoftheinnovatingstockmarket,theauthorsynthesizedsomeregularitiesandfeaturesoftheregulatorysystemsoftheinnovatingstockmarketwhicharedifferentfromthatofthetraditionalstockmarket.3,BuiltupontheresearchfindingsandhavingtakenintoaccountChina’suniquecontext,theauthorputforwardproposalsandsuggestionsfortheimprovementoftheregulatorysystemofChina’sinnovatingstockmarket.KeyWord:urbanfinance,innovatingstockmarket,growthenterprisemarket,regulation79903%19901999318%786%90301997199919991823,1239NASDAQEASDAQAIM,,NASDAQ10NASDAQAIMECNs11125341270Knowledge-basedeconomy1Ventureapital1200051213NASDAQEASDAQAIMGEM1-11-1NASDAQ1971EASDAQ1996AIM1995NouveauMarch1996NeuerMarkt1997OTC1994SESDAQ1987KASDAQ1996GEM1999JASDAQ1991()199420005TAISDAQ200031(TIGERTaiwanInnovativeGrowingEntrepreneurs)199911Mothers(Marketofhigh-growthandemergingstock)141-21-216022000422438771591242355380633182579486.75%20.01%33.72%34.32%11-31301151-3438773806386.75%1591243182520.01%235579433.72%2053567068234.32%35526NASDAQHomeNetworkHomeNetwork199679--11130%15208110014004000416011200092492501611998123110042.2929.3919.89.231986199418%5%8%30%160%40%11999891775%90%138%21200052GordonC.MurryEvolutionandChange:ananalyzingofthefirstdecadeoftheU.K.VentureCapitalIndustryJournalofBusinessFinance&Accounting,22(8),December1995.181(VentureCapital)196150%219994800900Cognetics1995199011994416%197819962.3375%150%41200022-242200013200014419998920190711920502060902090902115321192050Over-The-CounterOTC192060901962196870(NASDAQNationalAssociationofSecuritiesDealersAutomatedQuotation)1971281961(NationalQuotationBureau)19631964D197125008080(UnlistedSecuritiesMarket)(OfficialParallelMarket)MercatoRistrettoMarchHorsCote22GrahamBannockPartners199481992199619631963OTC1981OTC19836OTCOTCOTCOTC6.5OTC198619871218(SESDAQ)1988MESDAQ2090199419981988664.3%1559.1%549.5%10532.2%1999480080199519958019956(AIM)231996