文档介绍：华中科技大学
硕士学位论文
我国多层次资本市场的形成与监管问题研究
姓名:吴燕飞
申请学位级别:硕士
专业:西方经济学
指导教师:张卫东
20080501
华中科技大学硕士学位论文
摘要
多层次资本市场的建立,既可以为新兴的中小企业提供融资渠道,解决其资金
短缺的问题,也可以使投资者有更多的选择空间,在更大的范围分散投资风险。而
当前我国资本市场主要是主板市场在发挥作用,多层次资本市场层次单一,无法满
足融投资需求。因此,我国必须建立多层次资本市场满足融投资方的需求,实现融
投资利益极大化。
但是,我国当前的多层次资本市场划分层次还很不清晰。为此,本文提出三层
次的资本市场模式,主要包括:主板市场、二板市场和场外市场。其中二板市场中
又可细分为中小企业板和创业板,这是因为,在创业版建立过程,中小企业版起到
了过渡作用。而场外市场又划分为三板市场和产权交易市场两部分。其中,三板市
场的功能有两个:一是为即将走向二板市场的新兴企业提供一个练台。
另一个则是为了那些上市条件不满足主板、二板市场的公司提供一个“缓歇”平台或
出口。而产板交易市场是初级资本市场的交易平台,其主要功能是为地方性企业提
供产权交易平台的。
明确了层次划分的多层次资本市场,如果缺乏有效的监管,将仍是不完善的。
因此,本文在最后从两方面论述监管机制:一方面是政策法规;另一方面是机构监
管,其中机构监管是从证监会监管和行业自律组织在维护多层次资本市场正常有效
运行的重要作用角度来阐述的。

关键字:多层次资本市场创业板三板市场产权交易市场监管机制

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华中科技大学硕士学位论文
Abstract
Establishing Multi-level capital market, not only can help to provide new financial
channels for small and middle enterprises(SME) to solve their shortage of funds but
also can help to provide more choices for investors to disperse their investment risk in a
larger scope. There is a Main Board in current market, and it is unable to meet the
demand of financing and investment. Therefore, to achieve the great interest of both
sides, China must establish their own multi-level capital market to meet the needs of
financing and investors.
However, China's current division of multi-level capital market is still not clear.
Therefore, this paper divides the capital market model into three parts: the Main Board
market, Second Board market and the Outside market. Second Board market contains
the SME Board market and the Growth Enterprise market (GEM), considering that
SME Board market plays a important role during the process of building GEM. The
Outside market is divided into two parts: Three Board market and Property rights
trading market. Three Board market has two functions: First, to provide a trading
platform for the emerging business practice. Second, to provide a “relief” platform or
exit fo