联系我们

论文查询结果	返回搜索

论文编号：	3387
作者编号：	1120050766
上传时间：	2011/6/10 10:05:41
中文题目：	我国OTC市场准入与交易监管制度研究——基于非上市公司治理视角
英文题目：	A Study on the Regulatory System of Market Access and Trading in China’s Over-the-Counter Market——From the Perspective of Corporate Governance of Non-listed Companies
指导老师：	李维安
中文关键字：	OTC市场 非上市公司治理 监管制度
英文关键字：	Over-the-counter market corporate governance of non-listed company regulation systems
中文摘要：	场外证券交易市场是多层资本市场体系最基础部分，其成败事关金融甚至经济体系安危。由次贷危机而引发的国际金融危机表明，其导火线就是美国OTC市场治理与监管制度缺失。我国以天津股权交易所成立并运行为标志，拉开了现代OTC市场建设与发展序幕，但同时也出现了制度供给不足和监管权竞争无序等急需解决的问题。所以，本文从相关理论文献回顾以及比较和实证分析等研究方法入手，发现、分析并解决我国OTC市场面临的治理和监管问题，并为尝试构建我国效率优先兼顾公平OTC市场治理与监管制度体系，提出有价值的理论与政策建议。 本论文共分七章，第一章导论对选题背景意义、主要创新、研究方法和篇章结构等进行简要阐述与介绍。第二章先对现有国内外关于OTC市场公司治理与监管制度研究文献进行了梳理与评述，随后对法金融、法律非完备性及经济规制等理论进行了述评并指出其不足及改进方向。第三章主要阐述了公司治理法律制度理论性观点、OTC市场主体治理与监管关系模型以及非上市公司治理与监管制度选择机制模型，为本文研究构建了理论性框架。第四章对OTC市场准入治理与监管制度进行比较和实证研究。先界定了OTC市场准入治理与监管制度内涵与外延，接着对国际OTC市场准入制度样本进行了比较分析，最后对我国OTC市场试点样本现状与经验进行了实证分析，并提出结论与改进意见。第五章主要在比较分析国际先进经验基础上，对我国OTC市场之代表性样本市场交易活动治理与监管制度进行实证分析，从公司治理角度指出影响我国OTC市场交易制度构建与完善的原因，并得出竞争性做市商混合交易制度应为我国OTC市场交易制度最佳选择。第六章是我国OTC市场公司治理与监管制度体系构建。首先就公司治理与监管制度体系应遵循的基本原则和监管模式进行了探讨；接着从非上市公司治理角度出发，对OTC市场他律和自律监管制度体系结构进行了重点论述。第七章是本文的结论、建议与展望。 总之，本文基于非上市公司治理视角，对构建我国效率优先兼顾公平的OTC市场市场准入、交易和监管制度体系进行了较为深入的研究，得出以下结论。 第一，尝试构建与我国国情相符的OTC市场公司治理法律制度理论包括非上市公司治理与监管制度选择模型，以及OTC市场监管制度体系等理论性观点及规则体系，并强调其应符合OTC市场运行规律及我国国情。本研究有助于推动相关公司治理理论和证券监管理论发展，本文认为任意性或自律性为主之公司治理与监管法律规则应在在我国OTC市场监管制度体系中占主要地位。 第二，非上市公司市场准入制度应是我国OTC市场治理与监管制度体系的核心。通过国际OTC市场比较与实证分析结果看，市场准入制度有侧重公司治理结构或治理机制审核趋势，适度低门槛实质要件和简约程序符合OTC市场规制规律。同时，对我国OTC市场所选样本实证分析表明，由于非上市公司治理特色较高及所处监管法律环境模式，本文建议在以自律规则为主他律规则为辅原则下，应尽快制定专门的有关非上市公司治理与监管规则。 第三，在比较分析国际OTC市场相关交易制度基础上，对我国现行OTC市场样本交易制度进行实证分析后，本文认为我国目前最好应以竞争性做市商混合交易制度作为我国OTC市场交易基本制度选择，并将流动性、交易成本和透明度作为效率优先兼顾公平的价值取向对OTC市场交易制度进行设计与完善。同时认为，非上市公司外部治理与监管制度和自律监管模式等因素对OTC市场交易制度设计有制约作用。 第四，尽快制定与完善具有中国特色的OTC市场治理与监管制度体系并确立相关基本原则，是确保市场有效运行的根本保障。本文认为从OTC市场特性、交易本质和举证责任等角度分析，应特别注重反欺诈原则的确立与运用。同时，OTC市场治理与监管制度模式应遵循自律为主的混合监管模式，监管主体和治理监管法规也要做相应调整与完善。如《非上市公司监管条例》和《非上市公司治理准则》等OTC市场内外部规则应该尽快制定，否则会影响我国OTC市场健康稳定发展。 本文创新主要有三：第一，公司治理法律制度理论性观点提出。该观点是在融合公司法学、公司治理学和证券监管学基础上，基于跨学科视角对非上市公司组织、治理和监管等环节所作的一系列强制性和非强制性法律制度安排，这对丰富公司治理理论、证券监管理论和公司法理论融合及发展有一定推动作用。同时，也为OTC市场治理与监管制度研究框架路径提供了一个理论性基础。第二，OTC市场公司治理与监管机制选择模型初步构建。在公司治理法律制度理论观点基础上，该模型假设国家强制性制度供给不变情况下，非上市公司分别对其外部与内部治理机制需求较强烈；同时，这种需求状况变化也可导致制度变迁方向或路径改变。本文实证分析表明，该模型对非上市公司市场准入和交易治理与外部监管法律制度互动与制度搭配有一定积极作用。其三，OTC市场的治理与监管制度体系的构建。本文研究基于OTC市场各主体之契约和法定关系进行系统解析，构建了相关非上市公司治理与监管制度结构模型。在模型指导下，OTC市场治理与监管制度体系可细分为强制性与自律性规则两大板块。实证分析表明，这对改善OTC市场治理与监管立法和实践有一定指导意义。其中反欺诈原则确立与运用，对证券法理论和公司治理理论发展，以及对应用于立法、执法和司法规则体系的实践也有指导作用。
英文摘要：	Over-the-Counter Securities Market (OTC market) is the very fundamental part of the multi-tier capital markets over the world, its success or failure concerns the security of financial and economic system. The lack of corporate governance and regulation for America’s OTC market led to the 2008 international financial crisis which is triggered by the subprime mortgage crisis. China is in procss of construction and development of modern OTC market marked by establishment and operation of Tianjin Equity Exchange, and in the meanwhile, the issues demanding prompt solution arise like the deficiency of the institutional supply and disorderly competition of the regulation power regarding central and local governments. Therefore, by reviewing interrelated theory contents, comparatively and empirically, this dissertation discovers, analyzes and solves the problems that our OTC market come across, and puts forward valuable theories and policy proposals for trying establishing governance and regulation system which gives priority to efficiency with due consideration to fairness in our OTC market. This dissertation is divided into seven chapters. The first chapter is the brief introduction to the background and significance of this theme, the main innovations, the research methods, and the structure of this dissertation, etc. The second chapter is the sorting out and reviewing on the existing literature of the corporate governance and regulatory system of OTC market both domestic and international, and then some comments on the theories such as Law and Finance, Imperfection of Law and Regulatory Economics, pointing out the deficiencies and the improving directions of these theories. The third chapter constructs the theoretical framework of the research in this dissertation by expounding theoretical view of legal system of corporate governance, relationship model of subject governance and regulation in OTC market as well as Choice Mechanism model of governance and regulation system of non-listed company. Chapter Four and Chapter Five are the core contents of this dissertation. Chapter four makes comparison and empirical studies on governance of market access and regulatory system in OTC market. This chapter first defines the connotation and extension of the market access governance and regulatory system in OTC market, then followed by comparative analysis on the international OTC market access rules, and at last this chapter empirically analyzes the status quo and experience of the experimental modern OTC market in our country, drawing the conclusion and putting forward some suggestions for improvement. In chapter Five, basing on the comparative analysis on the international advanced experience, empirical analysis is made on representative samples of trading governance and regulatory system in Chinese existing OTC market and conclusion is drawn that a competitive market-making system should be adopted as the best trading system in our OTC market, simultaneously, pointing out the factors that affect the construction and improvement of trading system in our OTC market from the perspective of Corporate Governance. Chapter six is the construction of corporate governance and regulatory system in OTC market in our country. First, this chapter discusses the fundamental principles and the regulatory modes that corporate governance and regulation system should follow; and then emphatically discourses the self-regulatory and mandatory rule systems of OTC market in the view of non-listed company. Chapter seven is the conclusion of this dissertation, with some suggestions and proposals for our policymaking and legislation in the development of our OTC market. In brief, this dissertation, based on the governance for non-listed company, conducts a further research on the construction of the systems of market access, trading and regulation in our OTC market which gives priority to efficiency with due consideration to fairness, leading to the conclusion as follow: First, theories of Legal System of Corporate Governance (including the choice models for the governance and regulatory system in non-listed company) corresponded with our national conditions should be tried building in OTC market, as well as some theoretical points and ruling system such as the regulatory system in OTC market. This research helps to develop the interrelated corporate governance theories and securities regulation theories, and this dissertation points out that the legal system of corporate governance and regulation which is mandatory as well as self-regulatory should play an important part in regulatory system of OTC market in China. Second, Market access rule of non-listed company should be the hard core of the governance and regulation system of our OTC market. Seeing from the comparative and empirical analysis on international OTC market, market access rule has a trend of putting particular emphasis on governance structure or mechanism verification of corporate governance, and its moderate low threshold and contracted procedures are corresponded with regulations of OTC Market. Besides, the empirical analysis of the selected sample of our OTC markets show that for the prominent characteristics of non-listed corporate governance and the collocation discipline of its legal environment of regulation, this dissertation suggests that specific rules related to the governance and regulation of non-listed company should be drawn up quickly on the base of self-regulatory regulation and supplemented by heteronomy regulation. Third, based on the comparative analysis on the related trading system of international OTC market, empirical analysis is made on our existing sample trading system of several OTC markets, this dissertation makes a conclusion that a competitive market maker hybrid trading system should be adopted as the basic trading system in our OTC market and the trading system in OTC market should be designed and improved according to the liquidity, trading cost and transparency, which act as the value orientation of giving priority to efficiency with due consideration to fairness. What’s more, other factors, such as external governance, regulation system and self-regulatory regulation mode of non-listed company, have restrictive function on the design of the trading system in OTC market. Fourth, the making up and improvement of the governance and regulation system in OTC market with Chinese characteristics, as well as the establishment of the correlative fundamental principles are the fundamental guarantee to the effective operation of the market. For OTC market, Antifraud Doctrine should be established and applied in terms of market characteristics, trading nature, onus probandi, etc. Meanwhile, the model of the market governance and regulatory system should follow the mixed regulatory system based on self-regulatory regulation, and the regulators and the law of governance regulation should be adjusted and improved relevantly. Furthermore, "Non-listed Companies Regulatory Ordinance", "Guidelines for Non-Corporate Governance” and other regulations and rules of OTC market should be drawn up as soon as possible, for they have respect to the healthy and stable development of our OTC market. Innovations of this dissertation reflect in three aspects: The first one is the proposal of theoretical view on legal system of corporate governance. This interdisciplinary-oriented view, which based on the combination of three fields, Corporation Law, Corporate Governance and Securities Regulation, makes series mandatory and non-mandatory law system on the organization, governance and regulation of non-listed company, which would have some impetus on the development and integration of the theories of Corporate Governance, Securities Regulation and Corporation Law. What’s more, a theoretical foundation was provided for the research of the governance and regulation system in OTC market. Next is the preliminary construction of the preference pattern of corporate governance and regulatory system in OTC market. Based on theoretical view of legal system of corporate governance and the existing status of supply for mandatory laws or rules in our country being constant, non-listed companies have a strong demand for external and internal governance mechanisms; and at the same time, this demand condition change also leads to the alteration of the orientation or route of institutional changes. The empirical analysis shows that it would have some positive influence on the interactivity and institutional collocation among market access, trading governance and external regulatory system of non-listed company. The third is the construction of the institutional system of OTC market on its governance and regulation. This dissertation constructs relevantly structural models about governance and regulation system of non-listed company, based on the systemic analysis on the contractual relationship between each subject and legal relationship in OTC market. Under the direction of the model, the governance and regulation system of OTC market could be carefully divided into two large parts, mandatory and non-mandatory regulations. Empirically, there would be some directive significance on governance improvement and the legislation and practice of regulation in OTC market. The establishment and application of the Antifraud Doctrine of OTC market contributes to guidelines for the theoretical research and practice of legislative, administrative and juridical activities regarding corporate governance and regulatory machinism of OTC market in China.
查看全文：	预览  下载(下载需要进行登录)