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论文编号：	8569
作者编号：	1120100795
上传时间：	2016/6/20 10:26:32
中文题目：	“新三板”市场的治理机制研究
英文题目：	The Research on Governance Mechanism of NEEQ
指导老师：	李建标
中文关键字：	新三板；治理机制；交易制度；转板和分层机制；监管
英文关键字：	NEEQ; Governance Mechanism; Trading Mechanism; Transfer boards and Hierarchical Mechanism; Regulatory
中文摘要：	全国中小企业股权转让系统（“新三板”）是我国多层次资本市场的重要组成部分，主要为创新型、创业型和成长型中小微企业提供直接融资服务。目前，新三板市场已成为全球挂牌公司数量最多的证券交易市场，截至2016年3月14日，新三板挂牌公司总数突破了6000家，在一定程度上缓解了中小微企业“融资难、融资贵”问题，推动了直接融资发展。作为新三板市场的基础性制度安排，“新三板”治理机制，成为我国多层次资本市场建设中的首要问题。 本文以“新三板”市场治理机制为研究对象，重点剖析新三板市场的不同交易机制、转板和分层机制及其监管机制。在理论分析部分，在新三板市场交易机制研究中，着重分析了做市商机制、竞价机制和协议转让机制，考察了不同的交易机制与市场发展阶段的匹配关系，分析了各自定价的有效性；在转板和分层机制的研究中，根据相对绩效评价的契约理论考察了转板和分层机制对挂牌公司的激励约束作用，发现转板机制更多地激励了具有较强实力和较高业绩的企业，分层机制主要是激励实力较低的企业；在监管机制的研究中，发现新三板市场的监管需要相机治理的制度安排，要体现有效性与适度性。 在经验研究部分，关于交易机制，本文对新三板市场数据进行了统计计量分析，对新三板做市指数和做市商行为进行了经验分析，认为做市商机制是更有效率的交易机制，印证并发展了理论推断。关于转板机制和分层机制，通过典型案例分析，认为成功转板的公司表现出高成长性，具有明显的治理效果，但是由于转板成功的典型样本太少，产生的激励作用相对有限，未来应当建立直升交易所市场的通道。关于监管机制，通过对我国场外市场的演变以及世界主要资本市场监管机制的经验研究，分析新三板现有监管机制以及违规实例，探讨新三板监管机制的治理实效，并提出政策建议。 本文的理论和实证研究得出了一些可验证的结论和政策启示，如在市场交易机制的研究中，发现做市商制度最有效率；在转板和分层机制研究中，发现这一机制激励效果不明显，由此得出的政策启示是应当尽快建立直升交易所市场的机制等；在监管机制研究中，主要的政策启示是需要尽快建立新三板挂牌公司转板的可行有效的标准。
英文摘要：	National equities exchange and quotations (NEEQ) is an important component of our country’s multi-level capital market, provides the direct finance service mainly for the small-micro enterprise of innovation, in the undertaking and of the growth potential. At present, NEEQ has become the world's largest securities trading market, until March 14, 2016, the total listed company exceeded 6000, alleviates the problem of financing difficulty and expensive for small and medium enterprises in a certain extent, promotes the development of direct financing. Since it’s one of the basic institutional arrangements of the NEEQ, governance mechanism, becoming the most important issue in construction the multi-level capital market in China. In this paper, we study the governance mechanism of NEEQ, focus on the the different mechanisms, we analysis trading mechanism, transfer boards and hierarchical mechanism and regulatory mechanism. In the theoretical studies of this paper, this paper focus on the study of trading mechanism, we pay more attention on market maker mechanism, bidding mechanism and protocol transfer mechanism, investigate the matching relationship between different trading mechanism and market development stage, and analyze the effectiveness of the pricing. In the research of transfer boards and hierarchical mechanism, investigate the incentive and restraint function of the transfer board and the stratification mechanism according to the contract theory of relative performance evaluation, we found that the turn plate mechanism play more incentive for the enterprise with strong strength and high performance, hierarchical mechanism is mainly low strength of enterprise incentive. In the study of regulatory mechanism, we found NEEQ regulation needs to be contingent governance of institutional arrangements, to reflect the effective and appropriate. In the part of empirical research, for the trading mechanism, this paper carries out a statistical and empirical analysis on the measurement of NEEQ data, the new board making index and market makers conduct, that the market maker mechanism is more efficient trading mechanism, the result verifies and develops theoretical inference. On the transfer boards and hierarchical mechanism, through the typical case analysis, the result shows successful switch board firms with the character of high growth, and the transfer boards mechanism with obvious governance effect, but because of too little typical sample successful turn in the plate, the incentive effect is limited, in the future should establish the direct market channel. About regulatory mechanism, through the empirical analysis on China's OTC market evolution as well as the major world capital market, this paper through existing regulatory mechanism and illegal case analysis, explore the new supervision mechanism of board governance effectiveness, and put forward policy recommendations. The theoretical and empirical studies of this paper obtained some validation conclusions and policy implications, such as in the trading mechanism study, we found market maker system is the most efficient; In turn plate and hierarchical mechanism research, we found that the mechanism of incentive effect is not obvious, so that the policy implications of direct promotion should be established as soon as possible; In the study on the regulation mechanism, the main policy implications feasible and effective standards should be established as soon as possible.
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