健全興櫃股票交易機制－推薦證券商資格之鬆綁

Building Up a Better Dealing Mechanism for Emerging Stock-De-Regulating the Qualification of Recommending Securities Dealers

林宜男(Yi-Nan Lin)

《中正大學法學集刊》 11期 (2003/04) Pp. 63-111

https://doi.org/10.30094/NCCULJ.200304.0002

摘要

現行股市一直充斥著內線交易與資訊不透明等弊端，使得虛報業績與炒作股價情事經常耳聞；而我國政府確實也一直努力地扮演好公平與公開原則之維護者，嚴格取締內線交易與要求公開發行公司須充分揭露資訊。然而，一個良好之政府需要兼顧防弊與興利，適時地進行法令鬆綁，以便提昇我國國際競爭力。因此我國證券主管機關遂於民國九十一年元月二日起正式推行興櫃股票交易機制，以利企業籌募資金之所需。
建立興櫃市場原意良好，但因其制度上存有若干限制，致使興櫃市場至今仍無法為企業發揮集資之目的。故本文旨在探討興櫃股票交易機制目前無法活絡化主因之一，在於對推薦證券商資格限制過於嚴苛；倘若能對其資格予以適度之鬆綁，必可使此一新制有更良好表現。

關鍵字

未上市櫃股票 ； 推薦證券商 ； 櫃檯買賣中心 ； 櫃檯報告版店頭市場告示板 ； 高科技股交易市場那斯達克 ； 興櫃股票 ； 美國小額股票改革法 ； 美國交易所法

並列摘要

Insider trading and lack of information transparency have long been a residing problem in our stock market and have caused many problems including false performance reports and stock price manipulation. Actually the Taiwanese government has been trying very hard to maintain the principles of justice and openness for the stock market, through trying austerely to crack down on insider deals and to fully require listed companies for information disclosure. However, a good governmental policy needs to simultaneously consider how to prevent more fraud and to create more advantageous factors for the new system. In order to improve our international competitiveness, the Taiwanese government needs to properly dc-regulate the enforced regulations. Therefore, our securities authorities have formally installed the mechanism of ”Emerging Stock” since the 2(superscript nd) of January 2002.
The establishing of the mechanism of ”Emerging Stock” is well-intentioned, particularly in the way it helps medium-and-small sized companies raise capital, but some existing imperfection limits its development. This author argues that the too rigid regulation for the limitation of recommending securities dealers' qualification is one of the main reasons in preventing the development of ”Emerging Stock” market. If the Taiwanese government can properly dc-regulate the securities dealers' qualification, the new system should have a better performance.

並列關鍵字

unlisted stocks ； recommending securities dealer ； GreTai Securities Market ； Over-the-Counter Bulletin Board OTCBB ； National Association of Securities Dealers Automated Quotation System NASDAQ ； Emerging Stoc