透過您的圖書館登入
IP:54.175.120.161
  • 學位論文

臺灣興櫃與中國大陸新三板、四板股票市場法制之比較研究

A Comparative Study on Taiwanese Emerging Market with New Third Boards & Fourth Boards of the Stock Market in Mainland China

指導教授 : 王志誠
若您是本文的作者,可授權文章由華藝線上圖書館中協助推廣。

摘要


多層次資本市場的資訊制度與流動性及法律規範,對先進法治國家極為重要;而場外交易制度優劣,足以影響整體多層次資本市場,此為本論文探討法制比較研究之動機。 臺灣興櫃股票市場於西元2002年1月2日成立,該市場係屬我國場外股票市場交易,主要提供已公開發行的未上市櫃公司直接融資渠道,其股票市場的功能有別於上市(櫃),係為上市(櫃)之預備市場,與上市(櫃)同權適用我國證券交易法規定。金融管理委員會證期局授權財團法人中華民國證券櫃檯買賣中心(Taipei Exchange,TPEx),為興櫃股票之管理機構,目前到2016年3月31日為止共有286家,為使興櫃股票交易制度更臻完善,2016年2月15日起實施興櫃股票T+2日款券同日交割、調整綜合交易帳戶買賣興櫃股票之申報時間及修正外資客戶申報興櫃股票賣出遲延給付結算等制度,優化交易制度並與國際接軌。 中國大陸新三板市場是為非上市公眾企業證券發行與公開轉讓場所,服務區域為全國性場外市場,由中國證監會監管,並為主機板市場之預備市;中國大陸四板市場是為非上市非公眾企業證券發行與非公開轉讓之私募市場,服務區域為地方各省之場外交易,由當地政府監管,係為新三板市場之預備市場。本論文主要目的為台灣中小企業體提供瞭解台灣與中國大陸場外交易之資本市場直接融資渠道,其法律制度之比較研究,在兩岸商業貿易頻繁之時,具備應有的場外資本市場法制觀念,有所助益。

並列摘要


Information System and the liquidity and legal norms of multi-level capital market, on the advanced state of law is extremely important, and the merits of the OTC system, enough to affect the overall multi-level capital market, this paper discusses the motivation-oriented comparative study of the legal system. Taiwanese emerging stock market in A.D. January 2, 2002 the establishment of the market belongs to the Department of the OTC stock market transactions has been the main provider of public offering direct financing channels unlisted cabinet company, its function is different from the stock market listing (OTC), the Department of listed (OTC) of the market preparation, and listing (OTC) with the right to apply the provisions of the Securities Exchange Act. Financial Regulatory Commission Securities and Futures Bureau authorized Gre Tai Securities Market (Taipei Exchange, TPEx), the Governing Body of the emerging stock now until March 31, 2016 a total of 286, for the emerging stock trading system better by, since February 15, 2016 implementation of the emerging stock funds T + 2 day ticket on the same day delivery, adjusted consolidated trading account trading time reporting and correction of foreign customers emerging stock declaration emerging stock sold delay the payment and settlement system optimize the trading system and with international practice. Chinese mainland market with New Third Boards is a non-listed public companies the securities issuance and transfer of public places, service area for the national OTC market supervision by the China Securities Regulatory Commission, and the preparation for the motherboard market city; Fourth Boards of the Stock Market in Mainland China are unlisted non-public private markets, the service area of corporate and securities issuance and transfer of non-public local provinces for OTC transactions, the local government regulation, the Department for the preparation of New Third Boards . The main purpose of this paper is to provide Taiwan SMEs to understand the body of capital market direct financing channels for OTC Taiwan and mainland China, the comparative study of its legal system, when the cross-strait business and trade frequently in, have the necessary legal concept OTC capital market, there is the helpful.

參考文獻


56、鄒建中,臺灣與中國大陸多層次資本市場之比較探析,朝陽學報, 2008年9月,頁109-127。
12、臺灣證券交易所,「中國大陸證券市場相關制度」,臺灣證券交易所, 2014年7月。
5、元大證券股份有限公司
36、張元傑、張火燦、紀慧如、邱文宏、鄭翔壬,「公司特性與智慧資本揭露:以臺灣興櫃企業為例組織與管理」,2010 年2 月,頁1-39。
16、元照出版有限公司,「最高人民法院、最高人民檢察院關於辦理內幕交易、洩露內幕資訊刑事案件具體應用法律若干問題的解釋」(最後瀏覽日:2016年5月8日)。http://www.lawdata.com.tw/anglekmc/lawkm?@33^590541703^107^^^11^13@@

延伸閱讀