非公众股份公司股权交易问题研究——兼论我国新三板扩容面临的制度变革  

Equity Trading of the Non-Public Corporations and the Institutional Changes Faced by the Extension of the New OTCBB

作　　者：陈颖健[1] 

机构地区：[1]上海政法学院经济法系,上海201701

出　　处：《证券市场导报》2011年第8期4-9,17,共7页Securities Market Herald

基　　金：上海市教育委员会重点学科-经济法学(J52101)建设项目(<普惠型金融发展与中国金融法改革>)的阶段性成果

摘　　要：非公众公司股份交易市场由地方产权交易市场和新三板市场构成。地方产权交易市场属于初级的资本市场,坚持不得拆细、不得连续、不得标准化的原则,是其健康发展的法律底限。新三板市场属于高级的证券交易市场,其进一步扩容对完善我国多层次资本市场具有重要意义。新三板扩容亟待解决的流动性问题要求进行相关的制度变革和创新。但是制度变革和创新必须在遵守公开发行核准制以及由此衍生的非公开发行证券的转售限制制度的前提下开展。The stock market of non-public corporations is composed of local asset and equity exchange and the new OTCBB. Local asset and equity exchange is a primary market, in which stocks are traded under the non-split, non-continuous, nonstandardization principles, which is the legal bottom line of for its healthy development. The new OTCBB is an advanced stock market, and its expansion is important to improve China＇s multi-level capital market. The liquidity of the new OTCBB requires institutional changes and innovations. However, institutional changes and innovations must be in compliance with public offering examination and verification system and the resale restrictions of non-public offering securities.

关 键 词：非公众公司 股份转让 新三板扩容 

分 类 号：F832.5[经济管理—金融学]