论我国三板市场升级转板的上市审核与实质审核理念  

The Listing Examination and the Merit Regulation Concept of Upgrade Listing Change from the Third Board Market

作　　者：刘文[1] 蒋昇洋 

机构地区：[1]西南财经大学法学院

出　　处：《社会科学》2016年第12期99-109,共11页Journal of Social Sciences

基　　金：四川省社会科学"十二五"规划2015年度项目"注册制背景下我国三板市场升级转板法律制度研究"(项目编号:SC15B084)的阶段性成果

摘　　要：三板市场升级转板从其本质意涵上讲,其仅仅是二级流通市场的变更与升级,其与一级发行市场并无直接关联。同时,升级转板程序与首次公开发行程序应明确区分。基于上述两点理由,三板市场升级转板的程序审核理念宜以上市审核为导向。由于三板市场升级转板在程序上采用了上市审核理念,而上市审核理应对申请上市的证券进行是否符合大规模集中交易的适格性筛选,也即,上市审核必然应对证券的投资价值与投资风险进行实质性地价值判断,以确保场内市场的流动性和稳定性。再加之三板市场的板块层次定位所引发的风险因素的考量。实质审核当属三板市场升级转板实体审核理念的合理选择。在上市审核与实质审核的双重引导下,形成了由证券交易所对转板资格进行实质性管控的自律化监管路径。In essence, upgrade listing change from the third board market is only change and upgrade of the upgrade distinguished. secondary market, which has no direct correlation with the issuing market. At the same listing change from the third board market and the IPO procedures should be clearly Based on the above two reasons, upgrade listing change from the third board market should be guided by the the listing examination. Because the idea of listing examination procedure, listing examination should screen the securities which applying to listing Whether the suitability of large-scale centralized transactions, namely, in order to ensure the liquidity and stability of the market, the investment value and the investment risk of the securities should be judged in a substantial way. The merit regulation is the reasonable choice of upgrade listing change from the third board market. Under the dual guidance of listing examination and merit regulation, stock exchange merit regulate the qualification of upgrade we should form a path of self regulation about listing change.

关 键 词：三板市场 升级转板 实质审核 上市审核 注册制 

分 类 号：F832.51[经济管理—金融学]