OTCBB信息披露制度研究及对我国三板市场之启示

上海交通大学硕士学位论文OTCBB信息披露制度研究及对我国三板市场之启示姓名：徐求申请学位级别：硕士专业：国际法指导教师：徐冬根20081216OTCBBOTCBBOTCBB1OTCBB2NASDOTCBBOTCBB3OTCBBNYSEOTCBB4OTCBBARESEARCHONOTCBBDISCLOSURESYSTEMANDITSENLIGHTMENTTOCHINESECOUNTERPARTABSTRACTInordertore-allocaterisksrisingfromasymmetricinformationamonginvestorsandpeoplewhoneedmoney,legislatorsemphasizeusingeffectivedisclosuresystemstoprotectinvestorsinsecuritiesmarket.ManysystemsofOTCBBwhichisthemostsuccessfulOTCmarketintheworldareacceptedorwidelyusedasareferencebyothercountrieswhentheyestablishtheirownOTCmarkets.BecausetheChinesethird-boardmarket,OTCBBcounterpartinChina,hasbeenjustestablished,manyofitslegalsystems,includingdisclosuresystemarefarfromsatisfaction.Moreover,somelegalrulesarenowfacinganawkwardsituationwhenbeingappliedundercurrentlegalenvironment.TheOTCBBdisclosuresystemhasbeenararetargetforrelevantacademicresearcheswithrespecttotheOTCmarket.RelevantacademicachievementsareineagerdemandandthelackofacademicachievementsisindisproportionwiththedemandbythefastdevelopmentofChinesesecuritiesmarket.ThispaperpresentsasystematicresearchontheOTCBBdisclosuresystemanditsChinesecounterpartfromajurisprudentialperspective,thecontentsofwhichareasfollows:1.TheauthorisoftheviewthattheestablishmentofOTCBBdisclosuresystemisanembodimentthatlegislatorshighlyvaluetheprincipalsofopenness,compulsiveandcontinuousdisclosureandinvestorprotection.ThelegislatorscarefullybalancethebenignityofparticipantsintheOTCBBmarket.2.OTCBBself-disciplinesupervisingsystemandcivilactionsasthemainremediesprovideagoodlegalenvironmentforOTCBBdisclosuresystem.3.BasedoncomparativeanalysisofdisclosuresystemsbetweenOTCBBandNYSE,theauthorisintheviewthatdifferencesinmarketpositioning,tradingsystems,supervisesystemsarethethreefundamentalfactorswhichmaketheOTCBBdisclosuresystemspecial.4.Atlast,theauthordiscussesmainproblemsofdisclosuresysteminChinesethird-boardmarket,andmakesproposalsthatChinashallestablishsystemsequaltoOTCBBEDGARelectronicsystem,whichcangivetimelyfeedbackofeverytrading,;shallapplyannualreportandquarterlyreportastheperiodicreports;shallestablishcivilactionsassoonaspossibleinChinesesecuritiesmarket;cultivatematuresecuritiestraderstobethemarketmakers;shallsetupaspeciallegalbodyoffinancialgrouptobeartheresponsibilityofsupervisingdisclosureactivities,etc.KEYWORDS:OTCBB,disclosure,Chinesethird-boardmarket,legalenvironmentanalysis,differenceanalysis20092220092220092211792517241817200NASDAQNASDAQsmallcapmarketOTCBBOver-The-CounterBulletinBoardmarketPink-sheetsmarketNASDAQOTCBBNYSENASDAQOTCBB(NASD)NASDAQOTCBBNASDAQTheNasdaqStockMarket,Inc.3303600SECADRsOTCBBNASDAQOTCBBOTCBBOTCBBOTCBB2199019911020022007OTCBBOTCBB3OTCBB1OTCBB2NSYEOTCBBNYSE3OTCBB4OTCBBOTCBB11963SEC1(Over-The-CounterMarkets)1See:SecuritiesExchangeCommission,ReportofSpecialStudyofSecuritiesMarketsoftheSecuritiesandExchangeCommission,from(MichaelJ.Simon)L.D.(RobertL.D.Colby)(TheNationalMarketSystemforOver-the-CounterStocks)2(overshadowed)(avoided)8022(Asymmetricinformation)2060703(GeorgeAkerlof)(AdverseSelection)(MoralHazard)80(murkybackwater),,(JanisSarra)43NASD19935W.(RandallW.)1990SEC90(goodoldfashionedagencylaw)2See:MichaelJ.SimonandRobertL.D.Colby,TheNationalMarketSystemforOver-the-CounterStocks,GeorgeWashingtonLawReview,November1986.3(GeorgeAkerlof)1970(TheMarketforLemons)E.JosephE.Stiglitz(MichaelSpence)200120021-204See:JanisSarra,InternationalAcademyofCommercialandConsumerLawforChangingLawforChangingTimes,13thBiennialMeeting:DisclosureasAPublicPolicyInstrumentinGlobalCapitalMarkets,TexasInternationalLawJournal,Summer2007.5See:O.DennisHernandez,Broker-dealerRegulationUndertheNewPennyStockDisclosureRules:AnAppraisal,ColumbiaBusinessLawReview,1993.564NASDAQ90OTCBBNASDAQNASDAQ7NSADAQ8NSADAQ9NASDAQ10OTCBBNASDAQOTCBB90111213OTCBB1415161718196See:RandallW.Quinn,DejaVuAllOverAgain:TheSEC'sReturntoAgencyTheoryinRegulatingBroker-dealers,ColumbiaBusinessLawReview,1990.7See:ElenaSchwieger,RedefiningThePrivatePlacementMarketAfterSarbanes-Oxley:NASDAQ'sPortalAndRule144,CatholicUniversityLawReview,Spring2008.8See:CherylNichols,TheSecuritiesFraudDeterrenceandInvestorRestitutionActof2004:ATestmentToSelectiveFederalPreemption,SuffolkTransnationalLawReview,Summer2008.9See:OnnigH.Dombalagian,DemythologizingTheStockExhcange:ReconcilingSelf-RegulationAndTheNationalMarketSystem,UniversityofRichmondLawReview,May2005.10See:StevenC.Bennett,WhoIsResponsibleforEthicalBehaviorByCounselinArbitration,DisputeResolutionJournal,July2008.112003512OTCBB2002213OTCBB2006814200615200316:2004172006182003620212223242526272829303132NADAQOTCBBOTCBBOTCBBOTCBB19200620200321200522200323200524NYSENASDAQ200252520045262006727200512820078292006302005312004232200517OTCBBOTCBBOTCBBOTCBBOTCBBNYSEOTCBBOTCBB8OTCBBOTCBBOTCBBOTCBBOTCBBOTCBBOTCBBOTCBBOTCBBOTCBBOTCBBOTCBBOTCBBNYSEOTCBB9OTCBBOTCBBOTCBB33OTCBBOTCBBOTCBB19906OTCBBOTCBB19331934Smallcompany34SECOTCBBOTCBBSECOTCBBForm211Form211Form15c2-11Form