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二板市场在我国建立的时间表一推再推 ,显示出决策者对二板市场高风险所持的谨慎态度。二板市场的高风险主要来自于自身管理、上市公司和投资者三个方面。国外成熟的二板市场已形成了一整套防范和化解风险的法律制度 ,建立了完善的监管体系、严格的信息披露制度、完善的法人内部治理结构、严格的保荐人制度、健全的做市商制度、以机构投资者为主的投资体系。而我国的证券市场起步较晚 ,防范风险的法律制度还存在着很大的缺陷。我们应借鉴国外成熟的经验制度 ,结合我国证券市场的特点 ,在二板市场的监管体系、信息披露制度、法人内部治理结构、保荐人责任、投资体系、市场退出机制等方面完善相关立法 ,建立起适合我国二板市场风险防范的法律体系。
Second board market in China to establish a push back the timetable, showing the policy makers on the second board market held by the high degree of cautious attitude. The high risk of the second board market comes mainly from the three aspects of self-management, listed companies and investors. The matured second board market in foreign countries has formed a set of legal systems for preventing and resolving risks and has established a sound regulatory system, a strict information disclosure system, a sound internal corporate governance structure, a strict sponsor system, and a sound market maker System, an institutional investor-oriented investment system. However, the securities market in our country started relatively late, and the legal system of risk prevention still has a great flaw. We should learn from the mature experience system in foreign countries and improve the relevant legislation in the second board market regulatory system, information disclosure system, legal person internal governance structure, sponsor responsibility, investment system, market exit mechanism and other related legislation based on the characteristics of China’s securities market From the second board for our market risk prevention legal system.