资源描述
g7142g1087g7605g11850g12460g3g12684g11163g11850g12460g3g3g16887g2158g11850g12460g6363g2688g3g3g3g13105g2125g6363g2688g3g3g24g22g23g30g5290g30g7486g24g22g7195g3 新三板发行制度改革与美国经验 g3 美国放松中小企业融资监管的启示和建议 g11566g1961g11850g12460g3g3g263g6622g2270g1954g2325g3632g18439g1947g5176g952g7142g1087g7605g2271g2257g1123g4677g5604g258g258g1226g18206g19486g13962g2622g2470g2567g581g1961g1220g17937g1078g8603g9255g2380g4677g5604g1335g1104g18439g15811g7491g2263g11450g5957g16375g582g9967g16890g264g3g24g22g23g30g5290g28g7486g24g28g7195g3g3g3g3g3g3g16887g2158g2108g7622g5182g3g10689g7101g13826g39g22g24g25g22g27g23g29g22g26g22g22g22g23 g93g71g84g77g93g95g24g38g89g93g89g88g75g89g75g71g88g73g78g20g73g85g83g3g14g30g28g24g23g15g24g25g24g31g29g30g23g30g152g29g24g25g24g3g23g30g27g22g23g29g23g30g28g27g25g3g3g13962g13105g1264 g10689g7101g13826g39g22g24g25g22g27g23g29g22g26g22g22g22g23 g93g71g84g77g93g95g24g38g89g93g89g88g75g89g75g71g88g73g78g20g73g85g83g3g14g30g28g24g23g15g24g25g24g31g29g30g23g30g152g29g24g25g24g3g23g30g27g22g23g29g23g30g28g27g25g3g3g3g1137g16311g13577g16880g966g3 g7023g3002g7142g1087g7605g11556g2179g11450g3366g3769g5322g1284g14039g12190g2567g16002g2156g5340g7023g19871g11638g6273g952g7028g7604g6456g10370g1954g2606g2567g16002g14039g12190g11450g12759g2156g952g6622g2270g7487g7575g1324g11450g6456g10370g1954g2606g16907g9967g1954g5430g2567g16002g574g17935g1078g1140g6624g4668g5212g7579g1114g7151g19864g7020g11520g966g948g23g949g13641g16409g3379g1979g1123g4677g1335g1104g15811g17274g19700g19492g20174g967g948g24g949g2631g7142g14039g1106g2567g16002g14039g12190g14131g7487g7038g6662g2429g14039g7545g2108g7065g5340g952g7487g2143g1220g9073g17401g5176g3440g1242g7241g952g6662g2429g9079g2270g5725g574g3 g1136g1529g17937g1123g4677g1335g1104g11562g6619g15811g17274g952g13764g3379g11450g11527g12759g2156g5340g1091g7139g9546g2574g952g1964g13573g20674g1650g5581g7142g1087g7605g1621g18602g966g948g23g949g3920g13610g5340g11450g2567g16002g7151g5445g574g13764g3379g2567g16002g14039g12190g2363g6434g1212g2567g16002g1264g12977g3521g573g15811g17274g16378g8279g573g6347g17274g13883g12977g3521g573g6347g17274g13883g7078g18437g573g2325g19708g17274g18439g9302g18057g573g8990g1986g1979g4591g2754g16311g8824g12671g3920g12291g13610g5340g952g1461g1335g1104g14131g3925g7791g6564g14368g17633g5883g2027g2754g15811g17274g19766g8824g952g17983g6431g7478g12636g2622g16311g8824g11450g15811g17274g7151g5445g967g948g24g949g15811g17274g16378g8279g1092g1559g5797g6369g19816g11450g5289g16023g574g1091g2626g11450g15811g17274g16378g8279g952g19864g4655g1091g2626g11450g11527g12759g2257g5340g952g3933g1417g1088g12636g2622g15811g17274g16378g8279g17344g3933g952g11527g12759g17344g1115g2495g11450g16378g2127g574g4024g7634g15811g17274g16378g8279g17849g4677g952g2127g11527g12759g4711g11566g4655g4595g7604g967g948g25g949g9495g17385g1335g1104g15811g17274g1092g1555g6362g6347g17274g13883g11450g5289g16023g574g7192g16311g4723g2597g14131g1136g1335g1104g15811g17274g6662g1489g1525g2143g952g2626g7212g1173g13610g6455g4655g6347g17274g13883g11450g1555g6362g574g4024g19134g4655g14829g16878g6347g17274g13883g11450g2567g16002g19590g2156g11566g4655g17849g4677g952g13890g19864g2631g1078g14434g1954g1357g11450g2567g16002g2573g2150g7466g1115g7794g11450g19590g2156g574g3 g5424g16868g7028g7604g4655g6456g10370g1954g2606g2567g16002g14039g12190g11450g12759g2156g966g3 g6662g20750g1954g5430g2567g16002g263g24g22g22g1264g264g11450g1088g19590g3g8971g5569g16378g4560g1954g2606g2631g10415g4560g4655g17047g2567g16002g16887g2158g13157g16855g17339g17917 g24g22g22 g1264g1136g1954g5430g2567g16002g952g20145g12636g2622g8971g4560g7575g1324g5292g6619g2573g11527g12759g574g7142g1087g7605g1954g2606g6456g10370g2628g4564g10726g1212g1954g5430g1242g7241g952g4658g14378g1242g7241g9073g17401g1954g2606g11450g14039g1106g5566g4591g7241g17339g17917g24g22g22g1264g574g1078g7196g17339g19590g952g1964g14039g12190g2567g16002g4668g16097g5512g1136g1954g5430g2567g16002g952g2573g16887g11527g1360g11562g6619g11527g12759g952g1335g1104g11450g4567g6319g6214g7522g3933g3933g3796g2262g574g2552g13881g48g53g40g57g8971g7806g6336g13764g3379g1954g1357g1954g2606g11450g14039g1106g7078g18437g7741g2044g6662g20750g2150g24g22g22g22g1264g952g2262g1153g7142g1087g7605g1954g2606g7522g17633g4711g7269g19860g1088g5176g1954g1357g1954g2606g952g4655g1964g17976g5513g6662g20750g263g24g22g22g1264g264g11450g1088g19590g4546g1950g2597g16002g574 g7028g7604g19860g1088g5176g1954g1357g1954g2606g4560g2631g2567g16002g25g27g1264g11450g19590g2156g3g532g25g27g1264g533g19590g2156g5322g9414g14368g42g7575g1473g27g22g28g16378g2127g952g1964g16378g4560g966g263g14829g16878g6347g17274g13883g264g11450g7078g18437g8919g7487g19590g2156g952g263g19860g14829g16878g6347g17274g13883g264g1091g5581g17339g17917g25g27g1264g574g16923g16378g2127g1137g16311g7269g1136g1212g19590g2156g13680g1157g13573g20674g11450g6347g17274g13883g2552g1092g20228g19615g17849g3933g11450g12279g2325g6347g17274g574g1404g3422g7142g1087g7605g952g19610g1212g6456g10370g1954g2606g7192g7487g14039g1106g1153g3916g952g1964g1292g6347g17274g13883g3453g1136g2622g7794g6347g17274g13883g952g9495g17385g6347g17274g13573g20674g2754g20228g19615g6325g2573g14131g2257g11450g16311g8824g952g1987g16311g8824g25g27g1264g19590g2156g1394g5292g7190g5627g16311g574g3 g3796g16884g1954g5430g2567g16002g4728g3g1954g5430g2567g16002g2597g1307g17915g18005g3796g2262g1954g2606g14039g1106g7078g18437g952g3933g5243g6662g2429g1954g2606g14039g7545g2108g7065g5340g952g1078g7579g1461g1954g2606g14829g5581g15811g17274g952g2588g3916g1173g7487g2271g1220g9073g17401g1218g13533g5176g3440g1242g7241g574g5424g16868g11111g5176g3440g7579g2025g4560g1954g2606g14131g2652g1947g17983g952g2473g11111g1954g2606g14368g16002g2631g5176g3440g4657g8824g1954g5430g2567g16002g952g2592g16311g6463g10141g16378g4560g11450g7741g2044g14131g3925g2567g16002g6214g2261g952g4711g2597g1307g13545g1947g1954g5430g2567g16002g4728g574g17935g7789g4711g2597g1307g16378g18101g2156g4560g1954g5430g2567g16002g4728g12689g17983g7741g2044g11450g19700g20174g574g3g3g3g3g3g3g16941g2263g5627g1290g13564g19515g16945g8601g7101g1153g2628g11450g2618g20143g1559g5797g6369g19816g1092g3878g7236g3g3 g12684g11163g11850g12460g3g16941g2263g5627g1290g13564g19515g16945g8601g7101g1153g2628g11450g2618g20143g1559g5797g6369g19816g1092g3878g7236g3 g12642 g21 g20139g3g1959 g20g25 g20139g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g12726g2443g18439g15811 g6214g4711g7900g5929g31. 引言 . 4 2. 概念辨析与中美差异 . 5 3. JOBS法案之前美国的中小公司发行制度 . 6 3.1 对小额公开发行的监管：A条例 . 7 3.2 对私募的监管：D条例 . 7 4. JOBS法案进一步放松融资监管 . 9 4.1 为EGC发行提供便利 . 9 4.2 为小企业融资松绑 . 10 4.3 规范众筹融资机制 . 11 5. 对新三板发行制度改革的启示 . 11 6. 政策建议 . 13 目录 g3 g12684g11163g11850g12460g3g16941g2263g5627g1290g13564g19515g16945g8601g7101g1153g2628g11450g2618g20143g1559g5797g6369g19816g1092g3878g7236g3 g12642 g22 g20139g3g1959 g20g25 g20139g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g12726g2443g18439g15811 g6214g4711g7900g5929g3图表目录 g2621g23g885g2487g1441g2665g1267g1207g1679g1350g2614g1033g2946g1207g1679g1350g2614g2281g1054g2636g1305g1263g3g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g3g28 g2621g24g885g48g53g40g57g2116g2021g1272g1587g2971g1207g1679g1350g2614g1033g2347g10579g1350g2614g2281g2289g2401g2082g2762g3g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g20g3g30 g3 g12684g11163g11850g12460g3g16941g2263g5627g1290g13564g19515g16945g8601g7101g1153g2628g11450g2618g20143g1559g5797g6369g19816g1092g3878g7236g3 g12642 g23 g20139g3g1959 g20g25 g20139g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g3g12726g2443g18439g15811 g6214g4711g7900g5929g31. 引言 g24g22g23g27g5290g26g7486g29g7195g952g7142g1087g7605g6214g6461g2754g1680g5176g6461g7078g2562g2562g16412g2560g7478g20750g9967g952g19653g2628g1078g17445g1089g6616g14377g1280g574g11556g2179g7142g1087g7605g5176g3440g1283g10092g1412g17965g952g1335g1104g15811g17274g1089g9479g952g1218g13533g5176g3440g6214g1242g1091g6501g574g24g22g23g30g5290g1088g2432g5290g952g7142g1087g7605g1954g2606g4564g19579g15811g17274g26g29g23g1269g1913g952g10725g8714g1089g19587g25g29g20g27g11g952g2626g8714g1089g19587g24g29g20g24g11g967g1088g2432g5290g7142g1087g7605g1950g5176g3440g6214g1242g27g22g30g1269g1913g952g10725g8714g1089g19587g26g31g20g24g11g952g2626g8714g1089g19587g27g31g20g24g11g574g15539g10092g14039g17826g1954g2606g1078g11562g14378g2257g1220g7023g3002g7142g1087g7605g11450g5176g3440g10476g2027g952g1284g24g22g23g28g5290g23g7486g5430g4097g4655g1137g2260g2158g2940g16890g1325g17246g18437g573g28g7486g20428g8535g4564g7155g2108g4728g573g31g7486g12279g2325g1680g5176g16907g9967g952g24g22g23g29g5290 g28g7486g4546g3002g6347g17274g13883g17976g5513g5725g13564g2127g573g31g7486g2129g7142g4728g1954g2606g2597g17826g1648g573g23g24g7486g6622g2096g2108g4728g21g1242g7241g21g1559g6369g2156g5340g7023g19871g952g24g22g23g30g5290g26g7486g5430g2661g7142g1087g7605g17g46g17937g12353g952g5292g6455g13603g5430g4747g4655g6456g10370g1954g2606g11450g1115g7794g11527g12759g952g1461g5581g5176g3440g17926g16002g17246g18437g6662g2429g952g6456g10370g1954g2606g7466g2262g16378g14649g952g1404g1426g1136g3920g4728g8535g17274g7522g5176g3440g18435g16311g13562g6214g18206g2108g952g7142g1087g7605g11450g15811g17274g573g1242g7241g11450g2261g14131g8601g3422g1078g9967g9967g16038g17974g574g3g6215g1314g16858g1136g952g7023g3002g7142g1087g7605g11556g2179g11450g3366g3769g5322g1284g14039g12190g2567g16002g2156g5340g7023g19871g11638g6273g952g7028g7604g6456g10370g1954g2606g2567g16002g14039g12190g11450g12759g2156g952g6622g2270g7487g7575g1324g11450g6456g10370g1954g2606g16907g9967g1954g5430g2567g16002g574g17935g1078g1140g6624g4668g5212g7579g1114g7151g19864g7020g11520g966g3g1078g7269g7028g7604g14039g12190g2567g16002g7151g19864g11450g12759g2156g7487g2271g1220g13641g16409g3379g1979g1123g4677g1335g1104g15811g17274g19700g574g2567g16002g14039g12190g7269g7142g1087g7605g1954g2606g2325g19708g17274g18439g11450g18435g16311g7579g9414g952g7142g1087g7605g7522g17633g4711g7269g1123g4677g1335g1104g11450g13968g19708g3430g952g11556g2179g6456g10370g1954g2606g7487g1078g1085g1078g2425g3920g4588g952g1964g1123 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