中国场外交易市场发展模式研究

发布时间：2018-03-08 10:09

本文选题：场外交易市场　切入点：多层次　出处：《天津财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：构建符合我国企业融资需要的多层次场外交易市场,是我国资本市场的发展方向,也是规范场外交易市场的重要环节。本文对场外交易市场的相关理论进行了梳理,并分析了场外交易市场的作用。对美国、英国、台湾等场外交易市场的模式进行了分析,指出其对我国未来场外交易市场构建的启示。同时,对我国场外交易市场的发展历程进行描述,指出我国场外交易市场的现状以及模式缺陷。本文认为,目前我国形成了包括产权交易市场、代办股份转让系统和股权交易所在内的多板块并存的场外交易市场结构,该结构是在国有企业改革、早期的法人股和非上市公众公司股票流通背景下产生和发展起来的,有其特定经济和金融背景,在特定历史时期发挥了重要作用。但是与企业股份制改革和资本市场协调发展的要求相比,存在着市场结构无序、交易非市场化、多头监管以及未能充分发挥公司制组织形式的作用等缺陷,在此基础上结合发达国家(地区)的经验启示,提出了建立以天津股权交易所和“新三板”为全国性市场、区域性、地方性市场并存的三级阶梯式场外交易市场模式以及其实施路径,并进行了可行性分析,最后提出了相关制度设计：做市商与竞价交易系统相结合的混合交易制度、行业监管与自律监管相结合的监管制度以及公司制的组织形式。
[Abstract]:It is the development direction of Chinese capital market and the important link to standardize the over-the-counter market to construct the multi-level over-the-counter market which meets the financing needs of the enterprises in our country. This paper combs the relevant theories of the over-the-counter market. This paper also analyzes the role of OTC market, analyzes the mode of OTC market in USA, UK and Taiwan, and points out its enlightenment to the construction of OTC market in China. This paper describes the development of the OTC market in China, points out the present situation of OTC market in China and its model defects. The over-the-counter structure of the over-the-counter market, which coexists with the agency stock transfer system and the stock exchange, was created and developed under the background of the reform of state-owned enterprises and the early circulation of shares of legal personnel and unlisted public companies. With its specific economic and financial background, it has played an important role in a specific historical period. However, compared with the requirements of the joint stock system reform of enterprises and the coordinated development of the capital market, there are disordered market structures and non-market-oriented transactions. On the basis of the experience and enlightenment of developed countries (regions), this paper puts forward the establishment of Tianjin Stock Exchange and the "New third Board" as the national market, regional, and so on. The three-tiered over-the-counter market mode of local market and its implementation path are analyzed. Finally, the related system design is put forward: the mixed trading system which combines market maker and bidding trading system. Industry supervision and self-regulation of the combination of regulatory systems and corporate forms of organization.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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