中国多层次资本市场中的场外市场研究

发布时间：2018-04-02 01:12

本文选题：多层次资本市场　切入点：场外交易市场　出处：《天津师范大学》2012年硕士论文

【摘要】：场外交易市场作为资本市场最古老的形式是伴随着资本主义经济,特别是股份制产生和发展起来的,其发展过程经历了自发的场外交易市场,被限制,被法律承认然后快速发展的阶段。场外交易市场作为多层次资本市场体系的重要组成部分,对防范金融风险起着越来越重要的作用,对加速资本主义社会进步和促进新兴产业发展也功不可没。而我国证券场外交易市场却自上世纪八十年代初期自发形成之后,至今仍然定位不明确,发展状态分散无序,还处于探索建设阶段。金融危机之后国内中小企业日益增长的融资需求,要求适时构建我国场外交易市场,尤其是经历了天津股权交易所的建立、代办股份转让系统的发展以及各地产权交易中心的成长之后,建立统一监管的全国性场外市场又面临着新的环境。因此,学习国外在场外交易市场建设方面的经验,并在此基础上结合中国目前的实际情况,建立适合我国的场外交易市场体系是非常必要和迫切的。本文使用历史研究方法、比较分析、分类讨论等方法,通过系统化的研究手段,探讨了场外交易市场的的定义和特点,以及美国场外交易市场的发展经验,中国场外市场曲折的发展进程和存在的主要问题,在此基础上设想了建设统一监管全国性场外交易市场的具体思路,包括结构模式、制度建设和建设路径,提出了通过改造现有产权市场等在内的多条建设路径。作为建设中国场外交易市场的探索,本文的理论研究对解决中小企业的融资困难,促进实体经济发展都具有一定的现实意义。
[Abstract]:As the oldest form of capital market, OTC market is accompanied by the emergence and development of capitalist economy, especially the stock system. Its development process has experienced spontaneous OTC market, which is restricted. The stage of legal recognition and rapid development. As an important part of the multi-level capital market system, the over-the-counter market plays an increasingly important role in preventing financial risks. To accelerate capitalist society progress and promote the development of new industries. However, since the spontaneous formation of the over-the-counter securities market in China in the early 1980s, its position is still unclear and its development state is scattered and disordered. After the financial crisis, the growing financing needs of small and medium-sized enterprises in China require the timely construction of an over-the-counter market in China, especially after the establishment of the Tianjin Stock Exchange. With the development of the agency share transfer system and the growth of local property rights trading centers, the establishment of a unified national over-the-counter market is facing a new environment. Therefore, learn from the experience of foreign countries in the construction of over-the-counter markets. On the basis of this, it is very necessary and urgent to establish an OTC market system suitable for our country. By means of historical research, comparative analysis, classification and discussion, this paper discusses the definition and characteristics of OTC market and the development experience of OTC market in the United States. On the basis of the tortuous development process and the main problems of China's over-the-counter market, the concrete ideas for the construction and supervision of the national over-the-counter market are envisaged, including the structural model, the system construction and the path of construction. As an exploration of the construction of China's over-the-counter market, the theoretical research in this paper has solved the financing difficulties of small and medium-sized enterprises. It is of practical significance to promote the development of real economy.
【学位授予单位】：天津师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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