论场外交易市场的场内化——非理性地方竞争对证券交易场所的负影响

发布时间：2018-07-17 16:12

【摘要】：场外交易市场存在的合理性在于构筑了多层次的交易结构,能为多类型企业提供融资平台。但多层次资本市场不仅只有一种发展模式,"内化于交易所中"的多层次资本市场也是其中一个十分重要的发展模式。多层次资本市场的建设不需特别关注与行政层级的重合/吻合,而应重点关注如何布局才能最有效地配置稀缺的资本与监管资源。交易所全球并购风潮提示我们,我国未来场外交易市场的发展趋势与其重复其他国家因历史原因而形成的交易所发展路径,即"先地方性分散市场——再转为交易所集中——再进行交易所全球并购",不如运用后发优势,直接做大一两家"全球性"的交易所。这样既能节约交易成本,又有利于我国交易所参与国际竞争。当前,在多层次资本市场设计鼓动下趋于热烈的地方性场外交易市场的竞争是基于地方利益而产生的非理性选择,证监会应该坚持"集中型交易所"的传统,在统一的证券交易所内部实现多层次资本市场的区分,以节省交易成本,控制交易风险。
[Abstract]:The rationality of the existence of OTC market lies in the construction of multi-level trading structure, which can provide financing platform for many types of enterprises. But the multi-level capital market is not only one kind of development mode, but also one of the most important development modes. The construction of multi-level capital market should not pay special attention to the coincidence / coincidence with the administrative level, but should focus on how to allocate the scarce capital and supervision resources effectively. The global M & A trend of exchanges suggests that the development trend of China's OTC market in the future is similar to the path of exchange development formed by other countries due to historical reasons. That is to say, "local decentralized market first-then centralized exchange-then exchange global M & A", it is better to use the advantage of late, directly to make one or two "global" exchanges. This can not only save transaction costs, but also help our exchanges to participate in international competition. At present, the competition in the local over-the-counter market, inspired by the design of the multi-level capital market, is an irrational choice based on local interests, and the CSRC should adhere to the tradition of "centralized exchanges." In order to save the transaction cost and control the transaction risk, the multi-level capital market should be differentiated in the unified stock exchange.
【作者单位】：北京大学法学院;
【分类号】：F832.51

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