构建我国统一性的场外交易市场策略研究

发布时间：2018-11-15 18:13

【摘要】：场外交易市场(Over the counter Market,简称OTC,)一词来源于美国早期的股票和债券交易,它是有别于证券交易所的证券交易场所,作为最古老的证券交易场所其发展已有数百年的历史。因为采取在银行柜台上向客户出售股票的做法,被称为柜台交易,同时由于这种交易与交易所里进行的交易不同,发生在证券交易所外,故又称作做场外交易市场。我国场外交易市场始建于20世纪末,至今的已发展了20多年的时间,其发展过程比较曲折。21世纪初,新三板市场的启动和天津股权交易所的正式运营,标志着我国场外交易市场发展再次兴起。这次兴起与以往有很大的不同,它兴起于世界金融危机的背景之下,兴起于国家政策明确鼓励建设我国多层次资本市场的条件下,兴起于民营经济蓬勃发展对资金大量需求环境下。经过近几年的新发展,已取得了一定的成绩,但是一直没有形成统一的、全国性的场外交易市场,极大妨碍了我国场外交易市场服务经济发展的功能。从中国经济社会发展的总体态势看,统一化是资本市场在现阶段的发展的一大趋势其中的重点之一,资本市场的统一有利于整合现有资源,提高资源的利用率,降低市场的运行成本,有利于提高整个市场的安全性。而场外交易市场的统一是整个资本市场统一化的重要环节。从目前场外交易市场的发展来看,产权交易市场、新三板、天津股权交易所“各自为政”,三个市场的鼎立状况既是浪费有限的资源,又会产生过度竞争,因此整合现有的资源破除利益冲突的现状迫在眉睫。论文借助多层次资本市场、市场细分、金融功能的相关理论,采用比较归纳的方法,通过分析构建我国统一性的场外交易市场的必要性,对国际成熟场外交易市场的发展经验进行梳理,并结合我国场外交易市场的发展现状,提出构建我国统一性的场外交易市场的策略建议。首先要明确场外交易市场的定位,其次要统一交易规则、统一上市标准、统一监管制度、统一电子网络和现代交易技术,逐步建立一个全国联网报价、分散成交、统一监管的电子化的市场,这个市场的规模要足够大,能够更多地为中小企业服务,在运行的过程中要公平、高效、流动性强、透明度高。在构建统一的场外交易市场的过程中可能会涉及部门利益问题及产权交易所发展参差不齐等问题,加大了整合的难度,这就需要政府出台新的政策支持场外交易市场的构建,尽力协调各方面的利益,最终形成统一的场外交易市场。
[Abstract]:The term "(Over the counter Market," is derived from the early stock and bond trading in the United States. It is different from the stock exchange and has been developed for hundreds of years as the oldest stock exchange. Because of the practice of selling shares to customers on the bank counter, it is called over-the-counter trading, and it is also called over-the-counter market because this kind of trading is different from the trading in the stock exchange and takes place outside the stock exchange, so it is also called over-the-counter market. China's over-the-counter market was founded at the end of the 20th century, and has been developed for more than 20 years. In the beginning of the 21st century, the start-up of the new third-board market and the official operation of the Tianjin Stock Exchange, Marks the development of our country's over-the-counter trading market is rising again. This rise is quite different from the past. It arose under the background of the world financial crisis and under the conditions of the state policies explicitly encouraging the construction of a multi-level capital market in our country. Rise in private economy vigorous development to a large amount of capital demand environment. After the new development in recent years, some achievements have been made, but there has not been a unified, nationwide over-the-counter market, which greatly hinders the function of the over-the-counter market in serving the economic development of our country. Judging from the overall situation of China's economic and social development, unification is one of the major trends in the development of the capital market at the present stage. The unification of the capital market is conducive to the integration of existing resources and the improvement of the utilization rate of resources. Reducing the operating cost of the market is conducive to improving the security of the whole market. The unification of the OTC market is an important link in the unification of the whole capital market. From the current development of the over-the-counter market, the property right trading market, the new third board, and the Tianjin Stock Exchange are "all in their own hands." the balance of the three markets is not only a waste of limited resources, but also a source of excessive competition. Therefore, it is urgent to integrate existing resources to eliminate conflicts of interest. With the help of the theories of multi-level capital market, market segmentation and financial function, the paper analyzes the necessity of constructing the unified over-the-counter market in China by using the method of comparison and induction. This paper combs the development experience of the international mature over-the-counter market and puts forward some strategic suggestions on the construction of the unified over-the-counter market of our country in the light of the present situation of the development of the over-the-counter market in China. First of all, it is necessary to define the position of the over-the-counter trading market, secondly to unify the trading rules, unify the listing standards, unify the regulatory system, unify the electronic network and modern trading techniques, and gradually establish a nationwide online quotation, with decentralized transactions. Unified supervision of the electronic market, this market should be large enough to be able to serve more small and medium-sized enterprises, in the process of operation to be fair, efficient, strong liquidity, high transparency. In the process of building a unified over-the-counter market, it may involve problems such as sector interests and uneven development of property exchanges, which makes integration more difficult. This requires the government to introduce new policies to support the construction of the over-the-counter market. Try to coordinate the interests of all parties and ultimately form a unified over-the-counter market.
【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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