中美场外股权交易市场比较及启示

发布时间：2018-04-26 09:53

本文选题：场外交易市场 + 股权交易　；参考：《商业时代》2014年13期

【摘要】：本文分析中国目前场外股权交易市场的现况和问题,并结合对比美国全国性场外交易市场的发展经验,得出以下结论:第一,在NASDAQ注册为交易所市场前,美国场外交易市场规模大,在总量上与交易所市场相当。相比美国,中国目前没有统一的场外交易市场,缺乏统一的监管和交易等制度;第二,由于缺乏相应的顶层设计,中国场外市场区域性强、流动性差,总体规模有限,加之主板和创业板实际上市规则严格,导致中国多层次市场产生真空层级,不利于中小企业直接融资;第三,借鉴美国场外交易市场发展经验和构架思路,中国应加快场外市场顶端制度建设,建立以交易平台和创新交易机制的全国市场,发挥中介机构的力量,以市场化的方式发展场外交易市场。
[Abstract]:This paper analyzes the current situation and problems of the over-the-counter stock market in China, and compares the development experience of the national over-the-counter market in the United States with the following conclusions: first, before NASDAQ was registered as an exchange market, The OTC market in the United States is large and comparable to the exchange market in terms of volume. Compared with the United States, China currently does not have a unified over-the-counter market, lacks unified supervision and trading systems, and so on. Second, due to the lack of corresponding top-level designs, China's over-the-counter market has strong regional strength, poor liquidity, and limited overall scale. In addition, the strict rules governing the actual listing of the main Board and the gem lead to a vacuum level in China's multi-level market, which is not conducive to the direct financing of small and medium-sized enterprises. Thirdly, learn from the development experience and framework of the over-the-counter trading market in the United States. China should speed up the construction of the top system of the over-the-counter market, establish a national market based on trading platform and innovative trading mechanism, give play to the power of intermediary institutions, and develop the over-the-counter market in a market-oriented manner.
【作者单位】：哈尔滨理工大学荣成学院;
【分类号】：F832.51;F837.12

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