功能观视角下中国场外交易市场制度建设研究

发布时间：2018-05-08 10:41

  本文选题：场外交易市场 + 场外交易市场功能　； 参考：《天津财经大学》2015年博士论文

【摘要】：中国资本市场的发展起步于场外交易市场,但场外交易市场的发展却相对缓慢。与社会一般认知不同,中国场外交易市场最初的功能定位并非服务于中小微企业,其功能定位历经适应国有企业股份制改革,解决上市公司法人股以及退市公司的股票流通问题,扶持中国高科技成长型企业创新发展,服务各类中小微企业发展四个演化阶段。但是,当前中国场外交易市场服务中小微企业的功能并未很好地发挥。论文聚焦中国场外交易市场功能,即从功能观新视角,来研究其制度建设问题,旨在重新厘清场外交易市场服务中小微企业的功能位序,并完善与其新的功能位序相适应的制度建设,不断提升场外交易市场支持中小微企业良性发展的功能。论文在综述场外交易市场功能、制度建设相关研究及分析场外交易市场功能的作用机制、演化逻辑的基础上,评价了中国场外交易市场的功能,深入分析了制约其功能的制度因素,并提出了中国场外交易市场制度建设的具体政策建议。首先,论文用ANP方法分析计算出了影响场外交易市场功能的重要性指标,构建了中国场外交易市场功能的评价指标体系,并用ANP方法下的评价指标体系,从市场中观视角评价分析新三板市场的运行情况。其次,选取中小微企业固定投资额和场外交易市场成交额作为变量,用VAR模型实证分析了中国场外交易市场与中小企业发展的互动效应,从中小企业微观视角检验了中国场外交易市场的功能。第三,围绕场外交易市场的功能缺陷,用历史分析法和比较分析法研究分析了中国场外交易市场制度演进、制度缺陷及制约场外交易市场功能的制度缺陷成因。第四,引入了博弈论分析方法,对与ANP方法下构建的场外交易市场功能评价指标体系中重要性指标直接相关的制度因素,从场外交易市场相关法律法规制度完善和相关法律法规制度不完善两种情况下,融资主体与投资主体之间的非完全信息下静态博弈分析入手,用博弈论方法对场外交易市场的法律监管、交易成本、流动性、信息披露、市场架构等重要方面的制度因素进行了深入分析,为合理化的制度设计和制度策略的提出,提供了更丰富可靠的依据。研究结果表明:(1)信息披露要求、司法监管、市场化程度、流动性、市场风险、参与者的多样性、做市商制度、市场结构等是影响中国场外交易市场功能的重要指标元素。(2)中国场外交易市场对中小微企业发展的作用有限。2014年以来中国场外交易市场建设虽然取得了进展,但是中小微企业固定资产投资额的变化率对中国场外交易市场成交额的变化率反映不敏感,场外交易市场对中小微企业发展的影响效应并不显著。(3)中国场外交易市场功能缺陷具体表现为其功能位序不合理、基础性资本市场的功能未充分发挥、融资功能和交易功能弱、市场流动性低、场外股权市场定位同质化等。(4)中国场外交易市场功能位序不合理,以及基于错误功能位序下的制度缺陷以及制约其功能发挥作用的制度缺陷形成原因,是影响其功能发挥作用的重要因素。制度完善面临法律障碍、市场结构地域性垄断导致市场低效、监管无序和资本市场各层次间缺乏转板机制是中国场外交易市场的主要制度缺陷,顶层设计者未形成清晰合理的共同信念、缺少正式规则制度安排、利益博弈难以实现均衡、中国经济体制转型路径依赖的制约等方面的因素是造成制度缺陷的深层次原因。(5)中国场外交易市场最基础的功能不是融资功能,而是规范孵化功能。中国场外交易市场合理功能位序应在实现基础功能基础上,不断实现融资、市场定.价、风险分散、股权转让提供流动性等深化功能,基于场外交易市场合理的功能位序定位之上不断完善其制度建设,这样能更好地发挥场外交易市场支持中小微企业发展的功能。根据以上研究结果,论文提出了先行实现中国场外交易市场规范孵化功能的制度设计:合理确定市场主体的准入和退出标准,建立适合中小微企业发展特点的信息披露制度,采用灵活性、动态化的监管模式。论文还提出了完善中国场外交易市场深化功能的制度策略:合理引入做市商交易制度,创新场外交易市场的融资模式,逐步建立顺畅的资本市场转板机制。这对完善中国场外交易市场制度建设,提升场外交易市场支持中小微企业发展的功能,具有良好的理论和实践价值。
[Abstract]:The development of China's capital market starts in the OTC market, but the development of the OTC market is relatively slow. Different from the general social cognition, the initial functional positioning of the OTC market is not for small and medium enterprises. Its functional orientation has been adapted to the reform of the share system of the state-owned enterprises, and the corporate shares and the delisting of the listed companies are solved. The stock circulation problem of the company supports the innovation and development of China's high tech growth enterprises, and serves the four stages of the development of small and medium and small enterprises. However, the functions of the small and medium micro enterprises serving the OTC market are not very good. The paper focuses on the function of the OTC market in China, that is, to study it from a new perspective of function view. The problem of system construction aims at clarifying the function position of small and medium sized and micro enterprises in the field of market service, perfecting the system construction adapted to its new functional preface, and improving the function of the OTC market to support the benign development of small and medium micro enterprises. On the basis of the function mechanism of the function of the foreign trade market and the logic of evolution, the function of the OTC market in China is evaluated, the institutional factors that restrict its function are deeply analyzed, and the concrete policy suggestions for the construction of the OTC market system are put forward. First, the paper analyses and calculates the function of the OTC market by the ANP method. The evaluation index system of China's OTC market function is constructed, and the evaluation index system under the ANP method is used to evaluate and analyze the operation of the new three board market from the middle view of the market. Secondly, the fixed investment amount of small and medium sized and small enterprises and the turnover of the OTC market are selected as the variables, and the VAR model is applied to the empirical analysis. The interaction effect between the OTC market and the development of small and medium-sized enterprises, the function of the OTC market in China is examined from the micro perspective of small and medium enterprises. Third, around the functional defects of the OTC market, the historical analysis and comparative analysis are used to analyze the evolution of the market system, the system defects and the restriction of the OTC market. The cause of the institutional defects of the field function. Fourth, the game theory analysis method is introduced to the institutional factors directly related to the importance index in the evaluation index system of the OTC market function under the ANP method, and the financing subject is the two cases of the improvement of the related laws and regulations of the OTC market and the imperfect law and regulation system. With the static game analysis under the non complete information between the investors, the game theory is used to analyze the institutional factors such as legal supervision, transaction cost, liquidity, information disclosure, market structure and other important aspects, which provide more reliable and reliable system design and system strategy. The research results show that: (1) information disclosure requirements, judicial supervision, marketization, liquidity, market risk, diversity of participants, market maker system, market structure, etc. are important indicators that affect the function of the OTC market in China. (2) the role of China's foreign exchange market for the development of small and medium enterprises has been limited for.2014 years. Although progress has been made in the construction of the OTC market in China, the change rate of fixed assets investment in small and medium enterprises is insensitive to the change rate of the turnover in the OTC market. The effect of the OTC market on the development of small and medium enterprises is not significant. (3) the function defects of the China's OTC market are specific The function position is unreasonable, the function of basic capital market is not fully played, the financing function and transaction function are weak, the market liquidity is low, and the OTC stock market is homogeneity. (4) the function of the OTC market is not reasonable, and the system defects based on the wrong function position and the system that restrict its function play an important role. The cause of the collapse is an important factor affecting its function. The system is confronted with legal obstacles, the market structure and regional monopoly lead to the market low efficiency. The disorder of supervision and the lack of transfer mechanism between the various levels of the capital market are the main institutional defects of the OTC market in China, and the top designers have not formed a clear and reasonable common belief, In the absence of formal rules and regulations, the interests game is difficult to achieve equilibrium, and the constraints of the path dependence of China's economic restructuring are the underlying reasons. (5) the most basic function of the OTC market is not the financing function, but the standard incubation function. The rational function position of the OTC market should be in order. On the basis of basic functions, we can continuously improve the function of financing, market setting, price, risk decentralization, and the liquidity of equity transfer, and improve the system construction on the basis of the rational function position of the OTC market, so that it can better play the function of the OTC market to support the development of small and medium enterprises. As a result, the paper puts forward the system design to realize the standard hatching function of China's OTC market: to rationally determine the access and exit criteria of the market subject, to establish the information disclosure system suitable for the development characteristics of small and medium enterprises, and to adopt the flexible and dynamic mode of supervision. The institutional strategy of the functionalization is to rationally introduce the trading system of market makers, innovate the financing mode of the OTC market and gradually establish a smooth transfer mechanism for the capital market, which has good theoretical and practical value for improving the construction of the OTC market system in China and promoting the function of the OTC market to support the development of small and medium enterprises.

【学位授予单位】：天津财经大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：F832.5
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本文编号：1861066