证券场外交易市场监管法律问题研究

发布时间：2019-03-20 11:04

【摘要】：证券市场是一国资本市场的重要构成,它既指证券场内交易市场,也包含场外交易市场,而且早期的证券市场就是发轫于场外交易。证券场内交易市场与场外交易市场分工协作,都为实体经济服务,共同构成了一国多层次资本市场架构。证券场外交易市场通常指的是有证券商组织的开展证券场外交易的场所。作为基础层次的资本市场,它主要帮助正处于成长初期和创新型的中小企业解决资金筹集与风险投资的股权交易等问题。它的运行模式比较分散、开放,交易的证券种类繁多,与证券交易所相比,交易方式以及交易管理组织结构迥异。由于证券市场存在的失灵现象以及不同于场内交易市场的系统性和非系统性风险因素,它要求必须对场外交易市场进行监管。证券场外交易市场的监管,一般指政府专门机构及其他组织对证券场外交易市场的监管。证券场外交易市场监管制度,是实现场外交易公开、公正、公平的制度保障。通过监管,可以更好地保护证券场外交易市场投资者的利益,降低它的高风险性,促进它的健康发展。尤其对于我国证券场外交易市场而言,更需要确立不同于主板市场的监管理念,构建完备的监管制度,以使证券场外交易市场能够在规范与发展之间达到动态的平衡。从境外比较成功的证券场外交易市场衍生过程来看,一些国家和地区都纷纷探索并构建符合本国国情和各具特色的场外交易市场监管制度,以保障该市场的长远发展,并且注重发挥政府机构和场外交易市场相关组织的监管作用。以美国、英国和我国台湾地区的证券场外交易市场监管制度为例,它们都重视场外交易市场的立法,强调健全的法制基础下的监管；根据不同层次的场外交易市场,设计多层次的监管体系；而且,场外交易市场的挂牌及其他准入标准并不高,较低的准入标准与严格的监管措施相统一。我国证券场外交易市场的发展和监管制度的完善可以充分借鉴这些有益经验。我国证券场外交易市场伴随着改革开放的进程一路走来,大体经过三个大的发展时期。现阶段,随着我国证券主板市场体系建设的基本完成,场外交易市场成为资本市场建设的重点。到目前为止,形成了以代办股份转让系统为主体的证券场外交易市场。它主要通过中国证券业协会制定的规章制度规范该市场的运行,主办券商制度是该系统运行的核心,政府机构和证券业协会各自负担一定的监管职责,初步建立了证券场外交易市场监管的具体制度。但是,我国证券场外交易市场还远远不能满足国民经济快速发展的需要,场外交易市场的监管制度仍然有待完善。具体而言,我国证券场外交易市场的监管理念还存在模糊认识,监管的法制建设依然落后于市场的需求;证券场外交易市场的监管模式还存在一定的缺陷,政府机构、行业协会以及相关市场主体责任需要进一步明确；监管的具体制度包括该市场的准入制度、信息披露制度以及交易制度等方面也还存在一些不足等。在后金融危机时代,我国面临经济转型和产业结构升级,大量的中小型企业急需融资,大力发展证券场外交易市场能够满足现实的需要。对于我国证券场外交易市场,既要加强监管,又要避免过度监管而影响该市场的活跃度。借鉴发达国家和地区的证券场外交易市场监管制度,结合我国的具体国情,对证券场外交易市场进行扩容,构建统一监管下的全国性场外交易市场和其他较低层次的柜台市场是我们不二的选择。同时,可以从这些方面进一步健全证券场外交易市场监管制度,即树立正确的监管理念,依法、公正、适度地进行监管,完善证券场外交易市场的立法；采取政府监管与行业自律监管并重的监管模式,既重视政府在场外交易市场中的监管作用,又充分调动行业自律组织对场外交易市场进行自我监管的积极性；并且设计好证券场外交易市场监管的具体制度,包括严格市场的准入与退出机制,完善信息披露制度、提高市场的透明度,改革市场的交易制度,加强对做市商的监管以及实行统一的场外交易市场证券登记制度。
[Abstract]:The stock market is an important component of a country's capital market, which is not only the trading market in the securities field, but also the off-site trading market. The intra-market trading market and the over-the-market trading market share and cooperate with each other, both of which are solid economic services, which together form a multi-level capital market structure of a country. The OTC market usually refers to the place where the securities firm is to carry out the off-site trading of the securities. As the capital market of the basic level, it mainly helps the small and medium-sized and medium-sized enterprises, which are in the early stage of growth and innovation, to solve the problems of capital raising and equity trading of venture capital. Its operating mode is relatively dispersed, open, and the securities of the transaction are various, and the transaction mode and the structure of the transaction management organization are different from that of the stock exchange. Due to the failure of the securities market and the systemic and non-systematic risk factors that are different from the on-site market, it requires that the OTC market be regulated. The supervision of the OTC market generally refers to the regulation of the OTC market by the specialized agencies of the government and other organizations. The supervision system of the OTC market is an open, fair and fair system guarantee for the off-site trading. Through the regulation, the interests of the investors in the OTC market can be better protected, and its high risk is reduced and its healthy development is promoted. Especially for China's OTC market, it is more necessary to establish a supervision concept different from that of the main board market, and to construct a complete supervision system so that the OTC market can achieve a dynamic balance between the standard and the development. In the process of the derivative of OTC market, some countries and regions have explored and constructed off-site trading market regulation system which is in line with the national conditions and their own characteristics, so as to guarantee the long-term development of the market. to focus on the regulation of the relevant organizations of the government and the off-the-counter market For example, the market supervision system of the OTC market in the United States, the United Kingdom and Taiwan is an example. They all attach importance to the legislation of the OTC market, emphasize the supervision of the sound legal system, and design the multi-level supervision system according to the over-the-counter market in different levels. In addition, the listing of off-site trading market and other access standards are not high, lower access standards and strict supervision measures I. The development of the over-the-counter market of our country and the perfection of the supervision system can be fully used for reference to these benefits The over-the-counter market of China's securities market is accompanied by the process of the reform and opening-up, and it has gone through three major rounds. At present, with the development of China's securities main board market system, over-the-counter market has become the capital market construction The key point. So far, it has formed a securities field diplomacy based on the agency's transfer system It is easy to market. It is mainly through the rules and regulations of the China Securities Association to regulate the operation of the market, and the host securities trader system is the core of the system's operation. The government agencies and the securities industry associations have a certain supervision responsibility, and the market supervision of the OTC market is preliminarily established. However, the OTC market of our country is far from meeting the needs of the rapid development of the national economy, and the supervision system of the over-the-counter market still has In particular, the supervision concept of the OTC market in China still has a vague understanding, the legal system of supervision still lags behind the demand of the market, and there are some defects in the supervision mode of the OTC market. The responsibilities of government agencies, trade associations and relevant market entities need to be further defined; the specific system of regulation includes the market access system, the information disclosure system and the trading system. In the post-financial crisis era, China is facing the economic transformation and the upgrading of the industrial structure, and a large number of small and medium-sized enterprises are in urgent need of financing. The need of reality is to strengthen the supervision and avoid over-regulation to affect the city. With reference to the market supervision system of the OTC market in developed countries and regions, and in combination with the specific national conditions of our country, we will expand the OTC market, construct the national off-site trading market under the unified supervision, and other lower-level counter market is us. At the same time, it is possible to further improve the market supervision system of the OTC market from these aspects, namely, to set up the correct supervision concept, to conduct supervision according to the law, to perfect the legislation of the over-the-counter market of the securities, and to adopt the supervision of the government and the self-regulation of the industry and The supervision mode not only pays attention to the role of the government in the over-the-counter market, but also makes full use of the self-regulation of the self-discipline organization of the industry to the over-the-counter market, and designs the specific system of the market supervision of the off-site trading of the securities, including the access to the strict market To improve the system of information disclosure, to improve the transparency of the market, to reform the trading system of the market, to strengthen the supervision of the market maker and to implement the unified off-site trading market
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.28;F832.51

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