我国场外交易市场的顶层设计

发布时间：2018-05-01 09:07

本文选题：场外交易市场 + 顶层设计　；参考：《天津财经大学》2014年硕士论文

【摘要】：建设一个多层次的资本市场,满足不同种类、风险承受能力投资者和不同发展阶段的企业需求的有效衔接,是资本市场各个主体的共同愿望。场外交易市场作为资本市场的最底层市场同时也是重中之重的一层,作为市场底座承载着整个市场的健康发展的责任。场外市场经历了30年的发展,如今其层次已经开始初现,但各个板块仍然相互独立,缺乏有机联系,所以本文将党的十八大中提出的“顶层设计”理念应用于我国场外交易市场的建设中,旨在从长远利益出发,利用全局性和系统性的眼光建设一个完善的场外交易市场体系。本文首先梳理我国场外市场30年的发展历程,并总结发展过程中面临的问题;然后对于目前相对比较具有代表意义的场外市场新三板和天津股权交易所进行多维度的比较,提出我国市场发展现状中所面临的主要问题；接下来总结了台湾场外交易市场建设经验对我国场外市场建设给予宝贵的借鉴价值。最后一章提出了我国场外市场体系建设的顶层设计思路,分别从设计原则、框架建设、建设步骤以及包括法律制度、市场准入制度、交易制度、监管制度、信息披露制度和转板制度等方面的制度建设四方面进行阐述,提出了建设一个“2+M+N”的三层次有机联系的多层次场外交易市场体系。
[Abstract]:To build a multi-level capital market to meet the needs of different kinds of risk bearing investors and enterprises in different stages of development is the common aspiration of all the main bodies of the capital market. As the bottom market of the capital market, the OTC market is also the most important layer. As the market base, it bears the responsibility of the healthy development of the whole market. OTC markets have been developing for 30 years, and now their levels are beginning to emerge, but each plate is still independent of each other and lacks an organic connection. Therefore, this paper applies the concept of "top level design" put forward by the 18th National Congress of the Party to the construction of our country's over-the-counter market, aiming at building a perfect over-the-counter trading market system from the long-term interests and using the overall and systematic vision. This article first combs the development course of our country's over-the-counter market for 30 years, and summarizes the problems in the development process, and then makes a multi-dimensional comparison between the new third board of the over-the-counter market and the Tianjin Stock Exchange, which has the representative significance at present. This paper puts forward the main problems in the development of China's market, and then summarizes the experience of the construction of Taiwan's over-the-counter market, which can be used as a valuable reference for the construction of China's over-the-counter market. The last chapter puts forward the top-level design ideas of over-the-counter market system construction in China, including design principles, framework construction, construction steps, including legal system, market access system, transaction system, supervision system, etc. This paper expounds the four aspects of the system construction of information disclosure system and transfer board system, and puts forward a multi-level over-the-counter market system with "2mn" three-level organic connection.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F276.3;F832.51

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