天津股权交易所发展模式研究

发布时间：2018-11-26 14:45

【摘要】：改革开放30多年来,随着我国经济的飞速发展,资本市场发展势头也突飞猛进,逐渐发展成为支持我国经济继续有力发展的重要市场之一。但我国场外交易市场从20世纪80年代发展至今一直步履蹒跚,没能形成完整统一的体系。近年来随着资本市场政策逐渐放开,以新三板为代表的一批场外交易市场的启动标志着我国场外交易市场的再次兴起。2008年9月天津股权交易所在滨海新区注册成立,从建立至今,天津股权交易所发展迅速,成功为许多中小微企业提供了一条新的融资途径。天津股权交易所作为我国场外交易市场的“试验田”,无论是在交易制度、监管制度、市场结构或是监管制度等方面都积极借鉴国外优秀场外交易市场发展经验,并结合我国实际国情应用于天津股权交易市场当中来,为推进天津乃至我国场外交易市场的发展做出了一定程度的贡献。本文从对天津股权交易所的实地调研出发,结合我国场外交易市场发展现状,尤其是天津场外交易市场发展情况,深入分析天津股权交易所独特的发展模式,包括其融资模式、交易定价模式、市场结构模式和监管模式等。并通过对比国内新三板市场发展情况,分析并总结天津股权交易所探索成功之处与亟待解决的问题,提出推动天津股权交易所进一步发展的对策建议：健全相关法律制度；明确市场的监管归属；建立天津股权交易所与其他资本市场间转板通道；完善天津股权交易所做市商制度；适当调整挂牌准入门槛等。同时,论文结论也可以为其他场外交易市场的进一步发展提供借鉴,以促进我国场外交易市场整体水平的提高。
[Abstract]:Since the reform and opening up for more than 30 years, with the rapid development of China's economy, the development of the capital market has also developed by leaps and bounds, and has gradually developed into one of the important markets to support the continued development of our economy. However, the OTC market in China has been faltering since 1980's and failed to form a complete and unified system. In recent years, with the gradual liberalization of the capital market policy, the launch of a number of OTC markets, represented by the new third Board, marks the re-emergence of the OTC market in China. In September 2008, Tianjin Stock Exchange was registered in Binhai New area. Since its establishment, the Tianjin Stock Exchange has developed rapidly and successfully provided a new way of financing for many small and medium enterprises. The Tianjin Stock Exchange, as an "experimental field" of our country's over-the-counter trading market, actively draws lessons from foreign excellent over-the-counter market development experiences in terms of trading system, regulatory system, market structure, and regulatory system, etc. Combined with the actual situation of our country, it has made some contribution to the development of Tianjin and even our over-the-counter market. Based on the field investigation of Tianjin Stock Exchange, combined with the development of over-the-counter market in China, especially the development of over-the-counter market in Tianjin, this paper deeply analyzes the unique development mode of Tianjin Stock Exchange, including its financing mode. Transaction pricing model, market structure model and regulatory model. By comparing the development of the new three boards in China, this paper analyzes and summarizes the success of Tianjin Stock Exchange and the problems to be solved urgently, and puts forward some countermeasures and suggestions to promote the further development of Tianjin Stock Exchange: perfecting the relevant legal system; It is necessary to define the supervision and ownership of the market, to establish the transfer channel between Tianjin Stock Exchange and other capital markets, to perfect the market maker system of Tianjin Stock Exchange, and to adjust the threshold of listing entry appropriately. At the same time, the conclusion of the paper can also provide reference for the further development of other OTC markets in order to promote the overall level of OTC market in China.
【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】：F832.51

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