美国证券公司柜台市场研究——基于多层次资本市场中的定位视角

发布时间：2019-04-23 20:04

【摘要】：美国有着当今世界上层次最为完备、转板最为畅通的多层次资本市场,本文首先分层整理美国资本市场的现状,借以明确证券公司柜台市场在美国多层次资本市场中的基底定位。在此基础上,总结了美国证券公司柜台市场的垄断型做市商报价交易机制、交易场所分散、产品服务个性化、私募为主等特征。通过剥离出证券公司在其自有柜台市场上开展的具体业务,明确了证券公司柜台市场在美国多层次资本市场中起到扶持中小企业成长实现金融治理、促进证券公司创造新的利润增长等功能。最后结合我国具体情况提出对我国证券公司柜台市场定位发展的四点启示。
[Abstract]:The United States has the most complete and smooth multi-level capital market in the world. Firstly, this paper tiered up the current situation of the American capital market. In order to clarify the securities company counter market in the United States multi-level capital market base positioning. On this basis, the paper summarizes the characteristics of the over-the-counter market of American securities companies, such as monopoly market-maker pricing mechanism, scattered trading place, individuation of product service, private placement and so on. By stripping off the specific business carried out by securities companies in their own counter markets, it is clear that the counter market of securities companies plays a role in supporting the growth of small and medium-sized enterprises and realizing financial governance in the multi-level capital market in the United States. Promote securities companies to create new profit growth and other functions. Finally, according to the specific situation of our country, this paper puts forward four enlightenments to the development of the over-the-counter market of securities companies.
【作者单位】：阜阳师范学院经济学院;中央财经大学金融学院;中国人民大学应用统计科学研究中心;阜阳师范学院数学与统计学院;
【基金】：全国统计科学研究重点项目(2015LZ42) 国家特色专业(TS11496) 中国证券业协会2013重点课题资助
【分类号】：F837.12

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