上海发展长三角区域场外交易市场的路径研究

发布时间：2018-07-04 13:14

本文选题：场外交易市场 + 多层次资本市场　；参考：《上海师范大学》2017年硕士论文

【摘要】：场外交易市场是多层次资本市场的有机组成部分。发展长三角区域场外交易市场对供给侧改革、实现2025制造业强国,促进长三角一体化,加快上海国际金融中心和国际科创中心建设具有重大意义。然而,通过调研发现,目前长三角场外市场存在五大问题,一是存在顶层设计缺陷,市场定位不明确,二是市场规模和活跃度小,三是转板机制不健全,四是企业和市场规范性有待提升,五是产品和业务缺乏创新。综合以上五大问题进行根源分析,主要原因还是因为国家顶层设计不明确,市场法律法规不健全,监管主体不明确,行政权力分割等导致市场没有有效的的投资者和融资行为。为此本文借鉴美国、日本和台湾场外市场的成功发展经验,并与国内的新三板和前海股交中心进行对比,分析上海与长三角市场的不足之处,然后以上海为政策的着力点和出发点,为发展长三角场外市场提供战略建议。最后,建议在顶层设计上,构建以上海为雁首的雁型长三角场外市场;借助资本优势建立上海自贸区板块;加强政策支持和合作宣传。在市场交易规则和资源配置方面,提前制定做市交易规则,等待政策放开;联合投资咨询机构,调动市场研究的积极性;制定行业指数,加大科创板的扶持力度。在转板机制上,建立内外部双向转板机制。在企业和市场规范性上,完善地方政府区域性法规;建立行业自律+统筹分工的监管体制;建立系统、完善的信息披露制度。产品和业务创新方面,建立综合互联网金融服务平台;推出优先股和可转债;建立完备的企业信息数据库。
[Abstract]:OTC market is an organic part of multi-level capital market. It is of great significance to develop the over-the-counter market in the Yangtze River Delta to reform the supply side, to realize the 2025 manufacturing power, to promote the integration of the Yangtze River Delta, and to speed up the construction of Shanghai International Financial Center and International Scientific Center. However, it is found that there are five major problems in the over-the-counter market of the Yangtze River Delta. One is the defects of top-level design, the other is the lack of clear market positioning, the second is the small market size and activity, and the third is the imperfect turntable mechanism. Fourth, enterprises and market standards need to be improved, fifth, product and business lack of innovation. Synthesizing the above five problems, the main reasons are that the top level design of the country is not clear, the market laws and regulations are not perfect, the subject of supervision is not clear, the administrative power is divided, and so on, the market does not have effective investor and financing behavior. For this reason, this paper draws lessons from the successful development experience of the over-the-counter market in the United States, Japan and Taiwan, and compares it with the new three boards and Qianhai Stock Exchange Center in China, and analyzes the shortcomings of the Shanghai and Yangtze River Delta markets. Then Shanghai as the focus and starting point of the policy, for the development of the Yangtze River Delta OTC market to provide strategic advice. Finally, it is suggested that in the top level design, we should construct the off-site market with Shanghai as the goose head; establish the Shanghai Free Trade Zone with the help of capital advantages; and strengthen policy support and cooperative propaganda. In terms of market trading rules and resource allocation, we should make market trading rules in advance, wait for the policy to be liberalized; join investment consulting institutions to mobilize the enthusiasm of market research; formulate industry indices and increase the support of the scientific innovation board. On the mechanism of turntable, the internal and external two-way turntable mechanism is established. On the standardization of enterprises and markets, we should perfect the regional laws and regulations of local governments, establish a regulatory system of self-discipline and overall division of labor, and establish a systematic and perfect system of information disclosure. In terms of product and business innovation, the establishment of an integrated Internet financial service platform; the introduction of preferred stock and convertible bonds; and the establishment of a complete enterprise information database.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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