哈尔滨股权交易中心交易体系改进对策研究

发布时间：2018-07-28 08:37

【摘要】：场外交易市场作为资本市场的基础层次，在我国起步虽早，但远落后于主板市场，，使得我国资本市场体系总体上呈现出倒金字塔的发展形态，进而使得资本市场难以全面发挥服务实体经济的功能。当前，国家提出健全多层次资本市场体系，多渠道推动股权融资，创新发展以股权交易市场为代表的场外交易市场。哈尔滨股权交易中心作为场外交易市场基础的区域股权交易市场，定位于服务黑龙江省的区域股权交易市场，为中小企业提供融资平台，为投资人提供投资渠道，培育资本市场上市后备资源。哈尔滨股权交易中心面临难得的发展机遇，具备一定的发展优势。但是交易中心当前处于创建起步阶段，先期制定的各项制度措施不够完善，制约了交易中心的健康发展，研究改进哈尔滨股权交易中心交易体系显得尤为必要。本文通过对国内场外交易市场中主要的股权交易中心的交易体系，从股权交易制度和挂牌公司准入条件、合格投资人条件三个方面做了比较研究，得出了对改进哈尔滨股权交易中心交易体系改进的启示。结合哈尔滨股权交易中心当前的交易体系，分析出了哈尔滨股权交易中心交易体系在这三个点上存在的问题，之后结合实际提出了对哈尔滨股权交易中心交易体系改进设计。改进设计了做市商混合交易定价模式，优化设置了挂牌公司准入条件，淡化了部分财务指标要求，提出积极主动培育投资人群体对策。最后，从交易中心内部自身和外部环境两方面提出了的交易体系改进的保障措施，切实保证改进后的交易体系能够实现，为哈尔滨股权交易中心健康、快速、可持续发展提供保障。
[Abstract]:As the basic level of capital market, OTC market starts early in our country, but lags far behind the main board market, which makes the capital market system of our country take on the development form of inverted pyramid on the whole. Thus, it is difficult for the capital market to give full play to the function of serving the real economy. At present, the state proposes to improve the multi-level capital market system, promote equity financing through multiple channels, and innovate and develop the over-the-counter market represented by the equity trading market. As the foundation of the over-the-counter market, the Harbin Stock Exchange Center is located in the regional equity trading market in Heilongjiang Province, providing a financing platform for small and medium-sized enterprises and an investment channel for investors. Cultivate the capital market listed reserve resources. Harbin Stock Exchange Center is faced with rare development opportunities, with certain development advantages. However, the trading center is in the initial stage of establishment, and the system measures formulated in advance are not perfect, which restricts the healthy development of the trading center, so it is particularly necessary to study and improve the trading system of Harbin Stock Exchange Center. This paper makes a comparative study on the trading system of the main equity trading centers in the domestic over-the-counter market from three aspects: the equity trading system, the entry conditions of listed companies, and the conditions of qualified investors. The inspiration to improve the trading system of Harbin Stock Exchange Center is obtained. Combined with the current trading system of Harbin Stock Exchange Center, this paper analyzes the problems existing in the trading system of Harbin Stock Exchange Center at these three points, and then puts forward the improved design of the trading system of Harbin Stock Exchange Center combined with the actual situation. This paper improves and designs the pricing model of mixed transaction of market makers, optimizes the access conditions of listed companies, weakens some requirements of financial indicators, and puts forward countermeasures to actively cultivate investor groups. Finally, from the internal and external environment of the trading center, the paper puts forward the safeguard measures for the improvement of the trading system to ensure that the improved trading system can be realized, which is healthy and fast for the Harbin Stock Exchange Center. Sustainable development provides protection.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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