中关村股权交易服务集团发展战略研究

发布时间：2018-09-04 10:45

【摘要】：多层次资本市场除了传统上的资金融资功能之外,作为一个价格发现、风险管理、公司治理、资源配置的综合性平台,伴随着我国经济转型升级和结构调整,必将成为经济社会发展的更加重要支撑。由于我国资本市场起步较晚,当前虽然已经初具规模体系,但是与发达国家相比,我国多层次资本市场的深度、广度和弹性尚存在着一定的差距。随着社会的进步和经济的发展,我国资本市场中的一些结构性问题和矛盾也逐渐显现出来。因此,近年来,国家大力推进多层次资本市场建设和向下延伸,解决资本市场在发展过程中的痛点和薄弱环节,完善多层次资本市场体系,改善普惠金融环境,切实为企业特别是大量的中小微企业的资金融通提供可持续、安全、稳定的服务。区域性股权市场作为多层次资本市场建设的产物,是多层次资本市场的塔基,也是场外市场的又一新的突破口和机遇。中小微企业融资难、社会资本投资难一直是我国多年以来长期存在的“两难”问题。为了进一步支持中小微企业发展,拓宽中小微企业融资渠道,区域性股权市场开始纳入多层次资本市场的体系中,作为资本市场的塔基‖和小学‖,切实服务于那些无法为沪深证券交易所、新三板市场覆盖到的中小微企业,形成孵化和培育上市的基地。本文一方面搜集、梳理国内外多层次资本市场的发展历史演进脉络和现实状况,另一方面将研究重点放在区域性股权市场,介绍了区域性股权市场的面临的机遇和挑战。在归纳总结历史、理论的基础上,本文选取了北京区域性股权市场(又称北京四板市场,实际运营机构是中关村股权交易服务集团)为案例,运用PEST分析法以及SWOT分析法对其内外部环境进行了全面的分析,同时结合中关村股权交易服务集团的现状,研究分析了集团发展的战略方向以及具体的实施建议。
[Abstract]:In addition to the traditional function of capital financing, the multi-level capital market, as a comprehensive platform for price discovery, risk management, corporate governance, and resource allocation, is accompanied by economic transformation and upgrading and structural adjustment in China. It is bound to become a more important support for economic and social development. Because of the late start of the capital market in China, although the current capital market has begun to take shape, but compared with the developed countries, there is still a certain gap in the depth, breadth and elasticity of the multi-level capital market in our country. With the progress of society and the development of economy, some structural problems and contradictions in the capital market of our country appear gradually. Therefore, in recent years, the state has vigorously promoted the construction and downward extension of the multi-level capital market, solved the painful points and weak links in the development of the capital market, improved the multi-level capital market system, and improved the inclusive financial environment. To provide sustainable, safe and stable services for enterprises, especially small and medium-sized enterprises. As the product of multi-level capital market construction, regional equity market is the foundation of multi-level capital market, and it is also a new breakthrough and opportunity for over-the-counter market. The difficulty of financing and social capital investment has been a dilemma in China for many years. In order to further support the development of small and medium-sized enterprises and broaden the financing channels for small and medium-sized enterprises, the regional equity market began to be incorporated into the multi-level capital market system. To serve those small and medium-sized enterprises which can not be covered by the Shanghai and Shenzhen Stock Exchange and the new three board market to form the base of incubating and cultivating the listing. On the one hand, this paper collects and combs the historical evolution and reality of the multi-level capital market at home and abroad, on the other hand, focuses on the regional equity market, and introduces the opportunities and challenges facing the regional equity market. On the basis of summarizing history and theory, this paper chooses Beijing regional equity market (also called Beijing fourth board market, the actual operating institution is Zhongguancun equity trading service group) as a case. This paper makes a comprehensive analysis of the internal and external environment by using PEST analysis and SWOT analysis. At the same time, combined with the present situation of Zhongguancun Stock Exchange Service Group, it studies and analyzes the strategic direction of the development of the Group and the concrete implementation suggestions.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.5

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