【摘要】：場外交易市場存在的合理性在于構(gòu)筑了多層次的交易結(jié)構(gòu),能為多類型企業(yè)提供融資平臺。但多層次資本市場不僅只有一種發(fā)展模式,"內(nèi)化于交易所中"的多層次資本市場也是其中一個十分重要的發(fā)展模式。多層次資本市場的建設(shè)不需特別關(guān)注與行政層級的重合/吻合,而應重點關(guān)注如何布局才能最有效地配置稀缺的資本與監(jiān)管資源。交易所全球并購風潮提示我們,我國未來場外交易市場的發(fā)展趨勢與其重復其他國家因歷史原因而形成的交易所發(fā)展路徑,即"先地方性分散市場——再轉(zhuǎn)為交易所集中——再進行交易所全球并購",不如運用后發(fā)優(yōu)勢,直接做大一兩家"全球性"的交易所。這樣既能節(jié)約交易成本,又有利于我國交易所參與國際競爭。當前,在多層次資本市場設(shè)計鼓動下趨于熱烈的地方性場外交易市場的競爭是基于地方利益而產(chǎn)生的非理性選擇,證監(jiān)會應該堅持"集中型交易所"的傳統(tǒng),在統(tǒng)一的證券交易所內(nèi)部實現(xiàn)多層次資本市場的區(qū)分,以節(jié)省交易成本,控制交易風險。
[Abstract]:The rationality of the existence of OTC market lies in the construction of multi-level trading structure, which can provide financing platform for many types of enterprises. But the multi-level capital market is not only one kind of development mode, but also one of the most important development modes. The construction of multi-level capital market should not pay special attention to the coincidence / coincidence with the administrative level, but should focus on how to allocate the scarce capital and supervision resources effectively. The global M & A trend of exchanges suggests that the development trend of China's OTC market in the future is similar to the path of exchange development formed by other countries due to historical reasons. That is to say, "local decentralized market first-then centralized exchange-then exchange global M & A", it is better to use the advantage of late, directly to make one or two "global" exchanges. This can not only save transaction costs, but also help our exchanges to participate in international competition. At present, the competition in the local over-the-counter market, inspired by the design of the multi-level capital market, is an irrational choice based on local interests, and the CSRC should adhere to the tradition of "centralized exchanges." In order to save the transaction cost and control the transaction risk, the multi-level capital market should be differentiated in the unified stock exchange.
【作者單位】： 北京大學法學院;
【分類號】：F832.51

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