本文選題：場(chǎng)外交易市場(chǎng) + 股權(quán)交易��； 參考：《商業(yè)時(shí)代》2014年13期

【摘要】：本文分析中國(guó)目前場(chǎng)外股權(quán)交易市場(chǎng)的現(xiàn)況和問題,并結(jié)合對(duì)比美國(guó)全國(guó)性場(chǎng)外交易市場(chǎng)的發(fā)展經(jīng)驗(yàn),得出以下結(jié)論:第一,在NASDAQ注冊(cè)為交易所市場(chǎng)前,美國(guó)場(chǎng)外交易市場(chǎng)規(guī)模大,在總量上與交易所市場(chǎng)相當(dāng)。相比美國(guó),中國(guó)目前沒有統(tǒng)一的場(chǎng)外交易市場(chǎng),缺乏統(tǒng)一的監(jiān)管和交易等制度;第二,由于缺乏相應(yīng)的頂層設(shè)計(jì),中國(guó)場(chǎng)外市場(chǎng)區(qū)域性強(qiáng)、流動(dòng)性差,總體規(guī)模有限,加之主板和創(chuàng)業(yè)板實(shí)際上市規(guī)則嚴(yán)格,導(dǎo)致中國(guó)多層次市場(chǎng)產(chǎn)生真空層級(jí),不利于中小企業(yè)直接融資;第三,借鑒美國(guó)場(chǎng)外交易市場(chǎng)發(fā)展經(jīng)驗(yàn)和構(gòu)架思路,中國(guó)應(yīng)加快場(chǎng)外市場(chǎng)頂端制度建設(shè),建立以交易平臺(tái)和創(chuàng)新交易機(jī)制的全國(guó)市場(chǎng),發(fā)揮中介機(jī)構(gòu)的力量,以市場(chǎng)化的方式發(fā)展場(chǎng)外交易市場(chǎng)。
[Abstract]:This paper analyzes the current situation and problems of the over-the-counter stock market in China, and compares the development experience of the national over-the-counter market in the United States with the following conclusions: first, before NASDAQ was registered as an exchange market, The OTC market in the United States is large and comparable to the exchange market in terms of volume. Compared with the United States, China currently does not have a unified over-the-counter market, lacks unified supervision and trading systems, and so on. Second, due to the lack of corresponding top-level designs, China's over-the-counter market has strong regional strength, poor liquidity, and limited overall scale. In addition, the strict rules governing the actual listing of the main Board and the gem lead to a vacuum level in China's multi-level market, which is not conducive to the direct financing of small and medium-sized enterprises. Thirdly, learn from the development experience and framework of the over-the-counter trading market in the United States. China should speed up the construction of the top system of the over-the-counter market, establish a national market based on trading platform and innovative trading mechanism, give play to the power of intermediary institutions, and develop the over-the-counter market in a market-oriented manner.
【作者單位】： 哈爾濱理工大學(xué)榮成學(xué)院;
【分類號(hào)】：F832.51;F837.12

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本文編號(hào)：1805510