本文選題：場外交易市場 + 場外交易市場功能　； 參考：《天津財經大學》2015年博士論文

【摘要】：中國資本市場的發(fā)展起步于場外交易市場,但場外交易市場的發(fā)展卻相對緩慢。與社會一般認知不同,中國場外交易市場最初的功能定位并非服務于中小微企業(yè),其功能定位歷經適應國有企業(yè)股份制改革,解決上市公司法人股以及退市公司的股票流通問題,扶持中國高科技成長型企業(yè)創(chuàng)新發(fā)展,服務各類中小微企業(yè)發(fā)展四個演化階段。但是,當前中國場外交易市場服務中小微企業(yè)的功能并未很好地發(fā)揮。論文聚焦中國場外交易市場功能,即從功能觀新視角,來研究其制度建設問題,旨在重新厘清場外交易市場服務中小微企業(yè)的功能位序,并完善與其新的功能位序相適應的制度建設,不斷提升場外交易市場支持中小微企業(yè)良性發(fā)展的功能。論文在綜述場外交易市場功能、制度建設相關研究及分析場外交易市場功能的作用機制、演化邏輯的基礎上,評價了中國場外交易市場的功能,深入分析了制約其功能的制度因素,并提出了中國場外交易市場制度建設的具體政策建議。首先,論文用ANP方法分析計算出了影響場外交易市場功能的重要性指標,構建了中國場外交易市場功能的評價指標體系,并用ANP方法下的評價指標體系,從市場中觀視角評價分析新三板市場的運行情況。其次,選取中小微企業(yè)固定投資額和場外交易市場成交額作為變量,用VAR模型實證分析了中國場外交易市場與中小企業(yè)發(fā)展的互動效應,從中小企業(yè)微觀視角檢驗了中國場外交易市場的功能。第三,圍繞場外交易市場的功能缺陷,用歷史分析法和比較分析法研究分析了中國場外交易市場制度演進、制度缺陷及制約場外交易市場功能的制度缺陷成因。第四,引入了博弈論分析方法,對與ANP方法下構建的場外交易市場功能評價指標體系中重要性指標直接相關的制度因素,從場外交易市場相關法律法規(guī)制度完善和相關法律法規(guī)制度不完善兩種情況下,融資主體與投資主體之間的非完全信息下靜態(tài)博弈分析入手,用博弈論方法對場外交易市場的法律監(jiān)管、交易成本、流動性、信息披露、市場架構等重要方面的制度因素進行了深入分析,為合理化的制度設計和制度策略的提出,提供了更豐富可靠的依據。研究結果表明:(1)信息披露要求、司法監(jiān)管、市場化程度、流動性、市場風險、參與者的多樣性、做市商制度、市場結構等是影響中國場外交易市場功能的重要指標元素。(2)中國場外交易市場對中小微企業(yè)發(fā)展的作用有限。2014年以來中國場外交易市場建設雖然取得了進展,但是中小微企業(yè)固定資產投資額的變化率對中國場外交易市場成交額的變化率反映不敏感,場外交易市場對中小微企業(yè)發(fā)展的影響效應并不顯著。(3)中國場外交易市場功能缺陷具體表現為其功能位序不合理、基礎性資本市場的功能未充分發(fā)揮、融資功能和交易功能弱、市場流動性低、場外股權市場定位同質化等。(4)中國場外交易市場功能位序不合理,以及基于錯誤功能位序下的制度缺陷以及制約其功能發(fā)揮作用的制度缺陷形成原因,是影響其功能發(fā)揮作用的重要因素。制度完善面臨法律障礙、市場結構地域性壟斷導致市場低效、監(jiān)管無序和資本市場各層次間缺乏轉板機制是中國場外交易市場的主要制度缺陷,頂層設計者未形成清晰合理的共同信念、缺少正式規(guī)則制度安排、利益博弈難以實現均衡、中國經濟體制轉型路徑依賴的制約等方面的因素是造成制度缺陷的深層次原因。(5)中國場外交易市場最基礎的功能不是融資功能,而是規(guī)范孵化功能。中國場外交易市場合理功能位序應在實現基礎功能基礎上,不斷實現融資、市場定.價、風險分散、股權轉讓提供流動性等深化功能,基于場外交易市場合理的功能位序定位之上不斷完善其制度建設,這樣能更好地發(fā)揮場外交易市場支持中小微企業(yè)發(fā)展的功能。根據以上研究結果,論文提出了先行實現中國場外交易市場規(guī)范孵化功能的制度設計:合理確定市場主體的準入和退出標準,建立適合中小微企業(yè)發(fā)展特點的信息披露制度,采用靈活性、動態(tài)化的監(jiān)管模式。論文還提出了完善中國場外交易市場深化功能的制度策略:合理引入做市商交易制度,創(chuàng)新場外交易市場的融資模式,逐步建立順暢的資本市場轉板機制。這對完善中國場外交易市場制度建設,提升場外交易市場支持中小微企業(yè)發(fā)展的功能,具有良好的理論和實踐價值。
[Abstract]:The development of China's capital market starts in the OTC market, but the development of the OTC market is relatively slow. Different from the general social cognition, the initial functional positioning of the OTC market is not for small and medium enterprises. Its functional orientation has been adapted to the reform of the share system of the state-owned enterprises, and the corporate shares and the delisting of the listed companies are solved. The stock circulation problem of the company supports the innovation and development of China's high tech growth enterprises, and serves the four stages of the development of small and medium and small enterprises. However, the functions of the small and medium micro enterprises serving the OTC market are not very good. The paper focuses on the function of the OTC market in China, that is, to study it from a new perspective of function view. The problem of system construction aims at clarifying the function position of small and medium sized and micro enterprises in the field of market service, perfecting the system construction adapted to its new functional preface, and improving the function of the OTC market to support the benign development of small and medium micro enterprises. On the basis of the function mechanism of the function of the foreign trade market and the logic of evolution, the function of the OTC market in China is evaluated, the institutional factors that restrict its function are deeply analyzed, and the concrete policy suggestions for the construction of the OTC market system are put forward. First, the paper analyses and calculates the function of the OTC market by the ANP method. The evaluation index system of China's OTC market function is constructed, and the evaluation index system under the ANP method is used to evaluate and analyze the operation of the new three board market from the middle view of the market. Secondly, the fixed investment amount of small and medium sized and small enterprises and the turnover of the OTC market are selected as the variables, and the VAR model is applied to the empirical analysis. The interaction effect between the OTC market and the development of small and medium-sized enterprises, the function of the OTC market in China is examined from the micro perspective of small and medium enterprises. Third, around the functional defects of the OTC market, the historical analysis and comparative analysis are used to analyze the evolution of the market system, the system defects and the restriction of the OTC market. The cause of the institutional defects of the field function. Fourth, the game theory analysis method is introduced to the institutional factors directly related to the importance index in the evaluation index system of the OTC market function under the ANP method, and the financing subject is the two cases of the improvement of the related laws and regulations of the OTC market and the imperfect law and regulation system. With the static game analysis under the non complete information between the investors, the game theory is used to analyze the institutional factors such as legal supervision, transaction cost, liquidity, information disclosure, market structure and other important aspects, which provide more reliable and reliable system design and system strategy. The research results show that: (1) information disclosure requirements, judicial supervision, marketization, liquidity, market risk, diversity of participants, market maker system, market structure, etc. are important indicators that affect the function of the OTC market in China. (2) the role of China's foreign exchange market for the development of small and medium enterprises has been limited for.2014 years. Although progress has been made in the construction of the OTC market in China, the change rate of fixed assets investment in small and medium enterprises is insensitive to the change rate of the turnover in the OTC market. The effect of the OTC market on the development of small and medium enterprises is not significant. (3) the function defects of the China's OTC market are specific The function position is unreasonable, the function of basic capital market is not fully played, the financing function and transaction function are weak, the market liquidity is low, and the OTC stock market is homogeneity. (4) the function of the OTC market is not reasonable, and the system defects based on the wrong function position and the system that restrict its function play an important role. The cause of the collapse is an important factor affecting its function. The system is confronted with legal obstacles, the market structure and regional monopoly lead to the market low efficiency. The disorder of supervision and the lack of transfer mechanism between the various levels of the capital market are the main institutional defects of the OTC market in China, and the top designers have not formed a clear and reasonable common belief, In the absence of formal rules and regulations, the interests game is difficult to achieve equilibrium, and the constraints of the path dependence of China's economic restructuring are the underlying reasons. (5) the most basic function of the OTC market is not the financing function, but the standard incubation function. The rational function position of the OTC market should be in order. On the basis of basic functions, we can continuously improve the function of financing, market setting, price, risk decentralization, and the liquidity of equity transfer, and improve the system construction on the basis of the rational function position of the OTC market, so that it can better play the function of the OTC market to support the development of small and medium enterprises. As a result, the paper puts forward the system design to realize the standard hatching function of China's OTC market: to rationally determine the access and exit criteria of the market subject, to establish the information disclosure system suitable for the development characteristics of small and medium enterprises, and to adopt the flexible and dynamic mode of supervision. The institutional strategy of the functionalization is to rationally introduce the trading system of market makers, innovate the financing mode of the OTC market and gradually establish a smooth transfer mechanism for the capital market, which has good theoretical and practical value for improving the construction of the OTC market system in China and promoting the function of the OTC market to support the development of small and medium enterprises.

【學位授予單位】：天津財經大學
【學位級別】：博士
【學位授予年份】：2015
【分類號】：F832.5
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本文編號：1861066