證券場外交易市場監(jiān)管法律問題研究
發(fā)布時間：2019-03-20 11:04
【摘要】：證券市場是一國資本市場的重要構(gòu)成,它既指證券場內(nèi)交易市場,也包含場外交易市場,而且早期的證券市場就是發(fā)軔于場外交易。證券場內(nèi)交易市場與場外交易市場分工協(xié)作,都為實體經(jīng)濟服務(wù),共同構(gòu)成了一國多層次資本市場架構(gòu)。證券場外交易市場通常指的是有證券商組織的開展證券場外交易的場所。作為基礎(chǔ)層次的資本市場,它主要幫助正處于成長初期和創(chuàng)新型的中小企業(yè)解決資金籌集與風(fēng)險投資的股權(quán)交易等問題。它的運行模式比較分散、開放,交易的證券種類繁多,與證券交易所相比,交易方式以及交易管理組織結(jié)構(gòu)迥異。由于證券市場存在的失靈現(xiàn)象以及不同于場內(nèi)交易市場的系統(tǒng)性和非系統(tǒng)性風(fēng)險因素,它要求必須對場外交易市場進行監(jiān)管。證券場外交易市場的監(jiān)管,一般指政府專門機構(gòu)及其他組織對證券場外交易市場的監(jiān)管。證券場外交易市場監(jiān)管制度,是實現(xiàn)場外交易公開、公正、公平的制度保障。通過監(jiān)管,可以更好地保護證券場外交易市場投資者的利益,降低它的高風(fēng)險性,促進它的健康發(fā)展。尤其對于我國證券場外交易市場而言,更需要確立不同于主板市場的監(jiān)管理念,構(gòu)建完備的監(jiān)管制度,以使證券場外交易市場能夠在規(guī)范與發(fā)展之間達到動態(tài)的平衡。 從境外比較成功的證券場外交易市場衍生過程來看,一些國家和地區(qū)都紛紛探索并構(gòu)建符合本國國情和各具特色的場外交易市場監(jiān)管制度,以保障該市場的長遠發(fā)展,并且注重發(fā)揮政府機構(gòu)和場外交易市場相關(guān)組織的監(jiān)管作用。以美國、英國和我國臺灣地區(qū)的證券場外交易市場監(jiān)管制度為例,它們都重視場外交易市場的立法,強調(diào)健全的法制基礎(chǔ)下的監(jiān)管；根據(jù)不同層次的場外交易市場,設(shè)計多層次的監(jiān)管體系；而且,場外交易市場的掛牌及其他準入標(biāo)準并不高,較低的準入標(biāo)準與嚴格的監(jiān)管措施相統(tǒng)一。我國證券場外交易市場的發(fā)展和監(jiān)管制度的完善可以充分借鑒這些有益經(jīng)驗。 我國證券場外交易市場伴隨著改革開放的進程一路走來,大體經(jīng)過三個大的發(fā)展時期�，F(xiàn)階段,隨著我國證券主板市場體系建設(shè)的基本完成,場外交易市場成為資本市場建設(shè)的重點。到目前為止,形成了以代辦股份轉(zhuǎn)讓系統(tǒng)為主體的證券場外交易市場。它主要通過中國證券業(yè)協(xié)會制定的規(guī)章制度規(guī)范該市場的運行,主辦券商制度是該系統(tǒng)運行的核心,政府機構(gòu)和證券業(yè)協(xié)會各自負擔(dān)一定的監(jiān)管職責(zé),初步建立了證券場外交易市場監(jiān)管的具體制度。但是,我國證券場外交易市場還遠遠不能滿足國民經(jīng)濟快速發(fā)展的需要,場外交易市場的監(jiān)管制度仍然有待完善。具體而言,我國證券場外交易市場的監(jiān)管理念還存在模糊認識,監(jiān)管的法制建設(shè)依然落后于市場的需求;證券場外交易市場的監(jiān)管模式還存在一定的缺陷,政府機構(gòu)、行業(yè)協(xié)會以及相關(guān)市場主體責(zé)任需要進一步明確；監(jiān)管的具體制度包括該市場的準入制度、信息披露制度以及交易制度等方面也還存在一些不足等。 在后金融危機時代,我國面臨經(jīng)濟轉(zhuǎn)型和產(chǎn)業(yè)結(jié)構(gòu)升級,大量的中小型企業(yè)急需融資,大力發(fā)展證券場外交易市場能夠滿足現(xiàn)實的需要。對于我國證券場外交易市場,既要加強監(jiān)管,又要避免過度監(jiān)管而影響該市場的活躍度。借鑒發(fā)達國家和地區(qū)的證券場外交易市場監(jiān)管制度,結(jié)合我國的具體國情,對證券場外交易市場進行擴容,構(gòu)建統(tǒng)一監(jiān)管下的全國性場外交易市場和其他較低層次的柜臺市場是我們不二的選擇。同時,可以從這些方面進一步健全證券場外交易市場監(jiān)管制度,即樹立正確的監(jiān)管理念,依法、公正、適度地進行監(jiān)管,完善證券場外交易市場的立法；采取政府監(jiān)管與行業(yè)自律監(jiān)管并重的監(jiān)管模式,既重視政府在場外交易市場中的監(jiān)管作用,又充分調(diào)動行業(yè)自律組織對場外交易市場進行自我監(jiān)管的積極性；并且設(shè)計好證券場外交易市場監(jiān)管的具體制度,包括嚴格市場的準入與退出機制,完善信息披露制度、提高市場的透明度,改革市場的交易制度,加強對做市商的監(jiān)管以及實行統(tǒng)一的場外交易市場證券登記制度。
[Abstract]:The stock market is an important component of a country's capital market, which is not only the trading market in the securities field, but also the off-site trading market. The intra-market trading market and the over-the-market trading market share and cooperate with each other, both of which are solid economic services, which together form a multi-level capital market structure of a country. The OTC market usually refers to the place where the securities firm is to carry out the off-site trading of the securities. As the capital market of the basic level, it mainly helps the small and medium-sized and medium-sized enterprises, which are in the early stage of growth and innovation, to solve the problems of capital raising and equity trading of venture capital. Its operating mode is relatively dispersed, open, and the securities of the transaction are various, and the transaction mode and the structure of the transaction management organization are different from that of the stock exchange. Due to the failure of the securities market and the systemic and non-systematic risk factors that are different from the on-site market, it requires that the OTC market be regulated. The supervision of the OTC market generally refers to the regulation of the OTC market by the specialized agencies of the government and other organizations. The supervision system of the OTC market is an open, fair and fair system guarantee for the off-site trading. Through the regulation, the interests of the investors in the OTC market can be better protected, and its high risk is reduced and its healthy development is promoted. Especially for China's OTC market, it is more necessary to establish a supervision concept different from that of the main board market, and to construct a complete supervision system so that the OTC market can achieve a dynamic balance between the standard and the development. In the process of the derivative of OTC market, some countries and regions have explored and constructed off-site trading market regulation system which is in line with the national conditions and their own characteristics, so as to guarantee the long-term development of the market. to focus on the regulation of the relevant organizations of the government and the off-the-counter market For example, the market supervision system of the OTC market in the United States, the United Kingdom and Taiwan is an example. They all attach importance to the legislation of the OTC market, emphasize the supervision of the sound legal system, and design the multi-level supervision system according to the over-the-counter market in different levels. In addition, the listing of off-site trading market and other access standards are not high, lower access standards and strict supervision measures I. The development of the over-the-counter market of our country and the perfection of the supervision system can be fully used for reference to these benefits The over-the-counter market of China's securities market is accompanied by the process of the reform and opening-up, and it has gone through three major rounds. At present, with the development of China's securities main board market system, over-the-counter market has become the capital market construction The key point. So far, it has formed a securities field diplomacy based on the agency's transfer system It is easy to market. It is mainly through the rules and regulations of the China Securities Association to regulate the operation of the market, and the host securities trader system is the core of the system's operation. The government agencies and the securities industry associations have a certain supervision responsibility, and the market supervision of the OTC market is preliminarily established. However, the OTC market of our country is far from meeting the needs of the rapid development of the national economy, and the supervision system of the over-the-counter market still has In particular, the supervision concept of the OTC market in China still has a vague understanding, the legal system of supervision still lags behind the demand of the market, and there are some defects in the supervision mode of the OTC market. The responsibilities of government agencies, trade associations and relevant market entities need to be further defined; the specific system of regulation includes the market access system, the information disclosure system and the trading system. In the post-financial crisis era, China is facing the economic transformation and the upgrading of the industrial structure, and a large number of small and medium-sized enterprises are in urgent need of financing. The need of reality is to strengthen the supervision and avoid over-regulation to affect the city. With reference to the market supervision system of the OTC market in developed countries and regions, and in combination with the specific national conditions of our country, we will expand the OTC market, construct the national off-site trading market under the unified supervision, and other lower-level counter market is us. At the same time, it is possible to further improve the market supervision system of the OTC market from these aspects, namely, to set up the correct supervision concept, to conduct supervision according to the law, to perfect the legislation of the over-the-counter market of the securities, and to adopt the supervision of the government and the self-regulation of the industry and The supervision mode not only pays attention to the role of the government in the over-the-counter market, but also makes full use of the self-regulation of the self-discipline organization of the industry to the over-the-counter market, and designs the specific system of the market supervision of the off-site trading of the securities, including the access to the strict market To improve the system of information disclosure, to improve the transparency of the market, to reform the trading system of the market, to strengthen the supervision of the market maker and to implement the unified off-site trading market
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.28;F832.51
本文編號：2444158
[Abstract]:The stock market is an important component of a country's capital market, which is not only the trading market in the securities field, but also the off-site trading market. The intra-market trading market and the over-the-market trading market share and cooperate with each other, both of which are solid economic services, which together form a multi-level capital market structure of a country. The OTC market usually refers to the place where the securities firm is to carry out the off-site trading of the securities. As the capital market of the basic level, it mainly helps the small and medium-sized and medium-sized enterprises, which are in the early stage of growth and innovation, to solve the problems of capital raising and equity trading of venture capital. Its operating mode is relatively dispersed, open, and the securities of the transaction are various, and the transaction mode and the structure of the transaction management organization are different from that of the stock exchange. Due to the failure of the securities market and the systemic and non-systematic risk factors that are different from the on-site market, it requires that the OTC market be regulated. The supervision of the OTC market generally refers to the regulation of the OTC market by the specialized agencies of the government and other organizations. The supervision system of the OTC market is an open, fair and fair system guarantee for the off-site trading. Through the regulation, the interests of the investors in the OTC market can be better protected, and its high risk is reduced and its healthy development is promoted. Especially for China's OTC market, it is more necessary to establish a supervision concept different from that of the main board market, and to construct a complete supervision system so that the OTC market can achieve a dynamic balance between the standard and the development. In the process of the derivative of OTC market, some countries and regions have explored and constructed off-site trading market regulation system which is in line with the national conditions and their own characteristics, so as to guarantee the long-term development of the market. to focus on the regulation of the relevant organizations of the government and the off-the-counter market For example, the market supervision system of the OTC market in the United States, the United Kingdom and Taiwan is an example. They all attach importance to the legislation of the OTC market, emphasize the supervision of the sound legal system, and design the multi-level supervision system according to the over-the-counter market in different levels. In addition, the listing of off-site trading market and other access standards are not high, lower access standards and strict supervision measures I. The development of the over-the-counter market of our country and the perfection of the supervision system can be fully used for reference to these benefits The over-the-counter market of China's securities market is accompanied by the process of the reform and opening-up, and it has gone through three major rounds. At present, with the development of China's securities main board market system, over-the-counter market has become the capital market construction The key point. So far, it has formed a securities field diplomacy based on the agency's transfer system It is easy to market. It is mainly through the rules and regulations of the China Securities Association to regulate the operation of the market, and the host securities trader system is the core of the system's operation. The government agencies and the securities industry associations have a certain supervision responsibility, and the market supervision of the OTC market is preliminarily established. However, the OTC market of our country is far from meeting the needs of the rapid development of the national economy, and the supervision system of the over-the-counter market still has In particular, the supervision concept of the OTC market in China still has a vague understanding, the legal system of supervision still lags behind the demand of the market, and there are some defects in the supervision mode of the OTC market. The responsibilities of government agencies, trade associations and relevant market entities need to be further defined; the specific system of regulation includes the market access system, the information disclosure system and the trading system. In the post-financial crisis era, China is facing the economic transformation and the upgrading of the industrial structure, and a large number of small and medium-sized enterprises are in urgent need of financing. The need of reality is to strengthen the supervision and avoid over-regulation to affect the city. With reference to the market supervision system of the OTC market in developed countries and regions, and in combination with the specific national conditions of our country, we will expand the OTC market, construct the national off-site trading market under the unified supervision, and other lower-level counter market is us. At the same time, it is possible to further improve the market supervision system of the OTC market from these aspects, namely, to set up the correct supervision concept, to conduct supervision according to the law, to perfect the legislation of the over-the-counter market of the securities, and to adopt the supervision of the government and the self-regulation of the industry and The supervision mode not only pays attention to the role of the government in the over-the-counter market, but also makes full use of the self-regulation of the self-discipline organization of the industry to the over-the-counter market, and designs the specific system of the market supervision of the off-site trading of the securities, including the access to the strict market To improve the system of information disclosure, to improve the transparency of the market, to reform the trading system of the market, to strengthen the supervision of the market maker and to implement the unified off-site trading market
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：D922.28;F832.51
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