本文選題：場外交易市場 + 多層次資本市場　； 參考：《上海師范大學(xué)》2017年碩士論文

【摘要】：場外交易市場是多層次資本市場的有機組成部分。發(fā)展長三角區(qū)域場外交易市場對供給側(cè)改革、實現(xiàn)2025制造業(yè)強國,促進長三角一體化,加快上海國際金融中心和國際科創(chuàng)中心建設(shè)具有重大意義。然而,通過調(diào)研發(fā)現(xiàn),目前長三角場外市場存在五大問題,一是存在頂層設(shè)計缺陷,市場定位不明確,二是市場規(guī)模和活躍度小,三是轉(zhuǎn)板機制不健全,四是企業(yè)和市場規(guī)范性有待提升,五是產(chǎn)品和業(yè)務(wù)缺乏創(chuàng)新。綜合以上五大問題進行根源分析,主要原因還是因為國家頂層設(shè)計不明確,市場法律法規(guī)不健全,監(jiān)管主體不明確,行政權(quán)力分割等導(dǎo)致市場沒有有效的的投資者和融資行為。為此本文借鑒美國、日本和臺灣場外市場的成功發(fā)展經(jīng)驗,并與國內(nèi)的新三板和前海股交中心進行對比,分析上海與長三角市場的不足之處,然后以上海為政策的著力點和出發(fā)點,為發(fā)展長三角場外市場提供戰(zhàn)略建議。最后,建議在頂層設(shè)計上,構(gòu)建以上海為雁首的雁型長三角場外市場;借助資本優(yōu)勢建立上海自貿(mào)區(qū)板塊;加強政策支持和合作宣傳。在市場交易規(guī)則和資源配置方面,提前制定做市交易規(guī)則,等待政策放開;聯(lián)合投資咨詢機構(gòu),調(diào)動市場研究的積極性;制定行業(yè)指數(shù),加大科創(chuàng)板的扶持力度。在轉(zhuǎn)板機制上,建立內(nèi)外部雙向轉(zhuǎn)板機制。在企業(yè)和市場規(guī)范性上,完善地方政府區(qū)域性法規(guī);建立行業(yè)自律+統(tǒng)籌分工的監(jiān)管體制;建立系統(tǒng)、完善的信息披露制度。產(chǎn)品和業(yè)務(wù)創(chuàng)新方面,建立綜合互聯(lián)網(wǎng)金融服務(wù)平臺;推出優(yōu)先股和可轉(zhuǎn)債;建立完備的企業(yè)信息數(shù)據(jù)庫。
[Abstract]:OTC market is an organic part of multi-level capital market. It is of great significance to develop the over-the-counter market in the Yangtze River Delta to reform the supply side, to realize the 2025 manufacturing power, to promote the integration of the Yangtze River Delta, and to speed up the construction of Shanghai International Financial Center and International Scientific Center. However, it is found that there are five major problems in the over-the-counter market of the Yangtze River Delta. One is the defects of top-level design, the other is the lack of clear market positioning, the second is the small market size and activity, and the third is the imperfect turntable mechanism. Fourth, enterprises and market standards need to be improved, fifth, product and business lack of innovation. Synthesizing the above five problems, the main reasons are that the top level design of the country is not clear, the market laws and regulations are not perfect, the subject of supervision is not clear, the administrative power is divided, and so on, the market does not have effective investor and financing behavior. For this reason, this paper draws lessons from the successful development experience of the over-the-counter market in the United States, Japan and Taiwan, and compares it with the new three boards and Qianhai Stock Exchange Center in China, and analyzes the shortcomings of the Shanghai and Yangtze River Delta markets. Then Shanghai as the focus and starting point of the policy, for the development of the Yangtze River Delta OTC market to provide strategic advice. Finally, it is suggested that in the top level design, we should construct the off-site market with Shanghai as the goose head; establish the Shanghai Free Trade Zone with the help of capital advantages; and strengthen policy support and cooperative propaganda. In terms of market trading rules and resource allocation, we should make market trading rules in advance, wait for the policy to be liberalized; join investment consulting institutions to mobilize the enthusiasm of market research; formulate industry indices and increase the support of the scientific innovation board. On the mechanism of turntable, the internal and external two-way turntable mechanism is established. On the standardization of enterprises and markets, we should perfect the regional laws and regulations of local governments, establish a regulatory system of self-discipline and overall division of labor, and establish a systematic and perfect system of information disclosure. In terms of product and business innovation, the establishment of an integrated Internet financial service platform; the introduction of preferred stock and convertible bonds; and the establishment of a complete enterprise information database.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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