【摘要】：場外交易市場作為資本市場的基礎(chǔ)層次，在我國起步雖早，但遠落后于主板市場，，使得我國資本市場體系總體上呈現(xiàn)出倒金字塔的發(fā)展形態(tài)，進而使得資本市場難以全面發(fā)揮服務(wù)實體經(jīng)濟的功能。當前，國家提出健全多層次資本市場體系，多渠道推動股權(quán)融資，創(chuàng)新發(fā)展以股權(quán)交易市場為代表的場外交易市場。 哈爾濱股權(quán)交易中心作為場外交易市場基礎(chǔ)的區(qū)域股權(quán)交易市場，定位于服務(wù)黑龍江省的區(qū)域股權(quán)交易市場，為中小企業(yè)提供融資平臺，為投資人提供投資渠道，培育資本市場上市后備資源。哈爾濱股權(quán)交易中心面臨難得的發(fā)展機遇，具備一定的發(fā)展優(yōu)勢。但是交易中心當前處于創(chuàng)建起步階段，先期制定的各項制度措施不夠完善，制約了交易中心的健康發(fā)展，研究改進哈爾濱股權(quán)交易中心交易體系顯得尤為必要。 本文通過對國內(nèi)場外交易市場中主要的股權(quán)交易中心的交易體系，從股權(quán)交易制度和掛牌公司準入條件、合格投資人條件三個方面做了比較研究，得出了對改進哈爾濱股權(quán)交易中心交易體系改進的啟示。結(jié)合哈爾濱股權(quán)交易中心當前的交易體系，分析出了哈爾濱股權(quán)交易中心交易體系在這三個點上存在的問題，之后結(jié)合實際提出了對哈爾濱股權(quán)交易中心交易體系改進設(shè)計。改進設(shè)計了做市商混合交易定價模式，優(yōu)化設(shè)置了掛牌公司準入條件，淡化了部分財務(wù)指標要求，提出積極主動培育投資人群體對策。最后，從交易中心內(nèi)部自身和外部環(huán)境兩方面提出了的交易體系改進的保障措施，切實保證改進后的交易體系能夠?qū)崿F(xiàn)，為哈爾濱股權(quán)交易中心健康、快速、可持續(xù)發(fā)展提供保障。
[Abstract]:As the basic level of capital market, OTC market starts early in our country, but lags far behind the main board market, which makes the capital market system of our country take on the development form of inverted pyramid on the whole. Thus, it is difficult for the capital market to give full play to the function of serving the real economy. At present, the state proposes to improve the multi-level capital market system, promote equity financing through multiple channels, and innovate and develop the over-the-counter market represented by the equity trading market. As the foundation of the over-the-counter market, the Harbin Stock Exchange Center is located in the regional equity trading market in Heilongjiang Province, providing a financing platform for small and medium-sized enterprises and an investment channel for investors. Cultivate the capital market listed reserve resources. Harbin Stock Exchange Center is faced with rare development opportunities, with certain development advantages. However, the trading center is in the initial stage of establishment, and the system measures formulated in advance are not perfect, which restricts the healthy development of the trading center, so it is particularly necessary to study and improve the trading system of Harbin Stock Exchange Center. This paper makes a comparative study on the trading system of the main equity trading centers in the domestic over-the-counter market from three aspects: the equity trading system, the entry conditions of listed companies, and the conditions of qualified investors. The inspiration to improve the trading system of Harbin Stock Exchange Center is obtained. Combined with the current trading system of Harbin Stock Exchange Center, this paper analyzes the problems existing in the trading system of Harbin Stock Exchange Center at these three points, and then puts forward the improved design of the trading system of Harbin Stock Exchange Center combined with the actual situation. This paper improves and designs the pricing model of mixed transaction of market makers, optimizes the access conditions of listed companies, weakens some requirements of financial indicators, and puts forward countermeasures to actively cultivate investor groups. Finally, from the internal and external environment of the trading center, the paper puts forward the safeguard measures for the improvement of the trading system to ensure that the improved trading system can be realized, which is healthy and fast for the Harbin Stock Exchange Center. Sustainable development provides protection.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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