本文選題：場外交易市場　切入點：多層次　出處：《天津財經(jīng)大學》2012年碩士論文　論文類型：學位論文

【摘要】：構(gòu)建符合我國企業(yè)融資需要的多層次場外交易市場,是我國資本市場的發(fā)展方向,也是規(guī)范場外交易市場的重要環(huán)節(jié)。本文對場外交易市場的相關(guān)理論進行了梳理,并分析了場外交易市場的作用。對美國、英國、臺灣等場外交易市場的模式進行了分析,指出其對我國未來場外交易市場構(gòu)建的啟示。同時,對我國場外交易市場的發(fā)展歷程進行描述,指出我國場外交易市場的現(xiàn)狀以及模式缺陷。本文認為,目前我國形成了包括產(chǎn)權(quán)交易市場、代辦股份轉(zhuǎn)讓系統(tǒng)和股權(quán)交易所在內(nèi)的多板塊并存的場外交易市場結(jié)構(gòu),該結(jié)構(gòu)是在國有企業(yè)改革、早期的法人股和非上市公眾公司股票流通背景下產(chǎn)生和發(fā)展起來的,有其特定經(jīng)濟和金融背景,在特定歷史時期發(fā)揮了重要作用。但是與企業(yè)股份制改革和資本市場協(xié)調(diào)發(fā)展的要求相比,存在著市場結(jié)構(gòu)無序、交易非市場化、多頭監(jiān)管以及未能充分發(fā)揮公司制組織形式的作用等缺陷,在此基礎(chǔ)上結(jié)合發(fā)達國家(地區(qū))的經(jīng)驗啟示,提出了建立以天津股權(quán)交易所和“新三板”為全國性市場、區(qū)域性、地方性市場并存的三級階梯式場外交易市場模式以及其實施路徑,并進行了可行性分析,最后提出了相關(guān)制度設(shè)計：做市商與競價交易系統(tǒng)相結(jié)合的混合交易制度、行業(yè)監(jiān)管與自律監(jiān)管相結(jié)合的監(jiān)管制度以及公司制的組織形式。
[Abstract]:It is the development direction of Chinese capital market and the important link to standardize the over-the-counter market to construct the multi-level over-the-counter market which meets the financing needs of the enterprises in our country. This paper combs the relevant theories of the over-the-counter market. This paper also analyzes the role of OTC market, analyzes the mode of OTC market in USA, UK and Taiwan, and points out its enlightenment to the construction of OTC market in China. This paper describes the development of the OTC market in China, points out the present situation of OTC market in China and its model defects. The over-the-counter structure of the over-the-counter market, which coexists with the agency stock transfer system and the stock exchange, was created and developed under the background of the reform of state-owned enterprises and the early circulation of shares of legal personnel and unlisted public companies. With its specific economic and financial background, it has played an important role in a specific historical period. However, compared with the requirements of the joint stock system reform of enterprises and the coordinated development of the capital market, there are disordered market structures and non-market-oriented transactions. On the basis of the experience and enlightenment of developed countries (regions), this paper puts forward the establishment of Tianjin Stock Exchange and the "New third Board" as the national market, regional, and so on. The three-tiered over-the-counter market mode of local market and its implementation path are analyzed. Finally, the related system design is put forward: the mixed trading system which combines market maker and bidding trading system. Industry supervision and self-regulation of the combination of regulatory systems and corporate forms of organization.
【學位授予單位】：天津財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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本文編號：1583451