【摘要】：場(chǎng)外交易市場(chǎng)存在的合理性在于構(gòu)筑了多層次的交易結(jié)構(gòu),能為多類型企業(yè)提供融資平臺(tái)。但多層次資本市場(chǎng)不僅只有一種發(fā)展模式,"內(nèi)化于交易所中"的多層次資本市場(chǎng)也是其中一個(gè)十分重要的發(fā)展模式。多層次資本市場(chǎng)的建設(shè)不需特別關(guān)注與行政層級(jí)的重合/吻合,而應(yīng)重點(diǎn)關(guān)注如何布局才能最有效地配置稀缺的資本與監(jiān)管資源。交易所全球并購(gòu)風(fēng)潮提示我們,我國(guó)未來(lái)場(chǎng)外交易市場(chǎng)的發(fā)展趨勢(shì)與其重復(fù)其他國(guó)家因歷史原因而形成的交易所發(fā)展路徑,即"先地方性分散市場(chǎng)——再轉(zhuǎn)為交易所集中——再進(jìn)行交易所全球并購(gòu)",不如運(yùn)用后發(fā)優(yōu)勢(shì),直接做大一兩家"全球性"的交易所。這樣既能節(jié)約交易成本,又有利于我國(guó)交易所參與國(guó)際競(jìng)爭(zhēng)。當(dāng)前,在多層次資本市場(chǎng)設(shè)計(jì)鼓動(dòng)下趨于熱烈的地方性場(chǎng)外交易市場(chǎng)的競(jìng)爭(zhēng)是基于地方利益而產(chǎn)生的非理性選擇,證監(jiān)會(huì)應(yīng)該堅(jiān)持"集中型交易所"的傳統(tǒng),在統(tǒng)一的證券交易所內(nèi)部實(shí)現(xiàn)多層次資本市場(chǎng)的區(qū)分,以節(jié)省交易成本,控制交易風(fēng)險(xiǎn)。
[Abstract]:The rationality of the existence of OTC market lies in the construction of multi-level trading structure, which can provide financing platform for many types of enterprises. But the multi-level capital market is not only one kind of development mode, but also one of the most important development modes. The construction of multi-level capital market should not pay special attention to the coincidence / coincidence with the administrative level, but should focus on how to allocate the scarce capital and supervision resources effectively. The global M & A trend of exchanges suggests that the development trend of China's OTC market in the future is similar to the path of exchange development formed by other countries due to historical reasons. That is to say, "local decentralized market first-then centralized exchange-then exchange global M & A", it is better to use the advantage of late, directly to make one or two "global" exchanges. This can not only save transaction costs, but also help our exchanges to participate in international competition. At present, the competition in the local over-the-counter market, inspired by the design of the multi-level capital market, is an irrational choice based on local interests, and the CSRC should adhere to the tradition of "centralized exchanges." In order to save the transaction cost and control the transaction risk, the multi-level capital market should be differentiated in the unified stock exchange.
【作者單位】： 北京大學(xué)法學(xué)院;
【分類號(hào)】：F832.51

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