構(gòu)建我國統(tǒng)一性的場外交易市場策略研究
發(fā)布時間：2018-11-15 18:13
【摘要】：場外交易市場(Over the counter Market,簡稱OTC,)一詞來源于美國早期的股票和債券交易,它是有別于證券交易所的證券交易場所,作為最古老的證券交易場所其發(fā)展已有數(shù)百年的歷史。因?yàn)椴扇≡阢y行柜臺上向客戶出售股票的做法,被稱為柜臺交易,同時由于這種交易與交易所里進(jìn)行的交易不同,發(fā)生在證券交易所外,故又稱作做場外交易市場。我國場外交易市場始建于20世紀(jì)末,至今的已發(fā)展了20多年的時間,其發(fā)展過程比較曲折。21世紀(jì)初,新三板市場的啟動和天津股權(quán)交易所的正式運(yùn)營,標(biāo)志著我國場外交易市場發(fā)展再次興起。這次興起與以往有很大的不同,它興起于世界金融危機(jī)的背景之下,興起于國家政策明確鼓勵建設(shè)我國多層次資本市場的條件下,興起于民營經(jīng)濟(jì)蓬勃發(fā)展對資金大量需求環(huán)境下。經(jīng)過近幾年的新發(fā)展,已取得了一定的成績,但是一直沒有形成統(tǒng)一的、全國性的場外交易市場,極大妨礙了我國場外交易市場服務(wù)經(jīng)濟(jì)發(fā)展的功能。 從中國經(jīng)濟(jì)社會發(fā)展的總體態(tài)勢看,統(tǒng)一化是資本市場在現(xiàn)階段的發(fā)展的一大趨勢其中的重點(diǎn)之一,資本市場的統(tǒng)一有利于整合現(xiàn)有資源,提高資源的利用率,降低市場的運(yùn)行成本,有利于提高整個市場的安全性。而場外交易市場的統(tǒng)一是整個資本市場統(tǒng)一化的重要環(huán)節(jié)。從目前場外交易市場的發(fā)展來看,產(chǎn)權(quán)交易市場、新三板、天津股權(quán)交易所“各自為政”,三個市場的鼎立狀況既是浪費(fèi)有限的資源,又會產(chǎn)生過度競爭,因此整合現(xiàn)有的資源破除利益沖突的現(xiàn)狀迫在眉睫。 論文借助多層次資本市場、市場細(xì)分、金融功能的相關(guān)理論,采用比較歸納的方法,通過分析構(gòu)建我國統(tǒng)一性的場外交易市場的必要性,對國際成熟場外交易市場的發(fā)展經(jīng)驗(yàn)進(jìn)行梳理,并結(jié)合我國場外交易市場的發(fā)展現(xiàn)狀,提出構(gòu)建我國統(tǒng)一性的場外交易市場的策略建議。首先要明確場外交易市場的定位,其次要統(tǒng)一交易規(guī)則、統(tǒng)一上市標(biāo)準(zhǔn)、統(tǒng)一監(jiān)管制度、統(tǒng)一電子網(wǎng)絡(luò)和現(xiàn)代交易技術(shù),逐步建立一個全國聯(lián)網(wǎng)報(bào)價(jià)、分散成交、統(tǒng)一監(jiān)管的電子化的市場,這個市場的規(guī)模要足夠大,能夠更多地為中小企業(yè)服務(wù),在運(yùn)行的過程中要公平、高效、流動性強(qiáng)、透明度高。在構(gòu)建統(tǒng)一的場外交易市場的過程中可能會涉及部門利益問題及產(chǎn)權(quán)交易所發(fā)展參差不齊等問題,加大了整合的難度,這就需要政府出臺新的政策支持場外交易市場的構(gòu)建,盡力協(xié)調(diào)各方面的利益,最終形成統(tǒng)一的場外交易市場。
[Abstract]:The term "(Over the counter Market," is derived from the early stock and bond trading in the United States. It is different from the stock exchange and has been developed for hundreds of years as the oldest stock exchange. Because of the practice of selling shares to customers on the bank counter, it is called over-the-counter trading, and it is also called over-the-counter market because this kind of trading is different from the trading in the stock exchange and takes place outside the stock exchange, so it is also called over-the-counter market. China's over-the-counter market was founded at the end of the 20th century, and has been developed for more than 20 years. In the beginning of the 21st century, the start-up of the new third-board market and the official operation of the Tianjin Stock Exchange, Marks the development of our country's over-the-counter trading market is rising again. This rise is quite different from the past. It arose under the background of the world financial crisis and under the conditions of the state policies explicitly encouraging the construction of a multi-level capital market in our country. Rise in private economy vigorous development to a large amount of capital demand environment. After the new development in recent years, some achievements have been made, but there has not been a unified, nationwide over-the-counter market, which greatly hinders the function of the over-the-counter market in serving the economic development of our country. Judging from the overall situation of China's economic and social development, unification is one of the major trends in the development of the capital market at the present stage. The unification of the capital market is conducive to the integration of existing resources and the improvement of the utilization rate of resources. Reducing the operating cost of the market is conducive to improving the security of the whole market. The unification of the OTC market is an important link in the unification of the whole capital market. From the current development of the over-the-counter market, the property right trading market, the new third board, and the Tianjin Stock Exchange are "all in their own hands." the balance of the three markets is not only a waste of limited resources, but also a source of excessive competition. Therefore, it is urgent to integrate existing resources to eliminate conflicts of interest. With the help of the theories of multi-level capital market, market segmentation and financial function, the paper analyzes the necessity of constructing the unified over-the-counter market in China by using the method of comparison and induction. This paper combs the development experience of the international mature over-the-counter market and puts forward some strategic suggestions on the construction of the unified over-the-counter market of our country in the light of the present situation of the development of the over-the-counter market in China. First of all, it is necessary to define the position of the over-the-counter trading market, secondly to unify the trading rules, unify the listing standards, unify the regulatory system, unify the electronic network and modern trading techniques, and gradually establish a nationwide online quotation, with decentralized transactions. Unified supervision of the electronic market, this market should be large enough to be able to serve more small and medium-sized enterprises, in the process of operation to be fair, efficient, strong liquidity, high transparency. In the process of building a unified over-the-counter market, it may involve problems such as sector interests and uneven development of property exchanges, which makes integration more difficult. This requires the government to introduce new policies to support the construction of the over-the-counter market. Try to coordinate the interests of all parties and ultimately form a unified over-the-counter market.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51
本文編號：2334063
[Abstract]:The term "(Over the counter Market," is derived from the early stock and bond trading in the United States. It is different from the stock exchange and has been developed for hundreds of years as the oldest stock exchange. Because of the practice of selling shares to customers on the bank counter, it is called over-the-counter trading, and it is also called over-the-counter market because this kind of trading is different from the trading in the stock exchange and takes place outside the stock exchange, so it is also called over-the-counter market. China's over-the-counter market was founded at the end of the 20th century, and has been developed for more than 20 years. In the beginning of the 21st century, the start-up of the new third-board market and the official operation of the Tianjin Stock Exchange, Marks the development of our country's over-the-counter trading market is rising again. This rise is quite different from the past. It arose under the background of the world financial crisis and under the conditions of the state policies explicitly encouraging the construction of a multi-level capital market in our country. Rise in private economy vigorous development to a large amount of capital demand environment. After the new development in recent years, some achievements have been made, but there has not been a unified, nationwide over-the-counter market, which greatly hinders the function of the over-the-counter market in serving the economic development of our country. Judging from the overall situation of China's economic and social development, unification is one of the major trends in the development of the capital market at the present stage. The unification of the capital market is conducive to the integration of existing resources and the improvement of the utilization rate of resources. Reducing the operating cost of the market is conducive to improving the security of the whole market. The unification of the OTC market is an important link in the unification of the whole capital market. From the current development of the over-the-counter market, the property right trading market, the new third board, and the Tianjin Stock Exchange are "all in their own hands." the balance of the three markets is not only a waste of limited resources, but also a source of excessive competition. Therefore, it is urgent to integrate existing resources to eliminate conflicts of interest. With the help of the theories of multi-level capital market, market segmentation and financial function, the paper analyzes the necessity of constructing the unified over-the-counter market in China by using the method of comparison and induction. This paper combs the development experience of the international mature over-the-counter market and puts forward some strategic suggestions on the construction of the unified over-the-counter market of our country in the light of the present situation of the development of the over-the-counter market in China. First of all, it is necessary to define the position of the over-the-counter trading market, secondly to unify the trading rules, unify the listing standards, unify the regulatory system, unify the electronic network and modern trading techniques, and gradually establish a nationwide online quotation, with decentralized transactions. Unified supervision of the electronic market, this market should be large enough to be able to serve more small and medium-sized enterprises, in the process of operation to be fair, efficient, strong liquidity, high transparency. In the process of building a unified over-the-counter market, it may involve problems such as sector interests and uneven development of property exchanges, which makes integration more difficult. This requires the government to introduce new policies to support the construction of the over-the-counter market. Try to coordinate the interests of all parties and ultimately form a unified over-the-counter market.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51
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