本文關(guān)鍵詞：浙江省場外交易市場發(fā)展策略研究　出處：《吉林大學》2014年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 多層次資本市場 場外交易市場 海外成熟場外交易市場 浙江股權(quán)交易中心

【摘要】：近幾十年，我國來金融體系的重點構(gòu)建方向是建設(shè)多層次資本市場。我國場外交易市場的發(fā)展一直較為緩慢，與相對成熟的主板、中小板和創(chuàng)業(yè)板市場相比發(fā)展基礎(chǔ)較為薄弱。場外交易市場是多層次資本市場不可或缺的重要組成部分，我國的場外交易市場已經(jīng)經(jīng)歷了近30年的發(fā)展，形成了代辦股份轉(zhuǎn)讓系統(tǒng)、地方產(chǎn)權(quán)交易市場、區(qū)域股權(quán)交易市場等初步的市場。但是，對比發(fā)達國家成熟的資本市場，由于監(jiān)管缺位，制度設(shè)計缺陷，在運作上大多各自為政，缺少統(tǒng)一的全國性規(guī)劃，導致我國場外交易市場交投清淡，效率不高。[1] 浙江省民營經(jīng)濟發(fā)達，中小企業(yè)眾多，市場投資氛圍濃烈，是場外交易市場發(fā)展的一片沃土。以浙江省股權(quán)交易中心為代表的區(qū)域性股權(quán)交易市場，立足于服務(wù)中小企業(yè)，為省內(nèi)具有上市、成長潛質(zhì)的企業(yè)架構(gòu)了一塊連接滬深證券交易所的“跳板”。其目標定位是通過推動企業(yè)資產(chǎn)重組、行業(yè)資本整合，形成上市公司后備資源培育篩選機制等形式來建立一個全省性未上市公司股份合理流動、資源有效配置的公共平臺。同時，也為風險資本基金、股票型基金等提供投資機會和退出平臺，保證股權(quán)流動性服務(wù)。運行兩年多來，已有838家企業(yè)掛牌上市，托管總市值約230億元，頗具規(guī)模，逐步穩(wěn)定、持續(xù)健康發(fā)展，但在盈利模式、監(jiān)管制度、運行機制等方面存在著一定問題，某種程度上制約了浙江省場外交易市場的發(fā)展。[2] 本文首先闡述了本研究的意義，也就是發(fā)展場外交易市場的意義，正是發(fā)展場外市場的重要性所以要加強對其的研究。本研究接下來對場外交易市場的基本理論進行了總結(jié)與概述，以理論為基礎(chǔ)，本研究概括了全國以及浙江場外交易市場的發(fā)展歷程，并對現(xiàn)有場外交易市場的運作現(xiàn)狀進行了剖析，并找出了現(xiàn)有場外交易市場存在的問題與不足。鑒于此，本研究又對海外成熟的場外交易市場進行了分析，總結(jié)了海外場外交易市場發(fā)展的經(jīng)驗，并總結(jié)出海外場外交易市場的發(fā)展對我國場外交易市場帶來的啟示�；谝陨系姆治�，結(jié)合浙江省場外交易市場的發(fā)展現(xiàn)狀，最后針對浙江省場外交易市場的發(fā)展模式，，為其未來的發(fā)展提出了構(gòu)想和改進策略。 通過本論文的研究可知，我國的場外交易市場長期以來一直處于非正式的發(fā)展狀態(tài)，未能形成規(guī)范化的市場。因此，盡快解決場外交易市場的發(fā)展“短板”，加強監(jiān)管與監(jiān)督體制改革，豐富資本市場層次體系，是解決中小企業(yè)融資難題，幫助高層次市場企業(yè)孵化和退出，推進區(qū)域經(jīng)濟發(fā)展，確保我國經(jīng)濟可持續(xù)性健康協(xié)調(diào)發(fā)展的重要途徑。
[Abstract]:In the past several ten years, the focus of China's financial system is to build a multi-level capital market. The development of over-the-counter market in China has been relatively slow, and relatively mature motherboard. OTC market is an indispensable part of multi-level capital market. The OTC market in China has experienced nearly 30 years of development. Formed the agency share transfer system, local property rights trading market, regional equity trading market and other preliminary markets. However, compared with the mature capital markets in developed countries, because of the absence of supervision, the system design defects. In operation, most of them have their own affairs and lack of unified national plan, which leads to the low turnover and low efficiency in the over-the-counter market of our country. [1] Zhejiang Province is a fertile land for the development of over-the-counter trading market, with a large number of small and medium-sized enterprises and a strong investment atmosphere. The regional equity trading market is represented by the Zhejiang Stock Exchange Center. Based on serving small and medium-sized enterprises, a "springboard" linking the Shanghai and Shenzhen stock exchanges has been set up for the enterprises with listing and growth potential in the province. Its goal is to promote the reorganization of enterprise assets and the integration of industry capital. To establish a public platform for the rational flow of shares and the effective allocation of resources in all provincial unlisted companies. At the same time, it is also a venture capital fund. Stock funds provide investment opportunities and exit platform to ensure equity liquidity services. Over the past two years, 838 enterprises have been listed on the market, the total custody of market value about 23 billion yuan, considerable scale, gradually stable. However, there are some problems in profit mode, supervision system and operation mechanism, which restrict the development of the over-the-counter market in Zhejiang Province to some extent. [2] This paper first expounds the significance of this study, that is, the development of over-the-counter market significance. It is the importance of the development of over-the-counter market so we should strengthen the research. Then this study summarizes and summarizes the basic theory of over-the-counter market based on the theory. This study summarizes the development of the over-the-counter market in China and Zhejiang Province, analyzes the current operating situation of the over-the-counter market, and finds out the existing problems and shortcomings of the over-the-counter market. This study also analyzes the overseas mature OTC market and summarizes the overseas OTC market development experience. And summarizes the overseas over-the-counter market development to our country over-the-counter market brings enlightenment. Based on the above analysis, unifies the Zhejiang Province over-the-counter market development present situation. Finally, aiming at the development mode of the OTC market in Zhejiang Province, this paper puts forward the conception and the improvement strategy for the future development of the OTC market. Through the research of this paper, we can know that the OTC market in our country has been in the informal development state for a long time, has not formed the standardized market, therefore, as soon as possible, solves the over-the-counter market development "the short board". Strengthening the reform of supervision and supervision system, enriching the capital market hierarchy system is to solve the financing problem of small and medium-sized enterprises, help high-level market enterprises hatch and exit, and promote regional economic development. The important way to ensure the sustainable and healthy development of our economy.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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