我国场外交易市场的体系和制度构建.pdfVIP

A b str a ct T h is thesis is com posed of the pream b le and the text w h ich is paragraphed into four ch ap ters. T he pream b le briefs th e study backgrounds and the sign ificance of top ics. T heoretically, structuring th e over-th e-counter m arket (h ereinafter O T C m ark et) is essential to the im provem ent of cap ital m arket. P ractically, C h ina Securities R egulatory C om m ission (h ereinafter C SR C ) expressly attached its im portance to th e O T C m arket in its w ork p lan. H ow ever，th e lack of related legal regu lations jeopardizes th e structuring. T herefore, researches are needed from th e legal respect. In addition ，th e pream b le defin es the scope of discu ssion on the O T C m ark et. T h e first part of th e text sum m arizes th e history and developm ent of C h inas O T C m ark et and th e legal concep tion s in each relevan t stage. It discu sses th e origin s and deficiencies of such legal conception w hich focu ses on the proh ib itions, and sp ecifies th e present statu s of C h inas O T C m ark et, including th e A gency Share Transfer System , th e Stock Q uoted Transfers System , the R eg ional Stock E xchange and the equ ity m arkets locating around the O T C m ark et. T he second part analyses the shortcom ings of th e present O T C m ark et and th e fu nctions it shou ld have. A t presen t, th e b iggest problem lies in the lack of thorough legal regu lation s, w hich con sequ en tly brings a series of problem s su ch as regu latory difficu lties, confiased position ing, etc. It po ints out th e d irection s for future legislation by th e analysis of th e functions of th e O T C m ark et ought to b e. T h e th ird p art tries to look th e fu ture structure of th e O T C m arket. T hrou gh th e analysis of U .S . O T C m ark et，it show s th at th e reason ab le O T C m ark et shou