发展中国场外交易市场浅析工商管理专业论文.docxVIP

E L E M E N T A R Y A N A L Y S I S O F C H I N A O TC M A R K E T ABSTRACT In recent decades, multi-level capital market construction is always one of most important topics and tasks of Chinas financial system. Compared with relatively developed motherboard, small and medium-sized board and GEM board, the over-the-counter market lags behind, and has become the “short board” during our country multi-level capital market construction. However, in the mature capital markets of developed countries, the OTC market has always been an important part of the multi-level capital market, and served as the foundation 、 incubation and exist channel for the higher level markets . After over 30 years of development, Chinas OTC market is consist of Agency Share Transfer System, local property right trading market, and regional equity trading market such as Tianjin equity exchange. However, because of the absence of regulation, the local OTC market operate fragmentally, and is lack of unified national planning, which leads to inefficiency. The paper begins with the analysis of the necessity to construct the OTC market, find out its shortage through a review of the history of the market development and the analysis of the present operation of the typical OTC market. Then after a thorough analysis and research on the American OTC mode, we learned something from its experience and strength. Finally, by unifying the current operation of China’s OTC market, I proposed some conceptions and suggestions on its development pattern. Key Words: Multi-level capital market, OTC market, Agency Shares Transfer System, Tianjin Equity Exchange, Property rights exchange market 目录 绪 论 ............................................................................................................................................... 1 1. 研究背景与意义.............................................................................................................. 1 2. 研究方法...................................