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| 论文编号： | 1221 | |
| 作者编号： | 2120072105 | |
| 上传时间： | 2009/6/11 21:21:36 | |
| 中文题目： | 中国证券场外交易市场构建的相关 | |
| 英文题目： | The relative research of China | |
| 指导老师： | 肖沂 | |
| 中文关键字： | 场外交易；证券市场；多层次资本 | |
| 英文关键字： | over-the-counter；stock market | |
| 中文摘要： | 2008年，全球性的经济危机蔓延至中国，使得出口导向型的我国经济受到严重影响，大批企业面临生产经营的困难。虽然，我国政府依靠扩大内需和加大政府投资化解了一部分危机，但是在资本市场上，随着信贷政策收紧、沪深两市暴跌，主板市场IPO叫停，很多企业面临着资金短缺带来的窘境。由于我国长期以来只有主板市场和银行信贷两大融资途径，资本市场的不健全使得面临困境的企业丧失了有效地资金来源。与此同时，随着中小型企业的不断出现，更多的急需资金但又无法从上述两大融资途径获得资金的企业失去了发展的机会。我国证券场外交易市场的出现将会有效解决上述种种矛盾。本文首先对美国纳斯达克场外交易市场的发展历程、市场机制、成功因素的进行了分析；然后回顾了我国在上世纪90年代对于场外交易市场的尝试，并结合市场机制上，监管体系上，相关法规建设上的不足，指出了其失败的原因；最后结合国内外成功和失败的经验，提出了在我国建设证券场外交易市场的发展策略：以市场需求为导向，改革证券相关法制体系，健全管理部门的机构设置和监管体系，引进做市商等场外交易市场的相关理念，完善证券场外交易的人才储备，先行先试，加快我国证券场外交易市场的建设步伐。 | |
| 英文摘要： | In 2008, Global economic crisis has spread to China. It has severely affected China’s economy which is export-oriented, for now more and more enterprises are facing difficulties in production and operation. Although the Chinese government has defused the crisis through expanding the domestic demand and increasing the government investment, in the capital market, as the bank are tightening the credit, the shanghai and shenzhen stock markets have fallen a lot, the Main Board IPO halt, many enterprises are faced with a dilemma that they are in shortage of funds. In a long time in China there are only two way for enterprises to finance, the Main Board IPO and the credit from bank. So the capital market is weak. So if there are some problems with the two way, the enterprise which faced with shortage of the fund will lost the source of the fund. Meanwhile , More and More small and medium-sized enterprises have been established in China. They have lost the best chance to develop because of the shortage of the funds too. Over-The-Counter (OTC) market can solve the contradiction which is discussed above. First of all, the paper introduces the development of NASDAQ Market and its successful experience. Secondly, the paper reviews the attempt of the OTC market in last century in China and discuss the market mechanism, the monitoring system, the lack of relevant laws and regulations. Finally, according to the experience of home and abroad, the paper contribute the policy of Chinese OTC market’s development: if want to accelerate China's OTC securities market development, we should reform the securities-related legal system, improve the management of institutions, set up the monitoring system, and use market makers system in the OTC markets. | |
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