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论文编号：	1275
作者编号：	2120072248
上传时间：	2009/6/13 23:17:18
中文题目：	我国证券场外交易市场运作模式研
英文题目：	A Study of Operational Mode in
指导老师：	肖沂
中文关键字：	证券市场 场外交易 多层次资本市
英文关键字：	security market;OTC market;mui
中文摘要：	我国的证券市场场外交易市场发展缓慢，定位亦不甚明确，已成为多层次资本市场的薄弱环节。各国实践表明，场外交易市场是证券市场体系的基础，对防范金融风险、加速资本社会化和推动新兴产业发展等具有重要的作用。因 此，借鉴境外场外交易市场建设的实践经验，并结合我国实际构建适合我国具体国情的场外交易制度就显得尤为必要和迫切。 文章从我国场外交易市场的发展历程和现状入手，指出了我国场外交易市场存在的问题。通过借鉴境外场外交易市场的经验，提出了对现有途径改造和整合，构建多层次性场外交易市场体系的构想。 　　本文共分四个部分，分述如下： 　　第一部分是本文的理论基础，包括证券市场理论和多层次资本市场理论。首先，本文将场外交易市场放在证券交易市场的理论框架中，并详述了场内股票交易市场，对场外交易市场有一定的理论借鉴意义。其次，从多层次资本市场和资源优化配置的角度，构建了场外交易市场的理论基础。 　　第二部分是我国场外交易的基本情况。重点介绍了我国场外交易市场的发展、现状以及存在的问题。总的而言，我国的场外交易市场历经起伏，有过蓬勃发展的时期，但还没有形成系统的、真正意义上的场外交易市场。 　　第三部分主要介绍了美国和台湾的场外交易市场。通过分析两个国家和地区的场外交易市场体系、制度和特点，研究可以借鉴之处，从而得出对我国建设场外交易市场的启示。 第四部分对我国场外交易的制度安排进行了探讨。本文认为我国建设场外交易市场应充分发挥后发优势，借鉴境外发达国家和地区的成功经验，通过对现有途径的改造和整合，建立高起点、多层次的场外交易市场。
英文摘要：	Over The Counter Market (OTC Market) is the bottleneck of the present multi-layer capital market in China, as indicated by its ambiguous role and sluggish development. OTC Market plays as the foundation of security market system, which is indicated by its key role in preventing financial crisis, accelerating capital socialization and propelling newly developed sectors in worldwide practice. To take experience from foreign OTC Market construction, and to combine it with China′ s specific situation in the process of institution construction in our OTC Market is therefore rather important and urgent. This thesis takes investigation to the development history and current situation in China′ s OTC Market as the start point, where we point out the existing problems in this market, then we cast analysis to foreign experience in OTC Market construction, and put forward ways to adjust and integrate it into China′s OTC Market, through which to build a multi-layer capital market system in China. This thesis consists of four parts, each of which can be briefly introduced as follows: The first part is the theoretical foundation of the whole thesis, where an survey to related theories in security market and multi-layer capital market are cast. We put analysis to OTC Market into the framework of security market theories, and make a detailed investigation to stock market in the field Such an investigation is theoretically beneficial to OTC Market analysis. On the other hand, this part also places the theoretical foundation for OTC Market from perspective of multi-layer capital market and resource allocation optimization. In the second part, we make an analysis to the major trends in China′ s OTC Market, for which the development history, current situation and existing problems are emphasized. All in all, the development of China′ s OTC Market is unsmoothed, although it once embraced period of steady and fast development, yet by now, we have not obtained a systematic and genuine OTC Market in China. The third part is focused on investigation to OTC Markets in US and Taiwan. Based study on the systems, institutions and characteristics in these two OTC Markets, we extract their applicable points and put forward its implications to China. In the last part ,we make an exploration on institution arrangement to China′ s OTC Market. We argue that it is necessary for us to fully take late-development advantages, as well as absorb experience from OTC Markets in developed countries/regions. And through reshaping and integrating current paths, so as to build a high start point, multi-level OTC Market in China.
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