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论文编号：	2877
作者编号：	2120082277
上传时间：	2010/12/14 13:46:59
中文题目：	天津股权场外交易市场运行模式研究
英文题目：	The Operation Mode Study of Equity OTC Market In Tianjin
指导老师：	黄福广
中文关键字：	多层次资本市场 股权场外交易市场 运行模式
英文关键字：	Multi-level capital market Equity OTC market operation mode
中文摘要：	股权场外交易市场是多层次资本市场体系的重要组成部分。长期以来，我国形成了以沪、深主板市场为主导，中小企业版和创业板为补充的资本市场结构。虽然它们在促进经济发展过程中发挥了重要作用，但仍然存在着市场结构单一、入场条件严格等突出问题。对比国外成熟资本市场的发展，建立和完善我国股权场外交易市场已经成为重要的历史课题。近年来，各地政府围绕国家关于鼓励设立股权场外交易的政策，开展了一系列卓有成效的试点工作。最终，天津股权交易所脱颖而出，并成为天津滨海新区设立全国性非上市公众公司股权交易市场的指定实施机构。因此，站在新的历史起点，研究和思考股权场外交易市场的运行模式是我国向成熟资本市场迈进的重要任务，也是增强地区经济实力和国际竞争力的必要保证。 本文以天津股权场外交易市场的运行模式为研究对象，在对现有文献加以总结和评述的基础上，介绍了海外成熟资本市场的概况，回顾了国内股权场外交易市场的发展历程，以及新时期围绕该市场运行模式开展的有益尝试，进而提出了一系列有针对性的构想，以期为我国多层次资本市场体系的建设提供借鉴与参考。 鉴于此，全文共分五部分进行阐述。第一章，主要说明本文的写作背景、研究方法和创新之处。第二章，介绍了股权场外交易市场的理论依据，以及国内、外最新研究成果，为指导全文提供了良好的理论基础。第三章，列举了美、英、日本和中国台湾等国家和地区股权场外交易市场的运行模式，得出若干重要启示。第四章，回顾了我国股权场外交易市场的发展历程，以及天津在此方面取得的可喜成绩。同时，以天津股权交易所为切入点，通过深入剖析其业务模式、目前进展以及运行中出现的若干问题等，为探索天津股权场外交易市场提供现实依据。第五章，从结构模式、交易模式和监管模式三个维度出发，系统地论述关于建立天津股权场外交易市场的三点构想。
英文摘要：	Equity OTC(over the counter) market is an important component of Multi-level capital market. For many years, China has formed the Shanghai and Shenzhen motherboard-oriented markets, while Growth enterprises board and Small and medium-sized enterprises board to supplement it. Although they have played an important role in promoting economic development, the capital market structure is relatively single and the entry condition is strict. By comparing the development of the foreign mature capital markets, we can see that establishing china’s equity OTC market is becoming an important historical subject. In recent years, governments have made considerable efforts. Ultimately, Tianjin Equity Exchange wined .Therefore, studying the knowledge of the equity OTC market is an important work , and it will be a necessary guarantee to enhance the economic development . This paper takes the operation mode of equity OTC market in Tianjin as the object of study. It summarizes the foundation to the existing literature, introduces the overseas mature capital markets, overviews the process of the domestic equity OTC markets, as well as the useful attempt regarding the market operation mode of the market, then proposes a series of target-oriented options to it. Thus, this thesis is divided into five chapters. The first chapter, mainly on the topics of the background, research methods and innovations. The second chapter studies the theoretical achievements based on the equity OTC market, as well as the related research at home and abroad. The third chapter, analyzes the equity OTC markets’ developing experience of United States, Britain, Japan and China Taiwan, and review the history of china’s equity OTC market, and Tianjin’s promising results in the regard. The fourth chapter, Tianjin Equity Exchange is the focus, deeply analysis the structuring mode, and some problems emerged. The last chapter, from the perspective of structure pattern, transaction pattern and supervise pattern, we systematically discusses three operational pattern options for equity OTC market .
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