试论我国场外证券交易市场的功能缺失与制度设计

Research of the Lack of Functions and Design of System of Chinese OTC Securities Market

本文通过对我国场外证券交易市场现状的分析,结合我国目前的国情,提出了发展场外交易市场的初步构想及促使其功能完善的制度设计。我国场外交易市场定位为中小企业、创业企业股份的流通场所,准确来说是为公开发行非上市股份有限公司和非公开发行的股份有限公司的股份转让提供服务;作为资本市场的塔基,场外交易市场可分为两个层次:一是统一的全国性的场外交易市场,以目前的代办转让系统为依托进行改造,二是大区域的产权交易中心和各级地方产权交易中心。目前,我国场外证券交易市场融资功能受限,规模萎缩,流动性差,要完善其功能我们需要对场外证券交易市场进行全方位的制度设计,包括交易制度、转板制度、监管制度等。我国场外证券交易市场问题的解决,实际上就是要解决非上市公众公司发行、流通与交易问题,而其核心却是要建立规范有序、公正透明的场外交易场所,并在此基础上,建立新的场外交易场所或完成与交易所市场的对接。

The OTC market provides a necessary supplement to stock exchange market and meets multilevel market demands of different marker participants.In this article,I first analyze the actual state of Chinese OTC securities market,then,set forth the scheme and system design of Chinese OTC market,enhancing its function and improving the efficiency of securities markets.The Chinese OTC market includes two levels:the first level is the national OTC securities market based on the agency stock transfer market;the second level is the local property market.It is possible to transform the agency stock transfer market to modern over-thecounter market by improving the legal hierarchy basis for over-the-counter market's existence and operation,enhancing its function and introducing relevant systems.