摘要
证券场外交易市场是我国多层次资本市场的重要组成部分。我国证券场外交易市场从萌芽到逐渐成熟经过了曲折的发展过程。本文对证券场外交易市场三个主要发展进程进行了回顾,分析指出我国证券场外交易市场具有融资主体特殊、投资主体以法人为主、信息透明度差的特征,并进一步解读场外交易市场的三大主要风险,即流动性风险、道德风险、定价风险,最后提出我国证券场外交易市场法律制度建构的初步设想。
The OTC（Over The Counter） securities market is an important part of the multi-level capital market in China. The OTC securities market of our country has gone through a tortuous process from embryo to maturity. This paper firstly reviews the development process of the OTC securities market,analyzes the three features in China＇s system of the OTC securities market： the special of main financing,the corporate of main investors,and poor transparency of information. Then it analyzes further the risk of the OTC securities market,the liquidity risk,moral risk and pricing risk. Finally,it provides the preliminary thoughts of the legal system construction of China’s OTC securities market.
出处
《西华大学学报（哲学社会科学版）》
2010年第4期119-123,共5页
Journal of Xihua University(Philosophy & Social Sciences)
