产权交易品种和交易方式的创新研究

A Research on the Innovation of Property Transactions Varieties and Modes

基于产权交易品种和方式的现状及其局限性,根据产权市场在多层次资本市场的功能定位,提出产权交易品种创新的趋势是实物产权向虚拟金融产权、有形产权向无形产权、非标准化产权向标准化产权的转变,具体的交易品种创新有未上市公司股权、投资基金、资产证券化、期权等;相应地,根据创新的交易品种及产权市场未来的发展方向,指出产权交易方式的创新为网络化的竞价交易方式并引入做市商制度。此外,分析了知识产权"担保换期权"的交易品种创新案例,指出在交易方式创新上可以引入保荐人制度,采用发行竞价模式。

From the analysis of the status quo and limitations of transaction varieties and modes of property rights,and in light of the function positioning of the property rights in the multi-level capital market,the paper proposes that the innovation tendency of transaction varieties of property rights is the transfer from real property rights to virtual financial property rights,from tangible property rights to intangible property rights and from non-standardized property rights to the standardized property rights,and in the actual transaction variety innovation,the actual transaction variety innovation contains the stock equity of unlisted companies,investment funds,securitized assets,options,etc.Correspondingly,in light of the innovative transaction varieties and future development orientation of the property right market,the paper points out the innovation of the property rights transaction mode is the new network-based price-competition transaction mode with the system of ＂acting as a marketer＂ introduced.Moreover,it analyzes the cases of the innovation of transaction of varieties that the intellectual property rights-based guaranty exchanges the option,pointing out that with the innovation of the transaction mode,it is possible to introduce the sponsor system and adopt the issuance price-competition mode.