柜台市场培育与证券公司市场组织功能的延伸与拓展

The Extension and Expansion of the Cultivation of Counter Market and the Market Organization Function of Securities Companies

在金融中介理论分析范式的推论下,证券公司理应具有市场组织这一拓展功能。通过深入考察海外柜台市场建设的实践做法,我们认为我国证券公司应当认真借鉴和学习海外证券公司在柜台市场培育和建设中功能发挥的成功经验,提出证券公司的市场组织功能具体表现在承担做市商职能、企业孵化器职能、电子议价点选职能和自律监督职能等四个方面;在"试点先行,稳步推开"原则的指导下,证券公司应当在区域性试点阶段和常规化统一阶段发挥不同的功能;证券公司应当在组织架构、产品创新与业务拓展、风险管理等实际操作层面加强内部建设。最后,本文在法律法规、政策环境、市场监管和配套措施等方面提出了有针对性的政策建议,以促使我国证券公司主导柜台市场的培育和建设,进而充分、有效地发挥其市场组织功能。

According to the paradigm of financial intermediation theory,securities companies should function as the market organization.Through an in-depth study on the building of OTC market worldwide,the thesis holds that securities companies function as the market organization in terms of four aspects,namely the market maker,the incubator of the enterprises,the electronic bargaining click and self-regulation.Securities companies should play different roles in the phase of regional pilot program and in that of promotion and practices under the guidance of 'pilot programs prior to step-by-step promotion'.The companies should strengthen themselves from inside in the practical terms of organizational structure,product innovation,business expansion and hazard management.To improve the function of the domestic securities companies as market organization by enabling them to cultivate and build OTC market,the thesis concludes with the relevant policy suggestions in terms of laws and regulations,policy environment,market regulation and supporting measures.