区域股权市场构建问题研究

Research on Construction of Regional Equity Market

随着我国清理整顿各类交易场所的工作基本完成,一系列政策法规陆续出台,新三板市场的构建方向逐渐明朗,一个以全国中小企业股份转让系统为顶层设计、以区域股权市场为基石的场外股权市场框架初步形成。本文从研究背景与市场现状入手,分析了区域股权市场在资本市场中的定位和合法性依据,提出区域股权市场的构建思路,从组织架构、业务范围、交易模式、制度建设等方面对区域股权市场的发展探索提出具体构想。

As the checking-up and rectification of various kinds of trading houses are basically completed, a serious of policies and regulations are gradually issued. Aimed at building up a new board market, an over-the-counter equity market initially forms with National SME Share Transfer System as top-down design and with the regional equity market as the base. This paper describes the background and current market situations, analyses the position of regional equity market in capital market and the relevant regulations, and proposes thoughts of constructing regional equity market form the perspectives of organization framework, business scope, trading mode and system construction.