全国场外市场的服务对象与发展前景——基于美国经验的研究

The National OTC Market Serving Objects and Development Prospects: Based on the Experience from the U.S.

规模太小和缺乏发展潜力的小企业,并不适合进入证券市场,这正是美国证券市场覆盖率低的原因。作为场内资本市场的有效补充,全国场外市场的主要服务对象应是具备成长性且达不到场内市场上市标准的创新创业型中小企业,这类企业才是国家就业与经济增长的发动机。得益于我国经济在多因素驱动下的持续稳定增长,我国中小企业发展潜力远大于美国,全国场外市场发展前景十分广阔。

Companies which are too small and lack of development potential are not suitable for stock market, and this is the reason why the U.S. stock market has a low coverage. As an effective complement to capital market, national OTC market should mainly serve innovation enterprises with growth potential, because this kind of enterprises are the engines for employment and economic growth. Owing to the sustained and stable economy growth in China driven by multiple factors, Chinese SMEs have more potential than the U.S. counterparts, therefore the national OTC market has a prosperous future.