海外未上市公司股份转让平台最新发展及借鉴

Trading Platform of Private Company Shares Latest Development and Implication

近年来,欧美出现了一批未上市公司股份交易平台,交易相对活跃。本文总结分析了未上市公司股份交易平台产生的经济、法律和社会背景,并以该类市场的新代表——NASDAQ Private Market(NPM)为代表,讨论了平台的重点制度安排以及主要产品和服务。最后,本文总结了未上市公司股份转让平台的发展趋势,并对我国"四板市场"制度建设提出了几点借鉴。

Recent years have witnessed a growing number of trading platforms for private company shares with relatively high trading volume. The paper first discusses the context for the development of trading platforms for private company shares. Second, using the NASDAQ Private Market as an example, the paper analyzes the rules, main products and services of the platforms. The paper further summarizes trends in the development of trading platform for private company shares and implications for the Chinese market.