美国证券公司柜台市场研究——基于多层次资本市场中的定位视角

On the USA securities company's OTC markets——Based on positioning in the multi-level capital market system

美国有着当今世界上层次最为完备、转板最为畅通的多层次资本市场,本文首先分层整理美国资本市场的现状,借以明确证券公司柜台市场在美国多层次资本市场中的基底定位。在此基础上,总结了美国证券公司柜台市场的垄断型做市商报价交易机制、交易场所分散、产品服务个性化、私募为主等特征。通过剥离出证券公司在其自有柜台市场上开展的具体业务,明确了证券公司柜台市场在美国多层次资本市场中起到扶持中小企业成长实现金融治理、促进证券公司创造新的利润增长等功能。最后结合我国具体情况提出对我国证券公司柜台市场定位发展的四点启示。

The multi-level capital market in USA is complete and smooth. Firstly, the authors figured out the current situation of American multi-level capital market, and clarified the base positioning of Securities Company＇s OTC Markets. Secondly,the authors summarized the characteristics of the USA Securities Company＇s OTC Markets, which are monopoly market maker trading mechanism, scattered trading places, personalized products and private placement. By stripping out the specific business of securities companies to carry out on its own OTC market, the writers pointed out that the USA Securities Company＇s OTC Markets have the following functions： to support the growth of SMEs to achieve financial governance, promote securities companies to create new profit growth point, etc. Finally, four suggestions combined with China＇s specific conditions were given.