区域性股权市场建设的问题与对策研究

Development of Regional Equity Markets:Challenges and Solutions

加快发展区域性股权市场,既是缓解中小微企业融资难、融资贵问题的有效方法,也是中小微企业拓宽融资渠道、提高直接融资比重的重要手段,更是实现多层次资本市场改革目标的方向所在。然而当前我国区域性股权市场建设中存在定位不明确、市场不统一、政策依赖性太强等若干障碍。促进区域性股权市场发展,应当明晰政府监管职责,明确区域性股权市场职能定位,完善规制建设,加强政策引导,强化资源配置的市场化方向,努力构建差异化和特色性资本市场体系。

To accelerate the development of regional equity markets is an efficient way to lower micro,small and medium-sized enterprises’(SMEs)financing costs and alleviate their financing difficulties.It also broadens financing channels and raise the proportion of direct financing.This is one of the important goals of the multi-level capital market reform.However,there are some obstacles in the development of regional equity markets,such as unclear positioning,non-homogenized market and excessive policy dependence.This work aims to analyze these challenges and provide suggestions to overcome these obstacles.We propose to clarify the government regulatory responsibilities and clearly position regional equity markets.It includes improving the regulation structure,strengthening the policy guidance,and reinforcing the market-oriented allocation of resources.This work is important to developing layered and differentiated capital market system.