我国区域性股权市场的发展、问题和改革研究

A Study of Developments, Problems and Reforming in China's Regional Equity Market

近年来,作为我国多层次资本市场的重要组成部分,区域性股权市场已初具规模;但"私募债"违约等事件的频繁发生,也暴露出该市场依然存在着诸多问题与风险。鉴此,通过文献研究、数据搜集、发放调查问卷、实地走访,以及与国际场外资本市场发展比较后,本文认为,我国区域性股权市场普遍存在监管政策限制多、政策奖励缺乏针对性、交易市场准入条件高、创新产品少、融资方式单一、融资效率不高、投资者与挂牌企业需求错位、转板对接不通畅、盈利难等问题。针对这些问题,本文提出了完善法律监管体系、平衡政府扶持力度、创新交易产品、调整挂牌条件、放开"私募债"发行、尝试多种融资品种、明确股权质押业务权属归责、引入做市商制度、吸引与市场匹配的投资者、探索与高层次市场的对接机制、连通各个区域性股权市场等方面的改革建议。

In recent years, China＇s regional equity market is taking shape as an important part of the multi-level capital market. However, the frequent defaults of private debts reveal there are many problems and risks in the regional equity market. Through literature study, data collection, questionnaires, ？eld survey and comparisons with international Over-the-Counter （OTC） markets, this paper argues that there are several problems in the regional equity market, including universal regulatory restrictions, unspecified policy subsidy, high standards of market entrance, lack of innovation products, short of sections of ？nancing model, low ？nancing ef？ciency, demand mismatch between investors and listed enterprises, mismatch during market switches, and difficulties in pro？ting. This paper then proposes reforming suggestions to tackle these problems, including： perfecting the regulatory legal system, balancing government subsidies, innovating products, adjusting conditions for listing, allowing issuing of private debts, experimenting multiple financing products, delimiting the property rights of pledged equities, developing the market maker system, attracting investors matching with the market, exploring connection mechanism with higher level capital market, and connecting regional equity markets.