| March17,2008,"the Tianjin Binhai New Area, comprehensive reform pilot program" was approved generally by the State Council, the catching all attention non-listed public companies trading market (Over the Counter Market, referred to as OTC) will be settled in Tianjin. The key content is as following."To actively support the establishment of the national unity in the Tianjin Binhai New Area, governance, law, effective supervision and standardize the operation of the public equity market non-listed companies and as an important plart of a multi-level capital markets and OTC markets. Gradually explore the industry funds, venture capital OTC trading funds and other products."It means the Chinese capital market during the multi-level exploration further. OTC also known as "OTC" or "OTC market", commonly known as the "Third Market", refers to the stock exchange (commonly referred to as the Main Market) outside of the buyers and sellers of securities through market makers trading mechanism, negotiated transactions, securities trading venues bargain collectively.OTC market provides a securities trading and financing platform to the public companies that are not achieving the standard to public to stock exchanges. In the OTC market, non listed securities-including stocks do not meet the criteria for listing, but would not meet the criteria for listing on an exchange-listed stocks, bonds, and so on would be traded via this platform.OTC marketinTianjin, mainland China will be the new capital market after Shanghai and Shenzhen Stock Exchange, to facilitate SMEs in Tianjin and the Bohai economic circle to get the initial development funds. OTC market will be a platform to leverage financing, it will be boost the economic situation of Binhai New Area and Tianjin and even development of the entire northern economy enterprises and upgrading the industrial structure into an endless features, and promote the coordinated development of national, regional and ultimately the overall strategy.To absorb and learn from the experience from foreign matured market, has been an important theme to explore ideas and develop the securities market. To this end, extensive research developments around the world, OTC market for all-round understanding of the law of survival of the OTC market and traded on GEM, operation mechanism, the risk characteristics are very urgent and necessary. And domestic SMEs face many difficulties in financing on local market, so manyoutstanding entrepreneurial companies listed overseas to which the U.S. NASDAQ, Hong Kong and Japan JASDAQ GEM will be the main place for China onshore companies to raise money in the future.The thesis is divided into seven sections. The first chapter is an introduction section. By collecting information on relevant research, collation and research reports, this paper identifies research topics-----Taiwan OTC market system evolution and risk management. From the stock market about the efficiency (including the Taiwan stock market-related efficiency), the Taiwan stock market research (Taiwan stock market structure, trading system and monitoring system) development, stock market liquidity and liquidity risk and capital markets related to economic development, etc. aspects of the literature review after the proposed research framework of this thesis, innovation and research papers and shortcomings.Chapter Ⅱ and Chapter Ⅲ discuss the historical development milestones, current situation and market system designing of Taiwan’s OTC market. The second chapter is the formation and development of Taiwan’s OTC market. Mainly around the three stages of development of Taiwan’s OTC market, the three aspects of the problem and think about the role of the current period, such as the OTC market and the OTC market and contribute to the discussion of the existence of the Taiwan OTC market development and problems. The third chapter discusses the market structure of Taiwan OTC market from the operation of the three aspects of the implementation of the trading system, such as market maker system designing and analysis of the Taiwan OTC market structure and system design features.Chapter IV and Chapter V are the performanceempirical analysis of Taiwan OTC market. The fourth chapter analyzes the empirical validity of the two analyzes from Taiwan and Taiwan OTC market OTC markets and the real economy analysis of the relationship between Taiwan OTC market performance. Institutional Change on Taiwan Emerging markets and OTC markets Hurst index were measured statistical analysis, the Taiwan OTC market is always ineffective market; choose the securities market development indicators and economic development indicators regression model to analyze the Taiwan OTC exchange market and the real relationship between economic development, obtained the OTC market on the role of economic growth constrained by low market liquidity conclusions. The fifth chapter is to undertake the Taiwan OTC market liquidity at the end of the fourth chapter problems come from Taiwan Emerging market liquidity and liquidity risk characteristics of the analysis, the validity of the analysis based on two major aspects of the reform of trading liquidity management system conducted a liquidity and risk assessment Taiwan emerging Stock Market analysis.Chapter VI evolution from three international OTC market regulation theory, international OTC market regulation developed institutional arrangements and Taiwan OTC market supervision system analyzes the Taiwan OTC market supervision system. The three regulatory regime Taiwan OTC marketare the access system, trading system and information disclosure system.Chapter VII of the continent in a brief analysis of the OTC market structure, market performance, proposed the development of innovative thinking mainland OTC market and corresponding policy recommendations on the basis of the system designing.
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