| The development of China's capital market started in the over-the-counter(OTC)market,but the development of the OTC market was slow relatively.It is different from the social common cognition,the original function orientation of China's OTC market is not in the service for the micro,small and medium enterprises.Its function orientation experienced four evolution processes:in order to adapt to the joint-stock reform of state-owned enterprises,and to solve the circulation problems of the corporate shares of listed companies and the stock of delisting companies,and to support the innovation and development of China's high-tech and high growth companies,and locating in the service for all kinds of micro,small and medium enterprises development.However,the current China's OTC market service function of micro,small and medium enterprises did not play well.This paper studies institution construction of China's OTC market from a new perspective based on its function,and the purposes of which is that we should clarify the order of the OTC market function of servicing the of micro,small and medium enterprises,and improving its institution construction which meets the needs of the new order of the OTC market function,and improving the OTC market function,and promoting the benign development between China's OTC market with the micro,small and medium enterprises.Based on the review of relevant literature about the OTC market functions and the system construction,and the analysis of the mechanism of action and the evolution logic of OTC market functions,it evaluates the functions of China's OTC market,and analyses of the factors restricting its function of system depthly,and puts forward the construction of China's OTC market system specific policy recommendations.To begin whih,the paper constructs a evaluation index system of China's OTC market function with the analytic network process(ANP),and evaluates the operation of the NEEQ market from the medium perspective with the evaluation index system.Secondly,the paper selectes fixed investment of micro,small and medium enterprises and OTC market turnover as variables to analyse the the interactive effect of the development between OTC market in China and the small and medium-sized enterprises with the VAR model method,and it examines the function of China's OTC market from the micro perspective of small businesses.Thirdly,this paper analyses the institution evolution,institution defects of China's OTC market,and the reasons which lead to institution defects that restrict the OTC market functions with the methods of historical analysis and comparative analysis around the function defects of the OTC market.Fourthly,this paper brings the method of game theory in OTC market institution analysis firstly.It makes use of the dynamic game under incomplete information modle to analyse gaming between financing and investment subjects in the OTC market in both cases that the relevant laws and regulations are perfect or imperfect,and on this basis,it analyses the over-the-counter market transaction costs,liquidity,default penalties,information disclosure,trading system,market structure,and other important aspects of the institution construction with the game theory method,and the perpose is that it could provide more 'reliable basis and rationalize the policy suggestions of institution construction which the paper will put forward.The indicates of the research:(1)Disclosure,judicial supervision,the degree of marketization,liquidity,market risk,the diversity of the participants,market-making system,market structure which are the important network layer elements influencing China's OTC market functions.(2)China's OTC market construction has made a litter of progress since 2014,the number of listed companies has increased rapidly,it's a pity that there is no significant effect on the development of micro,small and medium enterprises.(3)The defects of the OTC market functions:the order of the OTC market function is not reasonable,basic function of capital market is not well,financing and trade functions are weak,low liquidity in the market,the positioning of OTC equity market is homogeneity,and so on.(4)China's OTC market function order is not reasonable,and the institution defects which based on the error function order,and the reasons of the formation of the institution defects which restrict the functions of China's OTC market are the important factors that affect its functions.This paper argues that institutional innovation is facing legal obstacles,regional monopoly market structure leads to market efficiency,regulation and lack of transfer mechanism between capital market at all levels,which are the main institution defects of China's OTC market.The clear and reasonable common faith did not form in top designers,the rules of formal system arrangement are lack,it' s difficult to achieve balanced interests game,the regulatory is lag seriously,the path dependence of China's economic system transformation,etc,these factors are the deep causes of the institutional defects.(5)The paper puts forward the new view that the most basic function of China's OTC market is not the financing function,but the specification,fostering and incubation function.Its reasonable function order should be on the basis of the basic functions,then the deepen functions such as financing,market pricing,diversification,stock transfering to provide liquidity.The OTC market can not support the development of the micro,small and medium enterprises well unless its institution construction based on the reasonable function order positioning.Based on these research above,this paper puts forward some specific policies recommendations that China's OTC market should be make the access and exit criteria reasonable,and establish information disclosure mechanism which are suitale for the characteristics of the micro,small and medium enterprises development,and Adopt the flexibility,dynamic regulation mode.Then this paper puts forward some specific policies recommendations to improve the deepen functions of China's OTC market,such as we should bring in the market-making mechanism prudently,and innovate financing model,and establish the transfer mechanism step by step.The research has the good theoretical and practical value to perfect China's OTC market institution construction,and improve the OTC market functions to support the development of micro small and medium-sized enterprises. |
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