Study On Improving Financing Function Of China's Property Rights Market

China's property rights market is an institutional arrangement with Chinese characteristics of the capital market. Since the 1980s, the property rights market has developed for 20 years and played an important role in the withdrawal and reorganization of the state-owned assets. However, with all or most of the state-owned assets to withdraw, if China's property rights market is experted to continue to survive and develop, it must breakthrough and innovation in the business, trading methods, trading systems and trading varieties. At present, the property rights market is becoming the principal place of corporate finance outside the Main Board and Growth Enterprise Market. In view of this, the article studies on playing the role of the property rights market to expand financing channels for enterprises from the perspective of innovation in the property rights market.In this paper, the author first summarizes the development process, operational status and development trends of the property rights market on the basis of the relevant theories of the property rights market and the comments of existing research results, and points out the current problems in the property rights market. Secondly, the paper holds that the property rights market belongs to the OTC market which is primary and immature, and we need learn from the United States to introduce and innovate to build China's OTC market after a comprehensive analysis of the connotation, market structure and mode of operation of the U.S. OTC market. Then, on this basis, the paper focuses on the idea of application of the market maker mechanism in Chinese property rights market, demonstrating its necessity and feasibility and designing its general framework. Finally, to enhance its capital functions of the property rights market, this thesis sets forth that we should standardize and improve the property rights market to expand financing channels for enterprises through regulatory institutional innovation, business innovation, transaction mode innovation and to build a unified national market.