A Study On The Development Patterns Of Chinese OTC Markets

Constructing a conforms to China’s enterprises financing needs of multi-level over-the-counter market, is the development direction of China’s capital markets, are also important part of regulating over-the-counter market. This theory on the over-the-counter market for Combs, and analyzed the role of the OTC market. To the United States and the United Kingdom, and Taiwan OTC market model for analysis of stated that his inspiration to Chinese OTC market in the future. At the same time, describes the development history of the Chinese OTC market, pointing out that now, as well as pattern defects of Chinese OTC market. Think of this article, at present, China has formed include property rights trading markets, Agency share transfer system and the coexistence of multiple plates, stock exchange OTC market structure, which is early in the reform of State-owned enterprises, corporate shares and unlisted public company stock circulation produced and developed in the context of, with their specific economic and financial background, played an important role in a particular historical period. But and enterprise joint-stock reform and capital markets coordination development of requirements compared to, exists with market structure disorder, and trading non-market, and long regulatory and failed to full play company system organization of role, defects, this Foundation Shang combination developed (area) of experience inspiration, made has established has Tianjin equity exchange and "new third" for national market of, and national, and regional, and local market coexist of three level stepped type field outside trading market mode to and implementation path, and for has feasibility analysis, Concludes with a related design system: market and competitive trading system combining hybrid trading system, combined with regulatory and self-regulatory organization of supervisory systems, as well as the company.