| In recent years, the construction of multi-level capital market has been one of theimportant topics and tasks ofChina’s financial system. And it is the cornerstone of thehealthy development of the capital market. The multi-level market plays a positiverole in the expansion of direct financing, optimization of resources, promotion of thetransformation of enterprise management mechanism and establishing a modernenterprise system. But in the current capital market there are still structural defects.Compared with the relatively mature board, small board and the GEM market, thedevelopment of the OTC market in China is not so optimistic. The slow developmentof the OTC market makes it as the short board of the construction of multi-levelcapital market in China. However, in Europe and other developed countries, the OTCmarket plays an important role and it is regard as the foundation of the developmentof the capital market, as well as a business incubation and exist channel for the higherlevel markets. There, the OTC market regulatory systems, operation mechanism andmodel design concept are relatively perfect and advanced.After over30years of development, China’s OTC market is consist of AgencyShare Transfer System, local property stock transaction market, and regional equitytrading market such as Tianjin stock exchange. However, because of the absence ofregulation, the local OTC market operation fragmentally, and is lack of unifiednational planning, which leads to inefficiency. Zhejiang private has developedeconomy, many small and medium-sized enterprises and strong atmosphere ofinvestment. It is a fertile ground for the development of the OTC market.ZhejiangEquityTradingCenter is the representative of regional equity trading market.It offers basic services to small and medium enterprises, and it is regarded as theboard of many potential enterprises to the Shanghai and Shenzhen Stock Exchange.The platform is to establish a rational flow of the shares of the unlisted companies, theeffective allocation of resources of public platform and aims to promote thereorganization of assets, the enterprise capital integration, the formation of screeningmechanism listing Corporation back-up resources for training. At the same time, italso provides investment opportunities and exist channels for venture investment funds, equity funds and pledges to provide equity transfer platform service. Aftermore than two years development, there are838enterprises entering listed and thetotal market value of hosting about230million. It has been a considerable size andhealthy development. However, there are still some problems, such as the profitmodel, supervision system and operational mechanism, which restrict thedevelopment of Zhejiang OTC market.This paper first describes the significance of the study, which is the significanceof the development of the OTC market, it is the importance of developing the OTCmarket so to strengthen their research. The study followed the basic theory of theOTC market are summarized and outlined in theory, this study outlines thedevelopment process of the country as well as the OTC market in Zhejiang conductedthe operation and status of the existing OTC trading market the analysis and toidentify the problems and deficiencies of the existing OTC market presence. In viewof this, the study also overseas mature OTC market analysis, summed up theexperience of overseas development of the OTC market, and summed revelation ofthe development of overseas markets for our OTC OTC market brings. Based on theabove analysis, combined with current development of the OTC market in ZhejiangProvince, Zhejiang Province, the final model for the development of the OTC market,its future development strategy put forward ideas and improvements.By studying this paper shows that China’s OTC market has long been in theinformal state of development, failed to form a regulated market. Therefore, thedevelopment of the OTC market as soon as possible to solve the "short board" tostrengthen the regulatory and supervisory system, abundant capital market hierarchyis to solve the financing problems of SMEs, to help high-level business incubators andexit the market, and promote regional economic development, ensuring an importantway to healthy and harmonious development of economic sustainability in China. |
PDF Full Text Request