A Comparative Analysis Of The OTC Market In China And The United States

The United States has a capital market which is mature, well organized and multi-level. And the over-the-counter trading market in the United States, as an important part of its capital markets, plays an important role in the development of its capital market. Compared with the United States, there are only few decades since China finished the difficult transition from a centrally planned economy to a modern market economy. Market structure is incomplete. The capacity of main board market, SME market and GEM market is limited, which leads to a single investment source and a poor investment efficiency. In additio n to it, inadequate proportion of the financial asset securitization, not only put off the transformation from savings to capital, but also increase the degree of income inequality, which weaken the capital market`s function of resource allocation and econ omy structure optimization. In this paper, we discuss the differences between American OTC market and Chinese OTC market in the aspects of trading, structure of OTC, market regulation, and upgrading.This article used norms and empirical methods. The first and second chapter through the method of induction and deduction, summed up domestic and foreign research situation, analyzed their respective characteristics. In the third chapter, by using the system method, we established the theory model of research, provided the foundation for chapter 4, the enlightenment and suggestion.The significance of research, on the one hand, is to find the new motivation factor for economic structure transformation. Perfection the three board would get a further development of innovative and high technology enterprise, promote the development of national high-tech industry; On the other hand, after the global financial crisis, the transition of financial structure needs immediate attention. Perfect the over-the-counter market, which helps the transformation of financial structure in China, is of great significance for the construction of multi-level capital market system.