Research On The Stock Financing Of Small And Medium-sized Enterprises Based On The OTC Market

Since the 21st century beginning, with the speeding up of economic growth, our country also accelerated the pace of the construction of multi-level capital market actively. There are main board, small and medium-sized board, the growth enterprise market and OTC market in the multi-level capital market. According to the developed capital market, OTC markets as the bottom part of the multi-level capital market should be the capacity of the largest, the most easy to implement and enter. However, due to the capital market in China started late, the current capital market form presented in contrast to the developed countries of the "inverted pyramid" type.The OTC market, where the small and medium-sized enterprises, stock transfer system is an important component of the OTC market. The OTC market in Zhongguancun pilot from 2006 began to grow rapidly. So far, there are more than 2000 enterprises in the OTC market successfully. Small and medium-sized enterprise is the main force in China’s enterprises, is an important part of social and economic development. However, small and medium-sized enterprises have been the phenomenon of financing difficulties. Although the state use various policy actively support the development of small and medium-sized enterprises, alleviate the part of the financing difficult problem, but because of the quantity of small and medium-sized enterprises, small and medium-sized enterprise financing bottleneck is afraid to be a difficult problem to solve. The OTC market listing requirements are relatively low, the enterprise listed after entering the OTC market can be directed to raise equity. Of many small and medium-sized enterprises in our country, it provides a more low cost, high efficiency than get a bank loan financing way. Small and medium-sized enterprises after entering the OTC market can be directed capital increase, equity transfer. It can obtain equity financing for small and medium enterprises which provides much more diverse ways than ever before. The public awareness of the listed companies can be raised, the listed enterprise’s assets can be revitalized, the mobility of listed companies’equity can be increased, and the flexibility of the enterprise can be improved.Based on the small and medium-sized enterprise own defects and the lack of the OTC market at present, putting forward the countermeasures:Small and medium-sized enterprises should make great efforts to improve self ability and competitiveness, to set up perfect governance structure and internal control system; the OTC market should be further easing demand for individual investors, improve the system of the OTC market turning plate, for the OTC inject new vitality.