Study On The Establishment And Operation Of Regional Equity Market In China

At present, multi-level capital market in China exists the problem of exchange market dominates and the OTC market develops slow; the motherboard market-based, low-level issues such as the capital market is not perfect, it is difficult for SME to obtain direct financing from the capital markets. As a “four-Market”, regional equity market provides options for small and medium enterprises market in the provincial administrative areas to transfer and financing bonds and solve the difficult problems of SME financing. It is very important for the perfection of multi-level capital market system and promote the continuous development of the regional economy. Therefore, this paper carries a research on the establishment and operation of regional equity market.This paper first summarized the concept of regional equity trading markets, position, function, and build objectives and for laid a theoretical foundation for the analysis of regional equity market and construction. Secondly, based on the current situation of regional equity trading markets and through the comparison of the development of regional equity markets in different countries and regions, it pointed out problems in the development process of regional equity market in China. Then, taking platform, rule-making, aspect-nurturing, regulatory mechanisms and cohesion exchange mechanism as the main content, it formatted the basic idea of establishment and operation of regional equity market. As a guide, it selected Qingdao whose economy and is financial markets relatively developed but has not yet established a regional equity market to design frame. Finally, in the course of a series of problems that may arise from regional equity market, it put forward specific safeguards in the aspects of laws, policies, credit system, regulatory and risk prevention, hoping to provide useful guidance and reference for some provinces and the cites which are building or planning to build a regional equity market.