| Under the background of the country's vigorous development of multi-level capital market,regional equity exchange markets have emerged as the times require.Regional equity exchange markets are an indispensable part of the multi-level capital market and an important platform for financing and development of small and medium-sized enterprises.Equity exchange centers are the operating agencies of regional equity markets.Since the establishment of the first equity exchange center in China,the Tianjin Equity Exchange,in 2008,various provinces have established equity exchange centers,which are small and medium-sized enterprises that cannot meet the listing requirements in the province.With more than ten years of construction,regional equity exchange markets have gradually become standardized,specialized,and healthy under the guidance of the State Council and the China Securities Regulatory Commission,and have provided assistance to the economic development of various provinces.This article selects Fujian's regional equity exchange market,the HaiXia Equity Exchange,as the case study object.Fujian's private economy is relatively developed.HaiXia Equity Exchange was registered in 2010.It is the only regional equity market in China that covers multi-factor trading markets.It has creatively built a multifunctional trading platform.Through qualitative and quantitative analysis of HaiXia Equity Exchange,this article provides some reference suggestions for the further development of HaiXia Equity Exchange,and also provides reference for the construction of other regional equity exchange markets in China,which is conducive to improving the construction of multi-level capital market.This article uses case study method,literature research method,comparative analysis method,quantitative analysis method and other research methods.Firstly,it reviews the history,current situation,and mode of the regional equity exchange market to lay a theoretical foundation for the writing of the paper.Secondly,the concept and function of the equity exchange market are explained,and the development history of the domestic regional equity exchange market and the development status of five representative equity exchange centers.Then,a case study was carried out to analyze the characteristic path of constructing a trading platform for HaiXia Equity Exchange,and use data envelope analysis(DEA)to measure thefinancing efficiency of listed companies in HaiXia Equity Exchange from 2013 to 2017 to evaluate the core function of HaiXia Equity Exchange——the realization of financing functions,combined with the above content,analyzes the development bottlenecks and causes of HaiXia Equity Exchange.Finally,in view of the problems,suggestions are made to improve the construction of a multifunctional trading platform for HaiXia Equity Exchange.The research found that the development path of HaiXia Equity Exchange has the following characteristics: First,it has enriched market functions and refined internal stratification,it has “five major platforms” and “six major sectors”;the second is to establish a market business system covering multiple factors including equity,financial assets and environmental factors;the third is to create a regional equity exchange market for Taiwan,China,and a platform for cross-strait financial cooperation;the fourth is the "incubator" of small and medium-sized enterprises in the western coast economical zone of Taiwan Straits.However,through the measurement of the financing efficiency of listed companies in HaiXia Equity Exchange from 2013 to 2017,it is found that the listed companies have low financing efficiency,which indirectly reflects that the financing function of HaiXia Equity Exchange has not been fully utilized.In addition,HaiXia Equity Exchange also has such developments bottlenecks as small financing scale,low level of equity trading activity,insufficient board transfer mechanism,insufficient disclosure of information on listed companies,slow construction of credit service platforms,and lack of stable profit models.Aiming at the reasons for bottlenecks in the development of HaiXia Equity Exchange,this article puts forward suggestions such as strengthening publicity,improving the top-level design of the regional equity exchange market,exploring a sustainable and stable profit model and creating a scale-oriented equity exchange market for Taiwan,China.Suggestions for the further development of HaiXia Equity Exchange also provides reference for the development of other regional equity exchange markets. |
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