摘要
美国和日本是场外交易较为发达的国家 ,都建立了场外交易自动报价体系 ,实行宽松的上柜条件和较严格的监管措施 ,在证券立法中明确规定了场外交易市场的合法地位 ,并由证券商协会或证券业协会自律性组织来直接管理场外交易市场。我国的场外交易市场曾经有过蓬勃发展 ,由于一度出现问题现已全部关闭。然而非上市股权的流通和主板退市以及高新技术产业、风险投资的发展 ,都需要场外交易市场。我国应该修改《证券法》 ,肯定场外交易市场的合法地位 ,同时借鉴美、日场外交易的发展经验 ,建立多层次的证券市场 ,可以在发展主板和二板市场的基础上 ,建立场外交易市场 。
The United State and Japan are the advanced countries in the field of OTC market. The OTC auto-quoted price system has already been established there. They both offer loose conditions and strict supervision and management measures for list counter. In the security legislation, OTC is clearly defined its legal positions and is directly conducted by security dealer association or security industry association self-discipline organization. OTC in our country has experienced its flourish period, but it was closed for the existing problems. In reality, OTC is needed with the development of none list share transition and lay out the listing market and the high tech and venture capital markets. Our country should amend Security Law to affirm the legal position of OTC in China to develop multi security markets. OTC market should also be established on the base of main board and second board, which will be controlled by self-discipline organization and government supervision.
出处
《大连海事大学学报（社会科学版）》
2003年第1期40-43,共4页
Journal of Dalian Maritime University(Social Science Edition)
