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本文对国际发达场外交易市场制度进行了比较,作出了经验总结,包括美国,英国和台湾等场外交易市场,上市转让、登记和交换的相关制度,并在此基础上获得对中国OTC市场目前发展的一些启示,主要包括以下几点:政府对于中小企业的发展的扶持政策较少,此外应该设置在场外市场的最低上市标准,要完善我国的法律体系和监督体系,保证中小企业的融资体系的完备;引入做市商制度应尽快实现,市场出清和集中管理体系也要尽快设立。建立内部市场和场外交易市场转让制度,并加强证监会对场外贸易市场的监督管理,也是不容忽视的重要经验。
This article compares the international developed over-the-counter market system and makes a summary of the experience, including the relevant systems of over-the-counter market, listing and transfer, registration and exchange in the United States, Britain and Taiwan, and on this basis, Some enlightenments for the current development include the following: The government has less supportive policies for the development of SMEs. In addition, it should set the minimum listing standards for the OTC market. We should perfect our legal system and supervision system to ensure the financing of SMEs System is complete; the introduction of the market maker system should be realized as soon as possible, the market clearing and centralized management system should be established as soon as possible. Establishing the internal market and the OTC transfer system and strengthening the SFC’s supervision and management over the OTC market are also important lessons that can not be ignored.