| With more than twenty years development, capital market in China has still fallen behind: indirect financing is still in the leading position; the financing problem of small and medium-sized enterprises significantly affects the development of related industries. And all these are because we do not have a multi-layer capital market. The second board has been in operation since 2009, which is an important event in the development of capital market. Because of it and the gradually recognized importance of setting up the multi-layer capital market, building a nation wide over-the-counter market has been on the schedule. Many cities of China are all making the relevant efforts. On March 17th,2008, State Council approved to establish OTC market in Tianjin Binhai New Area. This decision reflects that authorities in China concern about the financing demand of small and medium-sized enterprises.Building a nation wide over-the-counter market is an important step which will improve and perfect China's multi-layer capital market system; it is a useful complement for the main board, small and medium-sized enterprise board and the second board market. Under this background, the article gives suggestions about building over-the-counter market in China through deeply analyzing the current situation in China and the international experiences.Based on the above, the article is divided into five main parts. The First chapter explains the background of selecting this subject and studies the relevant theoretical achievements and the practical experiences. The second part introduces the standard concept of over-the-counter market and analyzes the development and current problems of relevant markets in China. Considering the development history of international over-the-counter markets, the third chapter defines future over-the-counter market in China and gives suggestions about the structure and the entering standard of the market. The fourth chapter selects the most suitable trading system for China's over-the-counter market through deeply analyzing two main trading systems and the international trends of them. The fifth part explores feasible regulation pattern from the international experiences to form a whole operational idea with the former two parts. And this part discusses the regulation from two aspects:regulation methods and regulation institutions. |
