| As the oldest form of capital markets, the OTC market’appearance and development is accompanied by the capitalistic economy and joint-stock. The development of OTC has roughly gone through a number of phases:the spontaneous OTC market stage,"be prohibited, be limited", the legal recognition stage and the stage of rapid growth. As an important part of the multi-level capital market system, the OTC market plays an increasingly important role in preventing financial risks, and contributes to accelerate the capitalistic development and to promote the development of new industries.After the spontaneous formation since the early1980s, the location of China’s OTC market is still not clear. China’s OTC market is still at the stage of exploration and construction with a state of disorganization or incoherence. Domestic SME (small and medium-sized enterprise) financing needs spring up at an increasing rate after the financial crisis, consequently, the structuring of China’s OTC market is needed urgently which has become the focus of the construction of this stage of China’s capital market. Therefore, combined with China’s actual conditions the research on the abroad experience in the OTC market constructing and the establishment of China’s OTC trading system is very necessary and urgent which is also the purpose of this study.This paper adopts some research methods including historical research, comparative analysis and classification discussions method. With the help of the systematic research tools, the paper discusses the concept and characteristics of the OTC market. The study of the U.S. OTC market development experience is followed, and then the paper discusses the China’s OTC market twists and turns of the development process and the existing problems. On the basis of the above research, this paper analyzes the necessity for constructing the OTC market in our country at present stage and proposes the concrete ideas. The exploration and study on the construction of China’s OTC market has strong sense of guidance to the reality which can prevent financial risks, solve the financing difficulties of SME (small and medium-sized enterprise), and promoting industrial development. |
