| The construction of a multi-level capital market to realize effective connection between different investors with different tolerance and enterprise needs in different stages of development is the common desire for everyone in the capital market. The OTC market,as the most important bottom layer in the capital market,undertakes the responsibility for the healthy development of the market.Having experienced 30 years of development, the level of the OTC market begins to form,but different sectors are independent, still lack of organic connection.So this paper will apply the "top-level design" concept in the construction of the OTC market.It uses the overall and systematic view to build a perfect system of OTC market.This paper firstly combed the development of OTC market in the past 30 years in China, and summarizes the problems in this process.Then compares two typical OTC market in China, the new third board and Tianjin equity exchange market in some aspects and puts forward the main problems in the current situation in the market;Then summarizes the construction experience in Taiwan OTC market to give valuable reference for China.The last chapter puts forward the system of OTC market in China using the top-level design concept, from design principles, framework construction, construction steps and includes the legal system, market access system, transaction system, supervision system, information disclosure system and the system of rotating plate. Finally it puts forward the construction of a "2+M+N" three-level organic connection system of multi-level OTC market. |
