商业研究

商业研究

• 财经纵横 • 上一篇    下一篇

场外股权交易市场自律监管之有效性 ——依据监管数据的对比分析

罗红梅1,2   

  1. 1.天津财经大学 经济学院，天津 300222；2.齐鲁工业大学 金融学院，济南 250100
  • 收稿日期:2017-05-03 出版日期:2017-08-24
  • 作者简介:罗红梅（1976-），女，山东济宁人，天津财经大学经济学院博士研究生，齐鲁工业大学金融学院讲师，研究方向：微型金融与资本市场。

Self-regulation Efficiency in OTC Market: A Compared Analysis based on Regulatory Data

LUO Hong-mei1,2   

  1. 1. School of Economics, Tianjin University of Finance and Economics,Tianjin 300222,China; 2.School of Finance,Qilu University of Technology,Jinan 250100,China
  • Received:2017-05-03 Online:2017-08-24

摘要： 通过股转公司和证监系统对新三板市场参与者违法违规的监管实践进行对比分析，认为目前对场外股权交易市场政府监管执法依据的缺失及下沉、自律监管者的激励与约束手段不足、自律监管与政府监管的分工不明确降低了自律监管的有效性。因此，明确自律监管的执法依据，增加自律监管的激励与约束手段，政府激励自律监管的内生性、约束自律监管的冲突及局限，才能更好地提升场外股权交易市场自律监管的有效性。

关键词: 场外股权交易市场, 自律监管, 有效性

Abstract: Based on the compared analysis of practice of the NEEQ and CSRC′ supervision to the participants in the new third board market, the article thinks that the missing and sinking of the government supervision according to law enforcement, the lack of self-regulator′s incentive and restraint measures, the uncertainty of division between self-regulation and government supervision reduce the efficiency of self-regulation. Therefore, in order to enhance the efficiency of self-regulation in the OTC market, it is necessary to make clear the law enforcement basis of self-regulation, to increase the incentive and restraint measures of self-regulation, to make government regulation encourage the endogeneity of self-regulation, and to restrict the conflicts and limitations of self-regulation,in order to promote the efficiency of self-regulation in OTC market.

Key words: OTC market, self-regulation, efficiency