代办股份转让系统发展与现代场外交易市场建设之我见

深圳在证券市场的发展与创新上一直是走在全国前列的，在主板重心移至上海后，作为深圳支柱产业之一——金融产业的发展需要寻找新的增长点。依托在深交所的股票代办转让系统是中国的“三板市场”，是目前为止唯一合法的证券场外交易市场。但目前存在着市场规模萎缩、功能缺失、市场结构失衡等诸多问题，究其深层原因在于定位不明确和制度供给不足。本文致力于股权代办转让系统的研究，分析其运行特征，功能缺失的原因，以及与场内交易市场“通道”的建立。因为股权代办转让系统功能的完善，能够使深圳率先拥有了分工明确的多层次资本市场的构架，从场内至场外依次为：主板、中小企业板、创业板和股权代办转让系统，深圳多层次资本市场的建设有利于全国资金的聚集，更有利于深圳形成具有辐射效应的区域金融中心，对深圳的金融产业升级具有极其重要的意义。

From Agency Share Transfer System to Modern Over-the-Counter Market

The paper focuses on agency share transfer system including its operation and dysfunction,and the establishment of floor trading market. With the strengthening of functions of agency share transfer system,Shenzhen is taking the lead in developing a clear-defined multi-layered capital market framework in the order of main board,small and medium-sized board,growth enterprise market,and agency share transfer system. The multi-layered capital market facilitates capital aggregation and contributes to developing ...