本文对中国场外交易市场的评介以三次清理整顿为主线。这三次清理整顿工作,虽然其侧重点、表现形式各异,但本质上都是非上市企业的股份流通问题。但是,长久以来,对场外交易市场的监管以地方行政管理为主,而并未真正纳入中央政府制度监管的大框架下。因此,在对中国场外交易市场的监管中,初期表现为监管缺失,后期又极易矫枉过正。这或许是中国场外交易市场监管实践最宝贵的经验。此外,本文还介绍了我国场外交易市场的主监管机构和监管体系。
<<In this paper,three rectification works was the main line of Chinese OTC market review. All of the three rectifications were fundamentally caused by the problem of non-listed public companies,though their representation and focuses were different. The emergence and development of Chinese OTC market,was to solve this problem. However,for a long time,the regulations of OTC markets were dominated by local administration,instead of the central system for supervision. Therefore,In Chinese OTC market supervision,it performed as lack of supervision initially,showed as overcorrection later. This is perhaps the most valuable experience in regulatory practice of Chinese OTC market. In addition,this article also introduced the main regulators and regulatory system of OTC market in China.
<<Keywords: | OTCRegulatory SystemRectification |