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天津股权交易所是目前中国最重要的场外交易市场之一。本文回顾了天津股权交易所建立和发展的实践过程；概要介绍其市场功能和制度安排的基本框架；总结其在制度、交易模式创新上的经验，并分析其发展绩效及其对中国场外交易市场建设的意义。
<<Tianjin Equity Exchange is one of the most important OTC markets at present in China. This paper reviews the process of establishment and development of Tianjin Equity Exchange，analyzes its market function and institutional framework，and summarizes its experience of the innovation of institution and trading model and analyses its operation and development performance.
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