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发展场外交易市场,必须从中国的实际出发。因众多的股份公司在短期内无法达到上市公司的要求,所以,中国场外交易市场的发展应体现三个原则:(1)把尝试性的探索与规范发展结合起来,允许在小范围内进行“不规范”的试验;(2)把地方特色与统一管理结合起来,允许各地根据地方经济发展的特点和已取得的经验,建立具有本地特色的地域性场外交易市场;(3)把存量资本结构调整与增量资本投入结合起来,逐步发挥股票交易市场在收购、兼并中的作用。从这些原则入手,可以设想中国的场外交易市场在如下各个方面有所突破:
To develop the OTC market must proceed from the reality of China. Because a large number of joint-stock companies can not meet the requirements of listed companies in a short period of time, the development of China’s OTC market should embody three principles: (1) to combine tentative exploration with normative development and allow small-scale development (2) combine local characteristics with unified management and allow all localities to set up local over-the-counter markets with local characteristics according to the characteristics of their local economic development and their experience gained; (3) Capital structure adjustment and incremental capital investment together, and gradually play the stock market in the acquisition, merger role. Starting from these principles, one can imagine that the OTC market in China has made breakthroughs in all aspects as follows: