提起多层次股票市场,人们通常会首先想起美国。美国股票市场的层次化主要体现为它是一个标准的金字塔形结构,其中历史最为悠久的OTC股票市场处于整个金字塔的塔基(图1)。然而,对于美国的多层次股票市场,人们却有许多误解。这种误解更多体现在对纳斯达克股票市场的认识上。目前国内对纳斯达克股票市场存在几种错误理解。第一,绝大多数人认为纳斯达克是一个二板市场,而实际上,只有纳斯达克小型资本市场才能勉强被称为二板市场。但依笔者之见,美国真正的二板市场是其国内两个OTC股票报价系统,或更准确地说,是它的OTCBB板块和粉红单板块。虽然 To raise the multi-layered stock market, people usually think of America first. The hierarchy of the U.S. stock market is mainly reflected in its standard pyramidal structure, of which the oldest OTC stock market is located in the entire pyramid of Taki (Figure 1). However, there are many misunderstandings about the multi-layered U.S. stock market. This misunderstanding is more reflected in the Nasdaq stock market awareness. At present, there are several misunderstandings about the NASDAQ stock market. First, most people think Nasdaq is a second-tier market, and in fact, only the Nasdaq small capital markets can barely be called the second-tier market. However, according to the writer’s opinion, the real second board market in the United States is its domestic two OTC stock quote systems, or more precisely, its OTCBB and pink veneer. although