我国场外交易市场法律责任制度.研究

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1、AbstractConstructionofamaturestockmarketsystemshouldbeestablishedonthebaseofsimultaneousdevelopmentofstockexchangemarketandtheOver--The·-··Countermarket．Multi—levelcapitalmarketasanimportantcomponentofforeigncapitalmarketsinmanydevelopedcountriesattach

2、esgreatimportancetotheOTCmarket(OverTheCounter)inthedevelopment，orevenpossessingacertaindegreeofpriorityintheexchangetradedmarket．TheUnitedStatesasmostdevelopedcountriesintheworld，hasthemostsuccessfulmodemOTCsecuritiesmarket，includingtheNASDAQmarket，OT

3、CBBandpinksheetsmarket，formingaperfectsystemof”cascademarket．¨InChina,asitsspecialsituation,OTC’Sdevelopmenthasbeenlaggingbehind．Withthedevelopmentofworldeconomy,bothonthetheoreticallevel，orfromforeigncapitalmarkets-relatedpracticalexperience，Chinahasg

4、raduallyrealizedtheestablishmentofamulti-levelcapitalmarket,especiallythedevelopmentofOTCmarketfortheimportanceoftheroleofChina'seconomicdevelopment．ManycitiessuchasBeijing，Tianjin,Shanghai，areeagertobecomeChina'sOTCmarketinthefirsttrial．March17，2008，t

5、heStateCouncilapprovedtheestablishmentofthea『ianjinBinhaiNewAreanon-listedpubliccompaniesstockexchangemarket(OTC)．SettlingOTCinaianjintoimproveandperfectthemulti-levelcapitalmarketsysteminChinahastakenamajorstep．Itisausefulcomplementtothemainboardofthe

6、stockmarketandGEM．ItreflectsthefinancingneedsofSMEsforthecountrytsattention．ThispaperusesacomparativeapproachtoexplaintheOTCmarket,thegeneraltheoryofmatureforeignoperationOTCmarket，regulatoryandliabilityregime．BasedontheaCHlalsituationinourcountry,thep

7、aperstudythelegalresponsibilityofChina'sOTCmarketsystematically．Textisdividedintosixchapters：Chapter1istheintroduction．Itproposesthepurposeofthisstudyproposed，theresearchbackground,literaturereview,researchmethods．Illludingthetheoreticaldefectsof0TCmar

8、ket，China'sOTCmarketisnotyetmature，andtheillegalbehaviorisyetabou】[1d．Wemustimprovethelegalliabilitysystemtocompensateinvestorsforriskinvestmentandprovidepreventionandpunishmentofviolationstostrengthenthesecuritiesmarketsupervisionfunct