当代经济管理
噹代經濟管理
당대경제관리
Contemporary Economic Management
2014年
1期
85~88
,共null页
场外市场 私募投资退出 多层次资本市场
場外市場 私募投資退齣 多層次資本市場
장외시장 사모투자퇴출 다층차자본시장
over the counter market ; exit of private equity investment ; multi-level eapltal market
场外市场是沪深证券交易市场的有益补充，是建立多层次资本市场体系中的重要一极，由于其相对较低的进入门槛．在中小企业直接融资体系及企业资产要素流动中扮演着极为重要的角色，而私募股权投资基金则是场外市场的重要交易主体。文章着重论述了私募股权投资退出与场外市场是相互促进、相辅相成的关系，规范统一有序的场外市场为私募投资退出提供了广阔舞台，私募投资退出的顺畅又为场外市场注入了流动性活力。因此．当前形势下加强场外市场建设对于私募股权投资退出具有重要的现实意义。
場外市場是滬深證券交易市場的有益補充，是建立多層次資本市場體繫中的重要一極，由于其相對較低的進入門檻．在中小企業直接融資體繫及企業資產要素流動中扮縯著極為重要的角色，而私募股權投資基金則是場外市場的重要交易主體。文章著重論述瞭私募股權投資退齣與場外市場是相互促進、相輔相成的關繫，規範統一有序的場外市場為私募投資退齣提供瞭廣闊舞檯，私募投資退齣的順暢又為場外市場註入瞭流動性活力。因此．噹前形勢下加彊場外市場建設對于私募股權投資退齣具有重要的現實意義。
장외시장시호심증권교역시장적유익보충，시건립다층차자본시장체계중적중요일겁，유우기상대교저적진입문함．재중소기업직접융자체계급기업자산요소류동중분연착겁위중요적각색，이사모고권투자기금칙시장외시장적중요교역주체。문장착중논술료사모고권투자퇴출여장외시장시상호촉진、상보상성적관계，규범통일유서적장외시장위사모투자퇴출제공료엄활무태，사모투자퇴출적순창우위장외시장주입료류동성활력。인차．당전형세하가강장외시장건설대우사모고권투자퇴출구유중요적현실의의。
Over the counter market is a useful supplement to the securities trading markets in Shanghai and Shenzhen, and it also plays an important pole in a multi-level capital market system. Because of its relatively low barriers to entry, it plays an important role in financing system and the flow of corporate assets of small and medium enterprises. Private equity investment funds are the significant transaction part in the OTC market. This paper focuses on the mutually reinforcing and complementary relationships between private equity investment Exit and OTC markets. Standardized and orderly OTC market provides a broad stage for the exit of private equity investment; on the contrary, the smooth exit of private investment injects vigor to the OTC market liquidity. Therefore, it is very necessary and important to strengthen the OTC market construction for the exit of private equity investment in current situation.
