台湾研究集刊
檯灣研究集刊
태만연구집간
Taiwan Research Quarterly
2014年
1期
23~30
,共null页
海峡两岸 多层次资本市场 比较 合作
海峽兩岸 多層次資本市場 比較 閤作
해협량안 다층차자본시장 비교 합작
both sides of the Taiwan Straits, muhi-level capital market, comparison, cooperation
经过50多年的发展，台湾地区形成了由“集中交易市场一上柜市场一兴柜市场”构成的多层次资本市场，有效促进了台湾地区金融资源的配置。经过20多年的发展，大陆业已具备了多层次资本市场的雏形，但同台湾相比，大陆资本市场层次性不够清晰、不同层次资本市场间升降转板机制尚未形成、场外市场发展相对滞后。由于两岸多层次资本市场的优势存在较大差异并有明显的互补性，两岸可以通过合作达成优势互补、获得双赢。两岸多层次资本市场在主板市场、场外市场、升降转板、资本监管等领域存在很大合作空间。
經過50多年的髮展，檯灣地區形成瞭由“集中交易市場一上櫃市場一興櫃市場”構成的多層次資本市場，有效促進瞭檯灣地區金融資源的配置。經過20多年的髮展，大陸業已具備瞭多層次資本市場的雛形，但同檯灣相比，大陸資本市場層次性不夠清晰、不同層次資本市場間升降轉闆機製尚未形成、場外市場髮展相對滯後。由于兩岸多層次資本市場的優勢存在較大差異併有明顯的互補性，兩岸可以通過閤作達成優勢互補、穫得雙贏。兩岸多層次資本市場在主闆市場、場外市場、升降轉闆、資本鑑管等領域存在很大閤作空間。
경과50다년적발전，태만지구형성료유“집중교역시장일상거시장일흥거시장”구성적다층차자본시장，유효촉진료태만지구금융자원적배치。경과20다년적발전，대륙업이구비료다층차자본시장적추형，단동태만상비，대륙자본시장층차성불구청석、불동층차자본시장간승강전판궤제상미형성、장외시장발전상대체후。유우량안다층차자본시장적우세존재교대차이병유명현적호보성，량안가이통과합작체성우세호보、획득쌍영。량안다층차자본시장재주판시장、장외시장、승강전판、자본감관등영역존재흔대합작공간。
Taiwan has formed a multi-level capital market composed of ＂the centralized trading market, over-the-counter market and the emerging market after 50 years of development, which has helped promote the configuration efficiency of its fi- nancial resources. Mainland China has taken the embryonic form of the multi-level capital market after 20 years of develop- ment, but compared with Taiwan its capital market level still remains unclear as different levels of its market between the trans- fer plate mechanisms have not yet formed and the development of its OTC market is relatively lagging behind. As a result of the differences and the obvious complementarity in the multi-level capital market between the two sides of the Strait, both can a- chieve complementary advantages and win-win results through cooperation. In fact, there is a big space in many fields for both sides to cooperate each other including the motherboard market, OTC market, the transfer plate mechanism and the capital su- pervision.
