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构建符合我国企业融资需要的多层次场外交易市场，是我国资本市场的发展方向，也是规范场外交易市场的重要环节。本文认为，目前我国形成了包括产权交易市场、代办股份转让系统和股权交易所在内的多板块并存的场外交易市场结构，该结构是在国有企业改革、早期的法人股和非上市公众公司股票流通背景下产生和发展起来的，有其特定经济和金融背景，在特定历史时期发挥了重要作用。但是与企业股份制改革和资本市场协调发展的要求相比，存在着市场结构无序、交易非市场化、分散有余集中不足和监管不到位等问题。本文提出了建立集中与分散相结合的双层场外交易市场结构模式的构想，并探讨了实施路径。
<<Abstract：OTC market is a national，unified supervision platform of transferring share price for non-listed public companies and High-tech companies，and is also the important means of improving the exit mechanism for venture capital.Therefore，OTC market is an essential part of Chinese capital market.According to the trend of OTC market structure of developed countries，this paper first analyzes the status，characteristics and defections of Chinese OTC market，and then proposes Tianjin Equity Exchange as the core of OTC market and the establishment of centralization and decentralization of multi-level OTC market model with the implementation of the path and the necessary supporting conditions.
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