融资功能是资本市场的核心功能之一。通过对美国纳斯达克市场、OTCBB市场,英国AIM市场以及台湾兴柜和上柜市场的考察,本文对国外典型场外交易市场的融资现状进行了梳理,发现场外交易市场融资的主要模式是私募融资。私募融资以其操作便捷、成本低廉、无须注册申报等优点,适应了中小企业融资需求的特点,被场外交易市场上挂牌的中小企业普遍采用。
<<As financing is the core function of capital market,we analyze the financing present situation about foreign typical over-the-counter market in this paper.Through the research of NASDA(National Association of Securities Dealers Automated Quotations),OTCBB(Over-The-Counter Bulletin Board),AIM(Alternative Investment Market),ESM(Emerging Stock Market) and OTC(Over-The-Counter),we find that private-equity financing has been the principal financing mode in over-the-counter market.Private-equity financing is applied in wild-range among small and medium-sized enterprises for its merits of simple operation,low cost and no registration and it can meet the financing demand of small and medium-sized enterprises.
<<Keywords: | OTC MarketFinancing ModePrivate Equity |