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由于立法的滞后以及各方利益的非合作博弈，中国场外交易市场长期未纳入制度监管体系。本文总结了现时期中国场外交易市场的两种典型监管模式，并对其市场风险进行测度以及监管的有效性进行实证分析，发现建立全国统一的场外交易市场、引入做市商制度等措施分别有助于降低场外交易市场的非系统性风险和市场风险。最后，本文提出未来中国场外交易市场的监管应该在明确立法的基础上，采取集中统一监管下的行业自律为主的监管模式，构建“政府+行业协会+市场参与主体”三级监管体系，并在市场风险内控制度方面作出创新性选择。
<<As the legislative delay and the non-cooperative game between participants of the market，the Chinese OTC market hasn’t been included in the monitoring system for a long time.The report summarizes the two typical supervision modes of the ongoing Chinese OTC market，and measures the risks of the two typical markets and the effectiveness of regulation.It finds that some measures such as establishing a unified national OTC market and improving the Market Maker Rule can help to reduce the non-systematic risk and market risk.Finally，the paper proposes that the regulation of OTC markets in China should adopt a self-regulation mode of under the supervision of central government and a three-tier regulatory system of “Government + Association + Market participants”，and design reasonable Market Maker Rule and Sponsor System under specific legislation.
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