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本文对2000年后中国场外交易市场的发展状况进行了回顾和点评。文章指出，国有经济战略调整释放出来的大量股份制企业资本要素的流动和整合需求，中小企业的融资困境以及民间金融资本的快速崛起形成的风险与压力，是推动场外交易市场持续存在和不断寻求创新的动因。文章认为，2000年之后场外交易市场的发展具有以产权交易市场为过渡性载体、制度环境相对宽松、注重制度创新与探索等特点，同时也存在缺乏战略性制度规划、政策引导以及技术层面上的低流动性、市场服务体系尚不健全等问题。因此，应该尽快确定市场的总体发展战略框架及相应的制度安排。
<<The paper reviews the development of the OTC （Over-The-Counter） market in China after 2000. It points out that the existence and innovation of the OTC market bases on the integration and flowing of the capital after SOE reform，the SME financing dilemma，and the flourishing of the private financial capital. The development of the OTC market after 2000 has features such as property market as transition，loose system environment，and emphasizing system innovation. While there are also many problems such as lack of strategic planning，prominent low liquidity risk and no service system to match the market. So，strategic framework of the market and the related system designation should be determined as soon as possible.
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