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产权交易市场是中国的一大创新,也是多层次资本市场体系的重要补充,河南省产权股权交易体系建设是中部地区的一次伟大尝试,但是道路坎坷。在产权交易市场建设中,政策存在一些误区,包括政府强制托管、交易机构贪大求全和挂牌公司的功利主义。面对市场建设中存在的问题,应当从两个方面予以完善:第一,在产权交易市场建设方面,应当加大创新力度:(1)为企业提供全方位服务,提升交易标的价值;(2)加强与中介机构的深度合作,充分发挥中介机构的作用;(3)采用多元化、个性化的交易方式;(4)严格信息披露,维护投资人权益;(5)产权交易机构应当加强自身建设。第二,在市场监管方面,应当完善监管体系,提高产权交易市场的规范化和法制化水平,实行以行业自律监管为主,行政监管与行业自律相结合。
Property rights trading market is a major innovation in China, but also an important complement to the multi-level capital market system. The construction of property rights and equity trading system in Henan Province is a great attempt in the central region, but the road is bumpy. In the construction of property rights market, there are some misunderstandings in the policy, including compulsory custody of the government, the gluttony of trading institutions and the utilitarianism of listed companies. In the face of the problems in the construction of the market, we should improve it from two aspects. First, we should increase the innovation in the construction of the property right exchange market: (1) to provide all-round service to the enterprise and enhance the value of the subject matter; (2) (3) adopt diversified and personalized trading methods; (4) strictly disclose information and safeguard the rights and interests of investors; (5) property rights trading institutions should strengthen their own Construction. Second, in the aspect of market supervision, the regulatory system should be perfected, the standardization and legalization of property rights trading market should be improved, the self-regulation of industries should be implemented, and the combination of administrative regulation and self-discipline of industries should be implemented.