哈尔滨股权交易中心作为场外交易市场基础的区域股权交易市场，定位
于服务黑龙江省的区域股权交易市场，为中小企业提供融资平台，为投资人
提供投资渠道，培育资本市场上市后备资源。哈尔滨股权交易中心面临难得
的发展机遇，具备一定的发展优势。但是交易中心当前处于创建起步阶段，
先期制定的各项制度措施不够完善，制约了交易中心的健康发展，研究改进
哈尔滨股权交易中心交易体系显得尤为必要。
本文通过对国内场外交易市场中主要的股权交易中心的交易体系，从股
权交易制度和挂牌公司准入条件、合格投资人条件三个方面做了比较研究，
得出了对改进哈尔滨股权交易中心交易体系改进的启示。结合哈尔滨股权交
易中心当前的交易体系，分析出了哈尔滨股权交易中心交易体系在这三个点
上存在的问题，之后结合实际提出了对哈尔滨股权交易中心交易体系改进设
计。改进设计了做市商混合交易定价模式，优化设置了挂牌公司准入条件，
淡化了部分财务指标要求，提出积极主动培育投资人群体对策。最后，从交
易中心内部自身和外部环境两方面提出了的交易体系改进的保障措施，切实
保证改进后的交易体系能够实现，为哈尔滨股权交易中心健康、快速、可持
续发展提供保障。
关键词：场外交易市场；股权交易中心；交易体系；改进对策哈尔滨工业大学工商管理硕士学位论文
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Abstract
The OTC market is the basic level capital market in our country. Although
the OTC market started earlier, it fell further behind the main market. The capital
market system of our country is pyramid shape; the core function of capital
market that services the real economy is difficult to get full play. Currently, the
centre government tries to make multi-level capital market system, push equity
financing, and develop the OTC market, especially develop the equity market.
Harbin equity trading center is a based equity market in OTC markets,
located in the area of equity trading markets in Heilongjiang Province. It
provides financing platform for small and medium enterprises provides
investment channel for investors and foster capital market reserve resources.
Harbin equity trading center is facing rare opportunities, and has certain
advantages for development. But it’s currently in its infancy, its trading system is
imperfect, which restrict the healthy development of the trade center. So
researching and improving Harbin equity trading center’s trading system is
particularly necessary.
Based on the OTC market in the domestic equity trading center of the main
trading system, do a comparative study of three aspects from equity trading
system and access conditions of listed company, a qualified investor condition,
then get inspiration about improving trading system of Harbin equity trading
center. Combining the current trading system, analyze Harbin equity trading
system’s trading center on the problems of these three points, followed to
proposed improving design about trading system. Finally, the trade center on how
to improve the effective implementation of the proposed measures, and ensure
the trading system can be effectively improved, Harbin equity trading center
healthy, rapid and sustainable development to provide protection.
Keywords: OTC, stock exchange center, exchange system, improvement
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