日前，“蓝色经济·财富青岛”的主题论坛在山东青岛举行。会议邀请了业界从业者和研究人员，对场外市场现状和定位进行了探索。

a，“Blue economic · wealth Qingdao”Theme BBS in shandong Qingdao held。The meeting invited industry practitioners and researchers，To the over-the-counter market situation and localization efforts。

　　正如主持人、《第一财经日报》副总编辑杨燕青所言，中国资本市场正面临“两多两难”困境，一是资金多，但融资难；二是中小企业多，但中小企业融资难。

As the host、《The first financial daily》Deputy chief editor YangYanQing said，China's capital market is facing“Two more dilemma”dilemma，One is more money，But financing；2 it is small and medium-sized enterprise，But small and medium-sized enterprise financing。

　　“这一困境反映出实体经济和金融之间的纽带没有理顺，作为证监会建设多层次资本市场的重要组成，场外市场在这一背景必定会扮演日益重要角色。”她说。

“This situation reflects the real economy and financial ties between no straightened out，As CSRC multi-level capital market construction the important composition，The over-the-counter market in the background will play an increasingly important role。”She said。

　　参与本场讨论的嘉宾分别是上海交通大学上海高级金融学院副院长吴国俊教授、齐鲁股权托管交易中心总顾问杨少军、国泰君安场外市场总部总经理王大立、申银万国场外市场部总经理蒋曙云。

Participate in the discussion of the guest are respectively in Shanghai, Shanghai jiaotong university senior financial, vice President of the college WuGuoJun professor、Qilu equity custody trading center YangShaoJun chief consultant、Cathay Pacific hand to the over-the-counter market WangDaLi general manager of headquarters、The general manager JiangShuYun shenyin &wanguo outside of the Marketing Department。

　吴国俊： WuGuoJun：

　　对场外市场要调低预期 To the over-the-counter market expected to cut

　　要正确看待场外市场的发展，场外市场不会是具有很强流动性的市场，如果企业流动性能做好，就会退出场外市场，回到场内挂牌。我们需要明白小企业不可能都上市，虽然我们学会借助这个额外融资渠道，但要把对它的预期调低一点。

To a correct view of the over-the-counter market development，The over-the-counter market is not strong market liquidity，If the enterprise flow performance well，Will exit the over-the-counter market，Returned to field the listing。We need to understand that small businesses can't all listed，Although we learn to use this additional financing channels，But to put it down to the expected。

　　另外，场外市场一定要有做市商，因为它的流动性非常差，只有资金充足才能做这个事。此前有研究发现，中间参与者的预期回报以及所占的成本关联性非常高。而从国外经验看，都是做市商先存在，然后它们之间连起来了才成为场外市场。

In addition，The over-the-counter market must have a market maker，Because of its liquidity is very poor，Only adequate fund to do this。Previous research has found，The participants in the middle of the expected return and the cost of relevance is very high。And from experience to look at，Are all market maker there first，And then they even up between became the over-the-counter market。

　　杨少军： YangShaoJun：

　　不急于建设跨区域市场 Don't rush to construction cross area to market

　　场外市场建设得好不好、能不能发展下去，关键取决于这个市场的定位和功能。

The over-the-counter market construction are good、Can't develop it，The key depends on the market localization and function。

　　对于场外市场跨区域，这个市场和所有的市场一样是没有边界的，但不意味着可以随便跨。考虑现在场外市场还是模仿主板制度建设的阶段，到底区域市场用什么样的交易制度，用什么样的挂牌标准、挂牌流程、信息披露，是不是采取跟其他市场一样的办法，这都要在实践当中不断探索和完善，才能真正让这个市场发挥功能。这个过程完成以前，不必要急于向外扩张。

For the over-the-counter market across the region，This market and all of the market is no boundaries，But don't mean to cross。Consider now the over-the-counter market or imitate the mainboard system construction stage，Exactly what kind of deal with regional market system，With what kind of listing standards、Listing process、Information disclosure，With other market is to take the same way，It will be in the practice of explore and perfect，To really make the market to function。This process finished before，Needless to outward expansion。

王大立： WangDaLi：

　　通过做市商发展券商创新业务 Through the market maker development business brokers innovation

　　从发达资本市场看，资本市场的结构是“正金字塔形”的。我们国家现在是“倒三角形”的，因此可预计场外市场发展空间巨大。

From the developed capital market to see，The structure of the capital market is“Pyramid is”of。Our country is now“Pour triangle”of，So can be expected to the over-the-counter market development space is enormous。

　　未来场外市场有几个看点，第一就是扩容。第二个就是在交易制度上也有些改革，这几年交易系统很不活跃，希望未来市场引入集合竞价的方式，增加活跃度。从券商的角度讲，也希望引入做市商制度，做市商是增加市场的流动性，从而对企业正确地估值和把握风险，券商本身建立了比较良好的研究风险的管理，包括内核制度，所以做市商制度对未来券商创新业务的发展有很多的好处。

The future the over-the-counter market a few attraction，The first is the expansion。The second is in the trading system and some reforms，This years trading system is not active，Hope the future market into call auction way，Increase active degree。From the standpoint of securities，Also hope that introducing market maker system，Market maker is increase liquidity in the market，And the enterprise correctly grasp the valuations and risk，Brokers itself established a good study of risk management，Including kernel system，So do the company for future brokers innovation system of business development has a lot of good。

　　未来，我们也看重做市商给券商带来新盈利机会：一个是持有股票资本利得的收入，还有是差价的收入，再一个小的部分是经纪业务收入。所以，我们还是想通过做市商业务发展券商创新业务，改善券商的收入结构。

future，We also value market maker to brokers bring new profit opportunities：A stock is held capital gains income，And the difference is income，Then a small part of it is brokerage business income。so，We still want to do the company business development brokers innovation business，Improve the brokers income structure。

　蒋曙云： JiangShuYun：

　　通过场外市场实现上下对接 Through the over-the-counter market and realize the docking

　　地方股权交易中心本身是对证券系统的一个补充，既然证券系统是分层次的，那么地方股权交易中心的成立也有它的好处。因为全国市场有一个排队的过程，这导致了好多企业上主板、创业板时间太长了，可能就会转过来。

Local equity trading center of the securities system itself is a supplement，Since stock system are graded，So local equity trading establishment of the center also has its benefits。Because the national market have a line up of the process，This led to a lot of enterprise on the mainboard、Gem time is too long，May be turned。

　　地方股权交易中心就是一个补充，也起到了孵化器的作用。我们还是希望证券公司能够成为地方股权交易中心的推荐会员，我们参与项目，要求是CPA资格会计师、专职律师、行业培训师，在整个改制过程中，存在很多规范性环节，包括信息披露、法人治理结构，这个是不矛盾的，如果地方孵化企业好了，转到三板市场来。三板市场做好了，转到中小板、创业板。

Local equity trading center is a supplement，Also played the role of the incubator。We still want to become a securities company where the center of the equity transactions recommend members，We participate in project，Demand is the qualification of CPA accountant、Full-time lawyers、Industry training division，In the process of reform，There are many normative link，Including information disclosure、Corporate governance structure，This is not contradictory，If local hatch enterprise，Turn to SanBan market。SanBan market well，Turned to small and medium plate、gem。