完善代办股份转让系统制度研究

场外交易市场曾经成功地为许多家新兴产业的公司提供交易平台和融资服务，对各国产业升级和经济发展的贡献功不可没。金融危机爆发之后，我国政府提出要加快发展战略性新兴产业。近期，国家“十二五”规划又提出积极发展创新型经济，鼓励创业企业，同时，中国证监会和证券业协会多次强调建立多层次场外交易市场的必要性。代办股份转让系统具备场外市场的雏形，以其为基础，完善与发展场外交易市场既节省资源也较便捷顺畅。因此，当下发展代办股份转让系统不仅必要而且紧迫。文章从梳理代办股份转让系统的历史及现状出发，对比国际较成熟的场外交易市场，深入分析制约其长远发展的主要问题，针对存在的问题，借鉴国际经验并结合中国实际，提出了代办股份转让系统的市场定位和设立模式，给出了主要的制度安排。

Improve the system of Stock Transfer Agent Services

OTC markets have not only succeeded in providing trading platforms and financial services for many companies in emerging industries, but also contributed to industrial upgrading and economic development. Recently, the 12th five-year plan proposed to develop innovation-based economy. Meanwhile, the China Securities Regulatory Commission has repeatedly stressed the necessity on the establishment of a multi-level OTC. Stock Transfer Agent System has the prototype of the OTC market. On this basis, the improveme...