发达国家和地区已经建立了与不同风险相适应的多层次场外交易市场和运作体系,如何对场外交易市场整体成熟程度和效率水平进行有效的评价和比较。既是投融资双方所关注的问题,同时对我国场外市场的建设和发展也有着重要的现实参考价值和借鉴意义。鉴于场外交易市场自身的特点,本文在给出场外交易市场运行绩效评价内涵的基础上,采用网络分析法进行场外交易市场的综合评价,并给出了关键市场指标及其权重,在此基础上对样本场外交易市场进行评价。最后,本文给出了对我国场外交易市场建设的启示和建议。
The developed countries and regions have established multi-level OTC markets and operational systems to adapt to different kinds of risks. How to evaluate the maturity and efficiency of the OTC markets is not only the concern of investors and fund raisers, but also a practical reference for China to establish and develop the OTC markets. Given the characteristics of such markets, this article presents the content of the performance evaluation and adopts the ANP method to conduct a comprehensive evaluation on the OTC markets. Moreover, the author points out the key market index and their weights, which has been used to evaluate the sample OTC markets. Finally, the article gives some inspirations and suggestions on the development of China' s OTC market.