根据2011年11月国务院发布的《关于清理整顿各类交易场所切实防范金融风险的决定》(国发[2011]38号)的规定,区域股权交易市场的交易功能受到很大限制。~①目前,我国区域股权交易市场以发挥融资功能为主,有两种运作模式:主流模式是线下融资,通过托管、挂牌等服务增强企业公信力,帮助企业进行融资。这一模式为绝 According to the “Decision on Liquidating and Rectifying All Types of Trading Places and Practically Preventing Financial Risks” (Guo Fa [2011] No. 38) promulgated by the State Council in November 2011, the trading function of the regional equity trading market is greatly restricted. ~ (1) At present, the regional equity trading market in our country mainly takes the function of financing as its basis. There are two modes of operation: the mainstream model is offline financing, which enhances the credibility of the enterprises through services such as trusteeship and listing and helps enterprises to raise funds. This model is absolutely