证券市场多层次分化的经济学分析

The Economics Analysis of Security Market Levelization

证券市场作为一种资源配置的手段,主要通过价格的导向作用来引导资源的流动,实现资源的优化配置。结合美国证券市场发展的历史分析,认为竞争机制和信息的不对称是推动证券市场多层次分化的主要因素,其中竞争机制是推动证券市场多层次分化持续的动因。

As a resource allocation mean, security market leads the resource liquidation by pricing to realize the optimized allocation. Based on the historical development of America＇s security market, it is assumed that the competition mechanism and information asymmetry should accacnt for of the security market levelization, in which competition mechanism is the the major power to propel security market lexelization.