我国建立多层次资本市场的发展现状调查研究

The Research of Establishing Capital Market of Multiple Levels in Our Country

经过20年的发展,我国初步建立了三层交易市场结构的资本市场。但是,分析资本市场实际运行所发挥的功能,会发现我国的资本市场体系是单层内部分层结构的市场体系。我国资本市场是一个非完全市场化的市场,行政机制的多途径介入弱化了市场的法律监管机制,扭曲了资本市场的市场功能,使资本市场在运行中导致了诸多问题。我国的资本市场缺乏优胜劣汰筛选机制,难以抑制市场投机行为,不能满足诸多层次投资者的投资需求,也不能满足大多数中小企业和高新技术企业的投资需求,增大了金融系统的脆弱性和经济运行的风险性。

In the development of 20 years, our country have built up throe layers structure to the trade market of capital market. But when we analyzed the operation function of the capital market, we discovered it is the market system of the single layer with internal layering structure. The capital market is the market that is not- complete market. The administration mechanism involved in many paths not only weaken the mechanism of law in market btlt also distorted the function of the capital market, and causes many problems. The capital market lacks the sieving mechanism of discard inferior in our country. It is hard to repress the market speculation behavior. The capital market can＂ t satisfy the need of various multi-layer investor, the small business enterprises and high technique business enterprises in the majority. This has enlarged the flimsiness of the financial system and the risk of the economic movement.