发达证券市场的层次化综合化及我国证券市场的路径选择

The Levels or Integration of Developed Securities Markets and the Routes Choice of Chinese Securities Markets

一国证券市场是层次分化还是综合统一取决于该国证券发行人的融资规模、成本和风险及投资者的理性程度。英美等国的证券市场比较成熟,其在市场层次极大丰富的基础上逐渐走向综合化,相比而言,我国现阶段的证券市场还不够成熟,不宜过于追求市场的综合统一,应加强市场的层次化建设。

The levels or integration of securities markets are decided by the scale, cost, risk of financing and the investors＇ sense. This essay takes for that the securities markets of England and America are relatively mature, and they take to integration gradually basing on abundant levels. While our securities markets are not enough mature, and it is inadvisable to seek integration of securities markets. We should strengthen the built of levels firstly.