中国资本市场的层次构建与转板制度——基于分离均衡模型的研究

The Construction of Multi-layer Capital Market System and the Transfer Mechanism

建设多层次资本市场是缓解我国中小企业融资难和推动产业结构优化的重要环节。但是现有的研究对于为什么资本市场要分层次以及用何种机制将多层次的市场联系成有机的整体未能提供可信的理论解释。本文尝试运用分离均衡模型来构建多层次资本市场与不同成长阶段企业之间的匹配关系,并提出设立有升有降的转板制度以实现动态的分离均衡。本文并设计了分离均衡式契约安排来揭示出企业不同成长阶段的风险收益特征,以得出各层次市场的基本准入条件和转板条件。

Construction of the multi-layer capital market system is an important measure to ease China＇s SMEs financing constraints and to promote the optimization of the industrial structure. However, research has not provided a credible theory explanation on why the capital market stratifies and which mechanism can integrate all the market layers. The paper uses separating equilibrium model to represent the match between multi-layer capital market sys- tem and enterprises in different stage. It also recommends the establishment of transfer mechanism to achieve a dynamic equilibrium separation.