多层次资本市场建设的国际比较与经验总结

International Comparison and Experience Summary of the Construction of Multi-level Capital Market

建立我国多层次的资本市场体系,是资本市场制度改革的大势所趋,也是市场经济发展的客观需要。一个完整而且成熟的资本市场应当由多个层次组成,各层次市场之间相辅相成,互相补充,能够通过一种良性的互动来满足不同市场主体的需求。成熟市场国家大多已经建立起了完善的多层次资本市场体系,对于国家的经济发展具有一定的促进作用,其经验对于"新兴+转轨"的中国资本市场发展具有重要的借鉴意义。

Establishment of multi -level capital market system is the general trend of capital market reforms and the needs of the market economic development. A complete and mature capital market should be formed by a number of levels; each level of market should complement each other, to meet the needs of different market players through a positive interaction. Most mature market countries have established a comprehensive multi - level capital market system, has a role in promoting their economic development. The experience of them has an important reference for the development of ＂new ＆transition＂ capital market in China.