中国资本市场非均衡原因及多层次性建设探讨

Discussion on the Reason of Imbalance of Capital Market and its Multilevel Construction in China

中国多层次资本市场建设已经取得一定程度的进展,这对于满足不同类型经济主体的投融资需求,促进中国经济发展具有重要意义。目前关于多层次资本市场的研究主要集中于资本市场多层次性建设的意义及具体途径方面,而从制度演进与制度设计的视角所做的研究不多,而这方面是理解中国资本市场多层次性建设的关键因素。本文从制度演进与制度设计的角度对中国资本市场多层次性建设的制度安排进行研究,并提出相应的政策建议。

There has been much progress of multilevel capital market construction in China, which plays an important part in meeting the needs of investment and financing of different kinds of economic subjects, and in promoting economic development in China. At present, research on multilevel capital market is mainly focused on the importance of capital market multilevel construction, while there is not too much research of system evolution and design, which is crucial for understanding multilevel construction. In this paper, from the perspective of system evolution and design, we make a research on system of multilevel construction, and propose the corresponding policies and suggestion.