对中国资本市场的实证分析

A Practical Analysis of China's Capital Market

本文从中国资本市场发展的角度，系统分析了金融制度与证券币场对企业融资和治理的作用，提出了“扶持型”资本市场发展的构想以及切合实际的企业“三位一体”治理结构模式，对中国资本市场发展和企业改革具有重要指导意义。

Through an analysis of the developmellt of China's capital market, the author of this paper systematically analyses the functions and influence of lhe financial system and the stock market on the enterprises' financing practices and manugement. The author offers a proposal of developing a 'sponsored' capital market and a practical 'three combined into one' management model,which might be of great significance to the development of China's capital market and the enterprises' reform.