区域资本市场发展创新与规范——以东部发达区域资本市场为例

On the Development, Innovation and Regulation of Regional Capital Market in China —— Based on the Evidence from the Capital Market in the Developed Eastern Region

区域资本市场的发展创新与规范一直是困扰我国资本市场发展的重要问题，尤其在东部发达区域资本市场表现得更为突出，因为该区域的资本市场发展比较快，规模比较大，特征比较明显。实际上区域资本市场发展创新与规范是辩证统一关系，是一个问题的两个方面，只看到发展而不重视规范不对，只强调规范看不到发展也不对。

The development, innovation and regulation of regional capital market has been a puzzle for a long time, especially in the eastern developed region, because in this region, the development of capital market is fast, the size is large, and it is typical. In fact, the relation between development, innovation and regulation of regional capital market is dialectic, and they are two sides of one issue. Inclination to either side should be avoid.