我国多层次资本市场的发展与完善

The Development and Improvement of China multilayer Capital Market

经过二十多年的发展,我国已经建立了多层次资本市场体系,正处于金融发展和资本市场完善的关键阶段。在当前发展阶段,如何进一步完善我国资本市场体系,让资本市场更好地服务实体经济,是我国资本市场面临的重大现实命题。美国和日本分别是不同的融资模式的代表国家,都有着较为发达的资本市场。本文基于对美国、日本和中国的多层次资本市场发展现状的比较分析,希望为当前我国多层次资本市场的完善与发展提供参考与启示。

After more than 20 years of development,China has established a multilayer capital market system,which is in a crucial stage of financial development and capital market perfection.At the current stage of development,how to further improve China capital market system and enhance its ability of serving the real economy is a major realistic proposition.The United States and Japan are representative countries of different financing modes,both of which have relatively developed capital markets.Based on the comparative analysis of the development of multilayer capital markets in the United States,Japan and China,this paper would like to provide reference and enlightenment for the improvement and development of multilayer capital markets in China.