经济新常态下的多层次资本市场建设

Multi- level Capital Market under the New Normal of Economy

基于中国经济新常态的背景,探讨中国经济新常态的动态特征、资本市场的发展及其与经济的互动关系,从场外市场、股票发行方式、投融资功能协调、金融创新与监管、专业投资机构、前瞻性引导不足以及信息透明度等角度剖析中国资本市场存在的问题,并就此从新三板、注册制、投融资、金融创新与加强监管、投资者教育、前瞻性引导与信息建设等方面提出新常态背景下发展多层次资本市场的建议。

Under the background of new normal of economy, the paper discusses the dynamic charac- teristics of China＇s new normal of economy, the developing case of China＇s capital market and their interac- tions between China＇s capital market and the economy. The existing problems on China＇s capital market are analyzed from the angles of OTC market, shares issuing modes, investing and financing coordination, fi- nancial innovation and supervision insufficiency, professional investment institutions shortage, prospective guiding insufficiency and information transparency non - high. And based on the former analyzed problems, the suggestions for how to develop forcefully the multi - level capital market are proposed from the angle of the three new board, registration system, paying equal attentions to investing and financing, financial inno- vation and supervision, education on investors, prospective guiding and information construction.