完善多层次资本市场下的区域性股权市场“地理性整合”研究

Perfecting the "Geographical Integration" of Regional Equity Market under Multi-level Capital Market

在促进多层次资本市场发展的背景下,本文基于区域性股权市场流动性不强、活跃度不足的现状,创新性地提出以“地理性整合,多地区协同发展”为核心思路的区域性股权市场改革路径。改革路径从监管层、融资层、投资层综合考虑区域性股权市场的改革,强调改革内容的系统性和综合性、改革过程的协同性和动态性、改革效果的可持续性和长久性,通过对地区间区域性股权市场的有机整合及互联互通渠道的建立,实现金融资源更高效地配置,进而提升区域性股权市场在多层次资本市场中的地位。

Under the background of promoting the development of multi-level capital market, this paper proposes regional equity based on the core idea of "geographic integration and multi-regional coordinated development" under the current situation of lack of liquidity and lack of activity in regional equity market. The reform path comprehensively considers the changes of the regional equity market from the regulatory level, the financing layer and the investment layer, emphasizing the systemic and comprehensive nature of the reform content, the synergy and dynamics of the reform process, and the sustainability and permanence of the reform effect. The organic integration of interregional regional equity markets and the establishment of interconnection channels will enable more efficient allocation of financial resources, thereby enhancing the position of regional equity markets in multi-level capital markets.