我国多层次资本市场发展路径分析

Analysis of the Development Path of China’s Multi-level Capital Market

如何对多层次资本市场进行设计,是自中央决策部门首次提及“建立多层次资本市场”以来的热点话题,其中最为关键的是,市场分层到底是在交易所内部形成还是在交易所外部形成,抑或两者同时并存。对此,理论界存在内部演化说、外部演化说和并轨演化说三种观点。以论理解释法与法经济学分析,此种理论认知差异主要源于对地方经济自主权、设计多层次资本市场的成本以及金融科技的制约力的不同认知。在交易所外部实现多层次资本市场的发展,主要是因为在中央与地方的经济分权竞争中,基于地方经济利益的考量,地方行政权力机构普遍倾向于支持设立“横向多地域”的多层次资本市场,但此种多层次资本市场的发展模式最容易导致地方的无序竞争。在交易所内部实现多层次资本市场的分层,可以降低资本市场的裂变成本,提升资本市场的监督绩效,避免资本市场的地方垄断和区隔,应当是我们未来发展多层次资本市场的主要方向。所以,场外市场场内化是更好的多层次资本市场的建设模式。

How to design a multi-level capital market is a hot topic since the central decision-making department first mentioned“establishing a multi-level capital market”.The most important thing is whether dividing the market into different levels should be realized inside or outside the exchange,or both.In this regard,there are three viewpoints in the theoretical circle:internal evolutionary theory,external evolutionary theory,and unified evolutionary theory.Based on theoretical interpretation and legal&economic analysis,this difference in theoretical cognition mainly stems from different perceptions of local economic autonomy,the cost of designing multi-level capital markets,and the constraints of financial technology.The realization of the development of multi-level capital markets outside the exchange is mainly due to the consideration of local economic interests in the competition of central and local economic decentralization;and local political power institutions generally tend to support the establishment of multi-level"horizontal and multi-regional"capital market,but this development mode is most likely to lead to disorderly local competition.Realizing the multi-level of the capital market inside the exchange can reduce the cost of dividing the capital market into different levels,improve the supervision performance of the capital market,and avoid the local monopoly and division of the capital market,which should be our main direction for the development of the multilevel capital market in the future.Therefore,changing the OTC market into the exchanged traded market is a better construction mode for the development of the multi-level capital market.