我国多层次资本市场建设:理论与对策

随着我国经济发展和收入水平提高,如何满足多样化的投融资需求变得越加迫切,多层次资本市场建设问题受到广泛关注。文章从投资者异质性、企业生命周期、信息不对称、产权交易等视角分析多层次资本市场建设的理论基础,探讨我国多层次资本市场的组织架构和功能定位,从培养机构投资者、培育融资主体、发展中介服务机构、完善法律体系、健全监管机制等方面提出我国多层次资本市场建设的对策建议。

Multi-level Capital Market Construction in China: Theory and Measures

As China’s economic development and income levels increases,how to meet the diverse requirements of investment and financing has become increasingly urgent.Multi-level capital market construction issue is widespread concerned.In this paper,the construction of multi-level capital market theory is analyzed from such perspectives as investor heterogeneity,business life cycle,asymmetric information, property rights and so on.Multi-level capital market organization structure and functions in China are investigated.Policies and measures of multi-level capital market construction are proposed in terms of cultivating institutional investors,training the financing subjects,intermediary services development,legal system completion,regulatory mechanism improvement and so on.