浅析中国证券市场多层次发展的逻辑思路

我国资本市场上只有上海和深圳两个交易所,上市公司类型、交易品种都很少,这远不能满足各类企业的融资需求。借鉴国外成熟的资本市场发展经验,结合我国的国情,笔者认为构建多层次的证券市场体系应包括全国性一元化的证券交易所、创业板市场、区域性证券交易市场和产权交易市场四部分。每个市场针对不同的投资者和资金需求者,安排不同的上市标准、运作模式和监管方式,这些子市场相互补充、相互竞争、相互衔接,共同构成完整统一的证券市场体系。

Thinking of China stock market multi-level development's logic

There are only two stock exchanges in Chinese capital market,that isShanghai stock exchange and Shenzhen stock exchange.The types of listedcompanies and the varietyof exchanges are so few that they can't meet the inreasing demand for investment varieties and the financial demand of diversified companies.So we should found a multi-level capital market which ensure the economic development and continuable capital development.From the development experience of foreign mature capital market,I suppose that a multi-level capital market system should include a national exchange,second board market,regional OTC market and property rights capital market.Each market aims at different investors and financial demander and we should arrange different running mode,listed criteria and supervising mode.These submarkets compose a whole and unitive capital market system.Multi-level capital market is propitious to optimize the resources and capital and can meet diversified investment and financing demand.It helps to fix a reasonable capital price,disperse financial risk and improve financial efficiency.