多层次资本市场体系的生成与演进研究

多层次资本市场体系是资本市场完善的标志，它的生成是市场发展的客观必然。产业升级、风险投资、国家相关政蓑在多层次资本市场体系的生成与演进过程中都起着重要的推动作用。中国目前资本市场的多层次化没有得到实质性进展，应借鉴国际经验，尽快采取积极措施，如调整发展资本市场的思路，引进做市商制度，大力发展OTC市场（场外交易市场），更新监管理念，鼓励金融创新等推动多层次资本市场的生成与演进。

A Study on Generation of Multi-level Capital Market System & its Evolution

The generation of multi-level capital market system is an objective necessity of market development. Industry upgrading, risk investment, relevant policies of the state have played an important role in the generation and evolution of such system. The virtual process of multi-level capital market in China has not been made so far. Therefore international experience adopted for reference, such active measures should be taken as quick as possible to promote the generation and evolution of such market as adjusting the philosiphy of developing capital market, introducing market-maker system, OTC market promoted, supervision concepts updated, and innovation stimulated, etc.