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论建立我国多层次资本市场体系的"9 +1+1"模式
引用本文:徐洪才.论建立我国多层次资本市场体系的"9 +1+1"模式[J].首都经济贸易大学学报,2004,6(3):51-56.
作者姓名:徐洪才
作者单位:首都经济贸易大学,北京,100026
摘    要:上市公司信息造假和中小企业融资困难是现实经济中的两大突出问题,其根本原因则在于缺少一个与主板市场相匹配的OTC市场。我国资本市场体系应该是一个全国市场与地区市场相结合、场内市场与场外市场相匹配的包括主板市场、创业板市场和区域性OTC市场在内的多层次的资本市场体系。作者通过对处于生命周期不同阶段的企业融资需求和资本市场五级价值增值规律以及从10个现实方面所进行的独到分析,充分揭示了在我国建立一个多层次资本市场的必要性;进而讨论了目前我国各地技术产权交易市场中存在的突出问题及其解决思路,创造性地提出了我国多层次资本市场体系的“9 1 1”模式,并对其进行了系统地阐述。

关 键 词:企业生命周期  企业融资、资本价值增值  多层次资本市场
文章编号:1008-2700(2004)03-0051-06
修稿时间:2003年11月25

The Model of" Nine Plus One Plus One" for Founding Multi-level Capital Market in China
XU Hong-cai.The Model of" Nine Plus One Plus One" for Founding Multi-level Capital Market in China[J].Journal of Capital University of Economics and Business,2004,6(3):51-56.
Authors:XU Hong-cai
Abstract:There are two crucial problems in Chinese economy, that is the scandal in information disclosure of listed companies and the difficulty in raising funds of the small and middle firms, and which main reason is lack of OTC market matching the main board of capital market. Our country's capital market system should be a multi - level capital market system that represents the combination between the national market and the regional market, and the match between the inside market and the outside market, and includes main board market, second board market, and regional OTC market. Through his original analysis basing on the its financial demand in different phase of firm's life cycle, the law of five-level value-added in capital market, and ten respects of real reasons, the author fully opens out the necessity of founding a multi-level capital market in China. Also, he discusses the bad problems and its solution in property rights exchange market in the different district of China, creatively puts forward the model of "Nine plus one plus one" for founding Chinese multi-level capital system, and particularly explains it.
Keywords:the firm's life cycle  company finance  capital value-added  multi-level capital market  
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