Study on Layer Structure of China's Capital Market

【摘要 (中文/英文)】 一个完整而且成熟的资本市场应当由多个层次组成,各层市场之间相辅相成,互相补充,能够通过一种良性的互动来满足不同市场主体多层次的市场需求。由于建立初期改革不配套和制度设计上的局限性,以沪深主板市场为主的单一资本市场体系制约了市场功能的有效发挥。因此,完善资本市场的层次结构,成为我国资本市场发展当前面临的一项紧迫任务。 资本市场多层次化发展是由投资者、融资企业以及政府共同推动的金融制度创新。文章首先分析了结构优化视角下的资本市场多层次化发展,阐明资本市场多层次化发展的动因及条件,为我国资本市场层次结构的完善提供理论依据。接着文章研究了美国、日本和新加坡等发达国家资本市场多层次化发展的经验,试图为理论模式提供现实洞察力,同时探寻对我国资本市场多层次化发展能够提供的经验借鉴。 文章回顾了我国资本市场多层次化发展的演进过程,认为我国资本市场的发展经历了自发演进阶段、制度抑制阶段和重新起步阶段,已有实践经验表明我国资本市场多层次化发展具有旺盛的需求,在此基础上指明了我国资本市场多层次化的发展方向。 我国资本市场层次结构的完善是文章的落脚点。该部分首先分析了我国资本市场多层次化发展已形成的外部环境,...更多接着在理论分析、已有实践和经验借鉴的基础上,文章从市场层次的完备性和低成本的交易机制两个方面来阐述我国资本市场层次结构完善的路径,最后阐述了我国资本市场多层次化发展的一些具体设计思路。 

 A complete and mature capital market should consist of many layers, and various layers of markets complement each other, which can meet the requirements of different layers of market players through benign interaction. The single capital market system with Shanghai and Shenzhen main board market as the chief, due to uncoordinated reform at the establishment of capital market and limits in its institutional design, restricts the market functions. It is now an urgent task, therefore, for China’s capital market to foster a complete market structure. Capital market delamination is the financial institutional innovation jointly promoted by investors, financing enterprises and government. Firstly, in an attempt to offer the theoretical basis for the perfection of layer structure of China’s capital market, the paper analyzes the capital market delamination from the perspective of structural optimization, and identifies its causes and conditions. The paper, then, studies the delamination experience in developed countries like U.S., Japan and Singapore, etc., trying to provide practical insight into theoretical mode, and meanwhile, probe into the reference for China’s capital market delamination. The paper reviews the evolution of China’s capital market delamination, holds that it has experienced the spontaneous stage, institutional restraining stage and restarting stage. The experience has shown that China’s capital market delamination is in great demand, based on which it points out its direction. The standpoint of the paper is the perfection of the layer structure of China’s capital market. This part first analyzes the existing exterior environment of China’s capital market delamination. Then, based on theoretical analysis, practice and experience, it addresses the perfecting path of layer structure in China’s capital market in terms of market layer’s completeness and low-cost transaction mechanism. It, finally, identifies some detailed design thinking on China’s capital market delamination.

【关键词 (中文/英文)】 资本市场; 层次; 结构

Capital market; Layer; Structure