Under The Background Of Internationalization Of Chinese Multi-level Capital Market System And Its Construction

Multi-layer capital market is to meet the financing needs ofenterprises with different quality, size, degree of risk, set a differentlisting standards, have different regulatory requirements and set up thesub-level market. Multi-layer capital market is usually divided into themain board market, GEM,the third board market, fourth-board market.With the development of the world’s economy and financial markets,capital market with its efficient allocation of resources, is becomingthe core of the world’s financial markets that plays the basic role.Capital markets play in promoting economic development process in animportant, even decisive role, has become the strategic high ground ofcompetition among countries today. Developed countries and regions havealways attach importance to the development of capital markets, areexploring the establishment of the capital market system, in order tobetter serve the national economic development and enhance nationalcompetitiveness. In the capital market, the main development directionis to explore the establishment of a multi-layer capital market, to seizea variety of resources on a global scale. States to promote theconstruction of multi-layer capital market system, except the UnitedStates, there is no multi-layer capital market of a country or region toachieve real success. Why the United States in building a multi-layercapital market has achieved great success, but the vast majority ofcountries have ended in failure? The strategy adopted by States, thedifferences in the method determines the success or failure of buildinga multi-layer capital market, economic conditions, resource endowments,such as the difference in the decision? What is the condition of themulti-layer capital market development and significance? To answer thesequestions is the main purpose of this paper.The purpose of this study are: first, through the study of multi-layercapital market theory, the practice of the various factors and countriesto develop multi-layer capital market, the establishment of econometricmodels, economic analysis, analysis of which factors are the development of multi-layer capital State the necessary elements of the market, withwhich conditions suitable for the development of multi-layer capitalmarket. The second is to propose multi-layer context of internationalcapital markets for survival and development conditions, the introductionof econometric models to analyze and judge, and in accordance with theirown reality, to judge the necessity, feasibility and strategicsignificance of China’s development of a multi-layer capital market.Examine the development of multi-layer capital market and build therelationship between national competitiveness, innovation-based economyand industrial restructuring. Development problems through the nationalmulti-layer capital markets international comparative analysis ofChina’s capital market and China’s practice, and build multi-layercapital market barriers, put forward the basic ideas of the internationalbackground of multi-layer capital market development, frameworks,systems and path selection of the system design.Through this research, it will reach the following findings: First,the economic efficiency of capital markets model, the use of econometricmodels to determine the multi-layer capital market feasibility. In thispaper, the various factors and the national development of multi-layercapital market practices, and methods of economics, the establishment ofthe capital market, economic efficiency model benefits from themulti-layer capital market can and build operations of multi-layercapital market to pay for cost analysis to determine the survival of themulti-layer capital market conditions, what factors or conditionsdetermine a country’s ability to develop multi-layer capital markets,combined with China’s own practice, to determine the necessity andfeasibility of the development of multi-layer capital market. CitedTobin’s Q theory to construct the economic model of capital market sizechanges. Analysis by the introduction and promotion of Tobin’s Q theory,Tobin’s Q theory applied to the capital market as a whole-scale changemodel analysis to determine the Q value in which value, capital marketswill be how the scale changes. Tobin’s Q theory, analysis of interest rate,the marginal productivity of capital on the optimal capital stock, and then the entire capital market capital stock (ie, the impact of the scale).The third is the best number of shares model. In this paper, the net presentvalue analysis of the listed items, the quantity of the stock of capitalmarkets. The same time, taking into consideration the factor analysismodel of the optimal number of shares, that is, examine the risk-free rateof return, the beta coefficient, the market risk premium and the stockIPO pricing the optimal number of shares of the capital market. Fourhierarchical stages of economic development of the inspection and capitalmarkets, economic and financial globalization. Reached the stage ofeconomic development determines the demand for capital marketshierarchical, multi-layer capital market demand increases in the earlystage of economic development and a period of great; to the stage ofeconomic stability, multi-layer capital markets need to be integrated toreduce the level. Investigated the impact of the economic and financialglobalization of capital markets hierarchical multi-layer capital markettrends analysis and judgment, and the context of globalization. Fifth,the economic analysis of the multi-layer capital marketinternationalization. Economic benefits of the capital market model isintroduced to the model of the internationalization of capital markets,and examine the economic benefits of China’s multi-layer capital market.The paper concludes that: China’s resource endowments and economicdevelopment and determine the necessity and feasibility of thedevelopment of multi-layer capital market in the international context,China. However, China’s capital market still faces many obstacles. Ofmulti-layer capital market must be the framework for system designoptimization of multi-layer capital market, financial liberalization andinnovation development at all levels and market, improve the managementand operation system, improve the exchange mechanism of the interfacebetween the various levels of capital markets and a strong push of amulti-layer capital market the internationalization process of buildingideas and paths.