The capital market in China becomes more internationalized and integrated at present, and it will progressively realize ultimate open-to-outside with the development of international capital market and China's WTO entry. We have many successful experiences and lessons of failure during the open-to-outside of B-stock as the window of open-to-outside of our capital market, there is now only three to five years of deadline of opening B stock, according to the agreement of the WTO entry. The B-stock needs to be reformed thoroughly before the ultimate open-to-outside.This paper focuses on the study on the constitution of B-stock, but it's difficult for the author to finish this paper in that the B-stock market is a new capital and there are few theoretical references, so the author can only study on the basis of some relating theories.This dissertation comes to the conclusion that the A-stock and B-stock should be united into one, although the present condition is not mature. After deeply analyzing the quality, function, structure and constitutional change and constitution. The author poses some measures of confronting with the internationalization of the B-stock...
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