Study On Non-marketlization Of Chinese Stock Market And Construction Of Multi-layer Stock Market

Stock market plays an extremely important role in capital market. Since the reform and opening up to the outside world of our country, to meet the needs of the construction of socialist market economy system, especially the needs of state-owned enterprise reform and financing, at the beginning of 1990's, Chinese government set up two stock exchange markets-Shanghai stock exchange market and Shenzhen stock exchange market; after 10 year's of fast development, the market scale has been expanding. Nevertheless, Chinese stock market is based on the transfer economic foundation and ordered by the government, it has neither solid market foundation nor market construction experience, therefore, there are a lot of problems and great floating in the procession of development. In last several years, the amount of stock value of the two stock exchange markets have dropped from historical highest level-about one-hundred millions Yuan to five-hundred millions Yuan, now pick up somewhat, approximate ten billions Yuan; security business loss seriously and the value of circulation of the stock market shrinks quickly.What is the radical reason of the phenomena in Chinese stock market? What is the goal of Chinese stock market? How to build it? The purpose of this paper is to attempt analysis the problem Chinese-stock-market, sumrrarize experiences and lessons, find out the construction way and the pattern of development, build Chinese stock market according to this kind of goal and way, then answer these questions above.This paper blends normative analysis method with positive analysis method. In positive analysis method, the paper is main applying marginal analysis, balanced analysis and cost - profit analysis method of western economic theory. The goal of construction of multi-layer stock market is to solve the questions of lacking of institution .In a word, this paper is trying to base the normative analysis on the positive analysis, to study the non-market problem and Chinese multi-layer stock market more scientific. On the other hand, in research of way of thinking and choosing the title of the paper, insisting on thinking with dialectics materialism guidance, for example, when we study on non-marketlization of Chinese stock market and construction of multi-layer stock market, the basis of melting them is that they have the dialectics connection of intrinsic, also this connection run through in the whole procession of studying; in additional, the paper make the non-marketlization of the stock market as research starting point, embodying the principle of " everything is from reality " in dialectics materialism, making theory study with reality appearance together. Basic conclusions and the major accomplishment of this paper are as follows: First: The radical reasons of the non-marketlizing problem of Chinese stock marketare: (1) The orientation for Chinese stock market is not reasonable; (2) Government-orient system is not adapted to the law of market operation ; (3)There is " rely on route" phenomenon in the transformation of system .Second: The experience of construction of Chinese stock market has taught us: (1) We should choose a market-oriented goal pattern of Chinese stock market construction. (2)When construct Chinese stock market we must study successful experience in mature market economic country; (3)We should control over the non-marketlizing problem of the stock market efficiently; (4)We should steer Chinese market procession of economic growth, change system innovation way in time.Third: The goal pattern of Chinese stock market development is to construct multi-layer stock marketForth: The main idea of constructing Chinese multi-layer stock market is:l.To construct Chinese multi-layer stock market system, we should divide the stock market of our country into 4 layers of development frame according to the difference market entrance degree to enterprise stock, difference risk and mobility. They are the main board market, second board, modern OTC and scattering counter market.2.To const...