The Speculation Of Establishing Local Capital Market Of Our Country

With the more than ten years'development of capital market, the scale of Chinese capital market has became much more large, but the single level capital market structure can't satisfy the financing need of all kinds of enterprises in the developing economy. Our capital market has served for the state-owned enterprises and big-medium sized collective enterprises. The middle-small sized enterprises can't get the developing funds from the capital market, because the local capital market has lagged behind the main board market. That led to two kinds of damage to our economy. On the one hand, that led to the excessive needs of most enterprises getting funds from the main board market. Because of that excessive need, the main board market has been full of excessive speculate and the foam. On the other hand, that led to the capital gap of need and supply to the middle-small sized enterprises, especially to private companies. That gap restricted the development of the middle-small sized enterprises because of lack of capital. Establishing the local capital market has many advantages to our economy. Firstly, it can not only Extended the capacity of the capital market, but also solve the problem of difficult financing faced by most of the middle-small enterprise. Secondly establishing local capital market in our country can accelerate the process of conversion and upgrading of the regional industrial structure, promote the regional economic structural and enhance the competition of the regional economy. Thirdly, establishing the local capital market can not only harmonize the gap between the economic districts, but also reduce the amount of wasted resources due to blindness investment. The research purpose of this thesis has primarily three aspects: firstly it aims to perfect the capital market framework and service system, extended the capacity of the capital market, and lack of dropping out channel from the capital market; secondly, making use of local capital market solve the problem of the difficult financing faced by most of the middle-small enterprise; thirdly, local capital market as a channel for getting funds to adjust economic construct and as a place for financing and investment to enterprise in this economic district promote economic equilibrium and increase the competition ability of enterprise in this economic district Our country has already had the basic foundations for establishing the local capital market. These qualifications are as follows: firstly, with the development of the economy, the resident has more incomes and saves than before. The local capital market can give more chances to the resident and increase the investment positive of the resident. At the same time, our positive public finance and steady currency policy provide the loose-fitting atmosphere for establishing and developing local capital market. Secondly, with the lawmaking and perfect of law system of capital market, it provides the legal foundation for establishing the local capital market. If we modified the current law and made it perfect, it would provide the law guarantees for the local capital market. Thirdly, with the improvement of public credit, many cities have been establishing credit system for middle-small enterprise. The credit guarantee system serving middle-small enterprise has become gradually. Fourthly, we has established the perfect transfer market for technology and property right. The motive, service object, business scope, software and hardware facilities and regulation systems of the transfer market can meet the needs for establishing the local capital market. The main result and creative of this thesis are as follows: firstly, in this thesis I analyses the relation between local capital market and regional economy development. According to economic region come into being during the course of economic development, I put forward dividing six big pieces as economic region and local area capitals. At the same time, I put forward choosing the perfect transfer market of technology and property rights in six big economic districts as experimental units for establishing local capital market. Secondly, I put forward the system framework of the local capital market of our country and the qualifications...