The Research On Building And Regulating Multilayer-market System

Based on the theory of function-oriented finance system reformation and the theory of stock-market regulation, compared to the profound experiences of building multilayer financing markets in five countries and districts, which includes United States of America, The United Kingdoms of England, Japan, Taiwan District and Hong Kong District.,Thereby, this underlying research provides greatly substantial lessons for building multilayer financing markets in our nation. this paper attempt to analysis the existing defects in Chinese stock-market, finding out the constructing way and the pattern of development,trying to build a framework of Chinese multilayer-stock market under this kind of goal . Considering the status of financing markets framework in our country, basic conclusions and the major accomplishment of this paper are as follows:In the intention to attaining the main idea of constructing Chinese multi-layer stock market, at first, we should divide the stock market of our country into 3 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. Secondly, to construct the main body of Chinese multiple-layer stock market, the key problem which to be solved in this paper is the clear property right structure and adaptive administer structure. Thirdly, we should definite the legal position of the third-board market;Last, we should promulgate preferential policy to promote the development of the third-board market. Therefore, a well-established framework of out countries'multi-layer financing market is being formed. Because of inefficiency in market is incapable of timely negotiating between capital's demand and supply, in order to protect investor's benefit, multilayer market should be strictly regulated. In this thesis, I pointed out that there are four subjects that supervise the exposure of information in the securities market. It is based on the viewpoint of ex-study, who believes that the supervisors are of five layers. The four subjects are the board of directors, the credit media institution, the CSRC, the media, by analyzing and comparing some cases, I draw a conclusion to the function of each body.