On The Construction Of Multi-layer Capital Market System

Capital Market supports the transaction between financiers and investors. The social economic level determines capital market layer. Compare with international capital market, our capital market is of imperfect frame with low allocative efficiency. Establishing Multi-layer capital market, not only it is the general trend of capital market institutional innovation, but also it is the desirability of market economy development. The paper used the research methods of comparation and summary, meanwhile, it combined Chinese actual situation with overseas experience. Putting forward development parameter of Main Board Market and Small and Middle Enterprises (SME) Board Market, pushing the construction of Growth Enterprise Market (GEM), extending the trial of agency share transfer market, speeding the development of Over-the-Counter Market(OTC), exploring establish of International Board Market and laying stress on the importance of internationalize, all of these have strategic importance to Chinese capital market and national economy. Multi-layer capital market carrys out hierarchical of classified management according to different financiers and investors, in order to meet the development of economy and society, further improve the efficiency of resource allocation. Finally it promotes Chinese economy reforming and sustainable development.