Constructing Multi-level Capital Market To Expand SMEs' Financing Sources

The small and medium sized enterprises (SMEs) play an unsubstitutable role to our national economy, but due to limited financing sources, they have been facing problems on raising moneys for a long time. Therefore, how to perfect our financial market so as to satisfy SMEs'financing demands will be a prominent problem that needs to be solving presently.Combining the actuality and existing problems of our capital market, the thesis analyses main causes which lead to SMEs'financing difficulties and point out that constructing multi-level capital market is just the right way to solve the problem. In order to use the successful international experience for reference, the thesis researches on the typical American multi-level capital market and then spends a great length to analyze the key features of its market system setting, level orientation and link mechanism. On this basis, the thesis further puts forward policy enlightenments to our government, suggesting we enlarge disparity about the market entering standards of different levels, perfect market withdraw rules and board switch mechanism, and simultaneously enhance the construction of OTC market.