A Study Into The Generation And Innovation Of The Multilevel Capital Market System

Absorb Institutional Economics Theory, multilevel capital market system is regarded essentially as innovations pushed by investors, firms that demand for equity finance and government. Investors and firms make effort to profit from innovations, which guides multilevel capital market system transform from nonequilibrium to equilibrium. As guide or coordinator, government promote the rapid development of market subject by providing basic institution. As a result, policy making become an endogenous behavior which embody the reasonable demand of market subject developed from evolutionary game.This dissertation studies the evolution of American multilevel capital market system, and affords a insight for the theory above-montioned. The evolutions of American multilevel capital market system were led by an endogenous order. In this order, investors and firms required to reach equilibrium of capital supply and demand, which led to the formation of multilevel capital market system. The following effective macroeconomic policy , financial law and regulation were institutional foundation which ensured that the system evolved on a valid route.It is focal point to study the problem on evolution of Chinese multilevel capital market system. The evolution of Chinese multilevel capital market system was an imposed institutional change essentially which regarded governmental profit as the only reference. As a result, administrative force replaced market force to carry out unrational financial resources deployment, which caused that the institutional supply lagged the real demand. In the next evolutionary steps of Chinese multilevel capital market system, government should strengthen the mould and cultivation of basic institutional environment firstly, and promote regulation innovation of the Chinese multilevel capital market, and enhance the market force in the innovations, then market subject can gain more right to participate the innovation. At last, government policy making become an endogenous variable in the fair game of the institution innovation drived by investors, firms and other market subject. On the basis of this process, spontaneous evolutionary order of Chinese multilevel capital market system will be led.