Study On Construction Of China's Multi-layer Capital Market

At present, china's capital market system forms by Shanghai and Shenzhen Exchange, medium-sized and small enterprises board attached in Shenzhen Stock Exchange and OTC market composed of Stock Transfer Agent System and kinds of Equity Exchanges distributed in all parts of the country. But, medium-sized and small enterprises board is only a transitional form of GEM market, OTC market also is only in the na?ve view. Therefore, our country capital market system's main body is still the Shanghai and Shenzhen exchange. This kind of sole-level system is unable to meet multi-level investor's investment needs and different enterprise's financing demands, meanwhile, the market risk has been enlarged. More importantly, the system lacks direct finance channel to general small and medium-sized enterprises, particularly to innovation enterprises, and, it does not favor economic and industrial restructuring. Therefore, it is becomes very important how better consummates china's capital market system.By analyzing china's capital market and US's successful experience, the preliminary plan regarding our country multi-level capital market's skeleton is, the Shanghai stock market will make china's blue chip stock market, and the Shenzhen stock market will complete a genuine medium-sized and small enterprise board, and the GEM board will be promoted, and three levels OTC market will be established. Importantly, we need clear various markets'localization, and pay attention to distinguish different listing standard, and establish strict take-off and landing system, and increase intensity of supervision and punishment.