A Study On Optimization Of Industry Organization Structure And Multi-layer Capital Market System

At present, industry organization of China has the characteristic of dispersion, full scale and low level, which affect enterprise competition. Multi-layer capital market has the function to expedite economy reform, develop channel of enterprise financing and advance competition of industry. The thesis reviews the process of industry organization evolvement, put forward objective pattern of industry organization and bring forward the significance of multi-layer capital market.Considering the reality and existing problems of our capital market, the thesis analyses the main causes of inefficiency of industry organization and points out that constructing multi-layer capital market is just the right way to solve the problem. The thesis studies the typical American multi-layer capital market as a successful experience, and then analyses the key features of its market system setting, level positioning and cohesive mechanism. On this basis, the initiative of China multi-layer capital market construction is that the multi-layer OTC Stock market and Stock Exchange market coexist, while the united national Market and the dispersive regional markets coexist in the field, too. The main board, second board and third board market make up national vertical multi-layer capital market, while regional stock exchanges and property exchange market make up regional horizontal multi-layer capital market. Of course, it needs to reconstruct some of the existing trading places and its trading rules.