Research On Chinese Multi-layer Capital Market

Up till now, Chinese capital market contains Main Board, Small & Medium-Sized Enterprise Board (SME board) and share transfer system. It seems as multi-layer, however, the Chinese capital market's layer is relatively single and administrative controlled, it hasn't met the multi-level demand of the investors'investment and the enterprises'financing well, unfavorable to the balanced regional economic development either. A well-developed capital market should contain OTC market and direct equity exchange market. The abundant latent-listed companies resource and capital resource, the relevant successively issued polices and regulations, have offer a good external environment for constructing Chinese multi-layer capital market.Based on the lessons learned from the development of those mature capital markets in some foreign countries, as well as taking into account Chinese actual conditions, the thesis puts forward a proposal for building Chinese multi-layer capital market system: the multi-layer OTC Stock market and Stock Exchange market coexist, while the united national market and the scattered regional market coexist in the field too. Within the multi-layer capital market system, the relationship between the markets at various tiers can be described as"independence, complementarity and co-development". There are six parts in this paper: the first part is foreword, which mainly introduces the background, purport of the study and the status quo at home and abroad; the second part is the theoretical foundation of the multi-layer capital market; the third part is the analyze of Chinese capital market, which includes the status quo, the difficulties of Chinese capital market and the necessity and feasibility of building Chinese multi-layer capital market; the fourth part is the comparison and reference of international mature multi-layer capital markets, which include USA, U.K and Japan; the fifth part is building Chinese multi-layer capital market from main board, SME board , third board and regional capital markets, finally, this paper points out the obstacles and makes recommendations.