Study On The Hierarchical Structure Of Chinese Stock Market

With the economic takeoff of China, China's financial market has great development, the financial system is also improving, the level of the structure of the stock market has been taking shape. At present, China's stock market system is by the formation of the motherboard market in Shanghai and Shenzhen Stock Exchange,of the SME Board and the GEM in Shenzhen Stock Exchange, and of the OTC market composed by the agency transfer system of share and the property right transaction center around the country. However, China's stock market system is not perfect, there are many problems. First of all, the hierarchical structure of the stock market is not clear. the listing standards, laws and regulations of the SME board are same as the motherboard's, which makes it still substantively being a part of the Main Board. Secondly, the stagnation of the development of Shenzhen motherboard market results in waste of administrative resources. Again, our OTC markets are underdeveloped. Most importantly, our stock stucture is still a single-tier system in real terms, which can not meet the financing needs of different enterprises, thereby reducing the role of stock markets on economic growth.Therefore, how to improve our stock market system is very important.First of all, this paper is beginning from whether the stock marke promotes economic growth or not, in theory, building a model of the stock market imparting on economic growth, which explains how the stock market imparts on economic growth. Secondly, Based on the analysis of China's current system of stock market and learning from the experience of th U.S. stock marker, boldly put forward some ideas for improving the Multi-level of stock market system.