Construction Of Multi - Level Capital Market In China With International Inspiration

With the development of China economy,more and more enterprises treat direct finance as the important choice. However,our capital market is still young,and only two mail board exit at ShenZhen and ShangHai stock exchange. The problem of singleness of structure and single-tier capital market system has uncovered some deep-seated conflicts, it can no longer satisfy various enterprises' need for financing or the investors' ever-increasing need for diversified investment ,and can not meet the requirements for the development of China's national economy. Based on the theory of correlation between capital market and economic growth,the theory of multi-layer capital market, this thesis mentions that the capital market will not only facilitate economic growth by the means of affecting the allocation of savings to investment,but also supply the variety choices of risks and benefits for different investors. This thesis use mature capital markets in some foreign countries as references,draw some important conclusions and apocalypses. As well as take into account China's actual conditions, this thesis puts forward a proposal for building China's multi-layer capital market system :First, perfect current main board; Second, establish a genuine growth enterprise market based on the small and medium-sized enterprise (SME) board ;Third, unify the OTC market and perfect the base of system and rule. Finally ,rebuild the local property rights market. Meantime, the relationship between the markets at various tiers should be independence, complementarity one another.