Research On The Transfer Mechanism Of Multi-level Capital Market In China

China as the world’s second largest economy, the potential demand and growth potential of the capital market is huge.With the slowdown in economic growth as well as traditional bank financing models and financial support of the real estate industry to shrink, Chinese enterprises in the capital market financing needs will be further enlarged. This will require a mature capital markets as a support. Mature capital markets have not only complement each other in a hierarchical, but also a positive interaction system to match. Therefore, established to a transfer model which can guide the rational development of the market structure and institutionalize is a crucial need for the development of China’s capital market. This article is divided into five parts, mainly in such as a brief introduction is as follows:The first part the author from the perspective of multi-level capital market present situation and main problems, combing the current status of our country multi-level capital market delamination and the exploring course of transfer mechanism. Pointed out our country multi-level capital market in the hierarchical structure is not reasonable, plate illiquid, limited market subjects needs three aspects of the main problem.The second part is mainly theoretical basis and significance of transfer mechanism. For multi-level capital market through in this paper, the related economic theories provide theoretical basis for introduction of transfer mechanism, and from transfer mechanism introduced to the market itself, the market subjects and the influence of the social public perspective to interpret the meaning.The third part is the basic principle of transfer mechanism. Through discussing “rationalizing market”, “promoting competition and mobility”, “combining enforcement and freedom”, three principles for the construction of transfer mechanism clearance value framework.The fourth part is to turn the multi-level capital market in the United States transfer mechanism research. By studying with the most mature capital markets layered and transfer mechanism, to provide reference for the construction of transfer mechanism in China.The fifth part is our country multi-level capital market of transfer mechanism construct specific path planning. Under the premise of benefiting the constructing of “two categories, four levels, multi-pole” hierarchical division, this article envisions a practical model and proposes related rules and procedures as considering the different structures of market levels and transfer directions.