| Under the superimposed phase of China's economic transition background, the research of multi-level capital market development experience as the criterion of whether to promote industrial upgrading has urgent policy needs and research value. In this paper, the study object "multi-level capital market" is defined as the "multi-level stock market", and the US and Japan are chosen to make a comparative study.In Chapter ?, the multi-level capital market systems of the United States and Japan are briefly described. Chapter ? presents theories about industrial upgrading and multi-level capital market system and provides theoretical support for subsequent chapters.Chapter ? employs qualitative methods to present the difference among United States and Japan on their capital markets' role in industrial upgrading. The US capital market significantly promotes industrial upgrading, better rationing the resources, meeting the financing needs of emerging sectors, emerging SME risk-sharing mechanism, offering M&A platform; but for Japan, especially after the economy began to transition to high-tech industry, the contribution from capital market has weakened.Chapter ? further support the arguments by establishing empirical models quantifying the role of capital markets for industrial upgrading. First comparison verifies that US capital markets had a bigger impact to their industrial upgrading than Japan; second study validates the contribution of multi-level capital market to industrial upgrading.Based on the analysis above, Chapter ? summarizes internal and external reasons for the difference among the United States and Japan on how their capital markets influence the economic transition. The policy recommendations to promote industrial upgrading are made in the final chapter. |
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