Research On The Comparison Of The Capital Allocation Efficiency Of Multi-level Market Of China And The United States

In recent years,With the growing of China's capital market,the multi-level stock market system continue to improve,However the construction of China's multi-level capital market system is still in the initial stage and the function of financing and resource allocation of the capital market is limited by the form of "inverted triangle".The construction of multi-level capital market system can effectively motivate the rational flowing of capital among different sectors of the real economy and achieve the effect of rational allocation of financial resources;can alleviate the pressure on the lack of financing channels for SMEs,prevent and circumvent financial risks in China.This article is based on capital allocation efficiency the functions of the capital market,Macroscopically use the multi-level market structure to analyze the efficiency of resource allocation,meanwhile microcosmically use the multi-level investment and financing structure to study the capital market risk.Firstly this paper dissertate the market structure of China and the USA multi-level capital market,using a series of relevant economic indicators to analyze the market level of the integrity of the plate and the interoperability between the plates.Secondly expound the investment and financing structure of capital market,from these two levels of the financing structure and the investor structure to analyze.Thirdly,respectively based on the market structure and investment and financing structure make a comparative analysis between China and the United States,explores the problems in the construction of multi-level capital market system in China.Against these problems and arising from the successful experience of the United States to propose some advices on strengthening the hierarchical construction of the inter-plate of the market system and the balanced adjustment of financing structure.Hope to improve our multi-level capital market system,the efficiency of resource allocation in capital market,to reduce market volatility,to enhance the robust forces of financial market for supporting social and economic development.