The Study On Development And Cultivation Of Multi-level Capital Markets In Dezhou

Developing multi-level capital market and expanding direct financing have been suggested in the fifth plenary session of the 18th CPC central committee in 2015,the report of the 19th National Congress of CPC,the fifth National Financial Work Conference and a series of important meetings in Shandong province.So we can see that they are of vital importance in economic development and can provide a strong support for industry transformation.Besides,speeding up the development of multi-level capital market is not only the inner demand of improving its basic functions,but also the necessary conditions of improving the financing structure,promoting small and medium-sized enterprise growth and regional economic coordinated development.This paper studies the current situation and government' s cultivation policy of capital market in Dezhou,with a view to proposing the idea and precise measures to cultivate the multi-level capital market.Firstly,the paper defines the concepts of capital market,multi-level capital market and government intervention.Also it points out the significance for local governments to develop the multi-level capital market and the need for government to intervene in capital market,sorting out the relevant theoretical basis of the development of multi-level capital market in China and abroad.Secondly,the paper analyzes the present situation and main problems of the development of multi-level capital market in Dezhou.Finally,in view of the existing problems,this paper analyses the reasons and puts forward the fostering countermeasures for Dezhou,with drawing lessons from the experience of advanced countries and regions at home and abroad.In this paper,case study,literature study,comparative analysis and other analytical methods are adopted for the research.As a result,we can find that the cultivation of local government can promote the development of multi-level capital market and then promote local economic development to a certain extent.There still exists certain problems in Dezhou multi-level capital market development,including the market itself,obstructed enterprise financing channel and lack of professional talents.What' s more,the cultivation policy relies too much on the external environment and innovation is weak.Besides,the government management still needs to change.In the experience reference section,this paper analyzes the development practice of multi-level capital markets in the United States,Japan,Brazil,India and other countries,as well as Shenzhen and other developed regions in China.At the last part,this paper proposes advice and suggestions for multi-level capital market cultivation in various aspects,such as providing financial support,optimizing administrative work flow,promoting entrepreneurial consciousness,cultivating enterprises and making measures based on different aspects.As for the practical purpose and meaning,this paper tries to establish municipal government cultivation pattern of multi-level capital market development and strives to solve the existing problems.In this way,the enterprises can dock the capital market and fully meet their diversified investment and financing needs.Thus this paper can provide theoretical guidance and reference for a steady and rapid development of regional economy.