The Role Of Local Governments In The Construction Of Multi-level Capital Markets

After years of exploration and practice,China's multi-level capital market system has been initially established.At present,all parts of the country are designed according to the multi-level capital market system,and the construction work is being carried out like a raging fire.However,it is still rare to analyze and discuss the functions of the local government.This paper tries to study the role of local government in the construction of multi-level capital market,in order to help the construction of multi level capital market in Cangzhou.In this paper,first hand data are obtained through consulting literature and field research,especially in the form of questionnaires.Through literature research,theoretical and empirical analysis,historical and institutional analysis,the present situation of Cangzhou municipal government's participation in the construction of multi-level capital market is clarified.By analyzing the process of Cangzhou municipal government's participation in the construction of multi-level capital market,it has strengthened the belief that the government plays a role in promoting the construction of multi-level capital markets.Through the exploration of Cangzhou's participation in the construction of multi-level capital market,this paper analyzes the insufficient role played by the government.On the basis of the above analysis,the three principles of the government's function are defined: three principles: systematization,balanced development and scientific development.On the basis of the three principles,suggestions are made for local governments to play an effective role in the construction of multi-level capital markets.Before listing,we should give full play to the functions of government economic regulation,select key target enterprises,improve the supporting system of industrial clusters,encourage enterprises to strengthen core technology research and development,promote small and medium-sized enterprises to improve the governance structure,and form a complete set of enterprise cultivation mechanism.In the market,the government lays particular emphasis on providing public product service and simple administration.Setting up the green channel of enterprise listing,setting up the policy support system,carrying out the government purchase service mechanism,strengthening the linkage mechanism,and promoting the appropriate enterprises to enter the capital market quickly.After listing,the government service and supervision function are equal,and the comprehensive financial supporting service should be provided to promote the enterpriseparticipation and lead the standard formulation.In order to support enterprises to implement employee incentive plan,strengthen the core competitiveness of the main industry,strengthen the supervision of multi-level capital market,and continue to deepen the continuous supervision of the market.