我国多层次资本市场的生成机理与演化路径

我国资本市场自成立伊始,层次演化的每一步都源于自上而下的政府强制性供给行为,而不是自下而上的微观主体诱致性需求行为,多层次资本市场的生成与演化基本沿着政府的强制路径展开。资本市场存在层次性不清晰、市场职能分工与定位不明确的突出问题,进而在支持中小企业融资、提供横向风险分担功能方面发挥不足。从动态演化角度看,我国多层次资本市场未来的演化路径是令资本市场体系结构更加层次化,不同层次市场间的分工更加细化,最终形成一个分工合理、层次分明的整体。

The Formation Mechanism and Evolution Path of China's Multi-level Capital Market

The evolution of China's capital market has been a compulsory supply process of top-down rather than demand acts induced by micro body of bottom-up since its establishment.The formation and evolution of multi-level capital market are propelled by government enforcement.The insufficient development of China's capital market leads to an inadequate cross-section risk sharing provided by the market and difficulties in financing small medium enterprises.From the perspective of dynamic evolution,China should buil...