论我国多层次股票市场转板制度的构建  

The Study of Multi-Level Stock Market Switch Mechanism in China

作　　者：张异冉[1] 

机构地区：[1]四川省社会科学院法学研究所,四川成都610000

出　　处：《南方金融》2014年第12期67-73,共7页South China Finance

摘　　要：我国多层次股票市场发展滞后,长期以来没有建立起完整有效的转板制度。为实现我国各层次股票市场之间的有机衔接,需要构建并完善转板制度。要以建立实质性的多层次股票市场为前提,注重满足企业融资需求与维护市场稳定两大目标的协调。要循序渐进推动升板机制的构建。打通升板通道的时机和力度,应当与市场适应性和可承受度相匹配。同时要以退市制度改革为契机,健全降板机制,扩大企业的自主选择空间,增强市场机制的有效性。The multi-level stock market in china has been underdeveloped for a long time, without an effective switch mechanism for stocks. To achieve the target of an organic multi-level stock market, as well as an effective switch mechanism, China needs to balance the demand for corporate financing and stability of financial market. Meanwhile, China needs to promote stock switch-up mechanism by considering market adaptability and tolerance; to build stock switch-down mechanism, even delisting system, to enhance the effectiveness of financial market and to optimize the allocation of resources.

关 键 词：金融市场 多层次股票市场 转板制度 企业融资 市场机制 

分 类 号：F832.51[经济管理—金融学]