我国多层次资本市场建立和发展构想  

Establishment and development concepts of multi-level capital market in China

作　　者：王光宇[1] 

机构地区：[1]中国社会科学院金融研究所

出　　处：《中国远洋航务》2007年第8期42-45,9,共4页China Ocean Shipping Monthly

摘　　要：资本市场犹如一个魔方，在金融日益觉醒的时代正得到愈来愈清晰、广泛的认知。从上个世纪90年代诞生了第一家港口上市公司——深赤湾起，短短十数年间，愈来愈多的中国港航企业已经跨入了资本市场，并占有了相当的份额与权重。由实体港航到资本港航，这是中国港航企业在国际化、资本化进程中正在完成和实现历史的跨越。As the carrier of corporation financing and investor investment,the hierarchical structure of modern capital market depends on the level of socio-economic development. Along with economic progress,capital markets of all countries have generally undergone the development process from single market to multi-level market. China's socialist market economy development has some urgent demands for the multi-layer of capital market. The construction of multi-layer capital market has become important measure and breakthrough of the deepening reform of financial system. The author pointed that the building of a multi-layer capital market is the only way for economic development. The construction of multi-layer capital market must in pace with the adjustment and innovation of the promotion of the existing organizational structure and financing structure. Meanwhile,it is necessary to eliminate the dual structure of the financing enterprises and to establish a suitable multi-level market regulation system. We can adopt from the experience of the United States to develop the framework of China's capital market into five levels in accordance with stocks trading threshold level,risk size and the strength of stock mobility. The five levels of China's capital market will be the Main Board,the GEM market,the modern OTC market which core is the local property market,the scattered counter trading market and the financial derivative market.

关 键 词：资本市场 多层次 港航企业 上市公司 国际化 资本化 中国 金融 

分 类 号：F832.5[经济管理—金融学]