多层次证券市场的系统建构  

The Construction of a Multi-layer Securities Market

作　　者：王远胜[1] 

机构地区：[1]安徽省社会科学院法学所,合肥230051

出　　处：《安徽广播电视大学学报》2009年第3期24-28,共5页Journal of Anhui Radio & TV University

基　　金：安徽省社会科学院2009年度青年课题"非上市股份有限公司法律本质问题研究"的部分成果

摘　　要：融资效率、投资效率和监管效率之间的悖论关系是多层次证券市场存在的经济学动因,多层次证券市场的目的,是为了在这些效率悖论中寻求不同的平衡点,以满足不同融资规模公司以及不同风险喜好的投资人的需要。德国新市场监管定位的最大教训是其没能在融资效率和投资人保护的悖论中找到平衡点。美国多层次证券市场的成功则在于其整体系统性。我国的市场构建应该着重制度差异,注重融资效率,允许次级市场存在合理风险。In economics, the conflicts of efficiencies of financing, investment and regulation lead to the construction of a multi-layer securities market system, which aims at striking a balance in these conflicts and caters to the investors＇ different risk preferences. The failure of German＇s Neuer Market is attributed gener- ally to its failure to get a balance between financing efficiency and investors＇ protection, while the success of US securities market comes from its systematic tolerance. The building of our markets should focus on the disparity of the regulations governing different markets, give priority to financing efficiency and allow the existence of some reasonable risks in the second and third markets.

关 键 词：多层次证券市场 创业板 市场效率悖论 

分 类 号：F830.91[经济管理—金融学] D912.28[政治法律—民商法学]