论文部分内容阅读
国务院在2004年2月1日颁布的《关于推进资本市场改革和稳定发展的若干意见》中,明确提出要建立多层次资本市场,多层次资本市场在我国再次成为人们讨论的焦点。 对如何建立多层次资本市场,目前存在两种观点:一种看法是以风险控制为理由要求建立一个全国统一的多层次资本市场。显然,这种看法不具有充分的说服力。目前,我国上海证券交易所和深圳证券交易所是在证监会领导下的高度统一的交易市场,所有上市公司是经过证监会的严格核准后才上市交易的,但风险依然很大;而且,这种集中统一甚至近乎垄断色彩的模式有可能产生权力寻租等金融腐败现象。另一种观点是按照市场化的原则,建立以地方性、区域性为主的多层次资本市场。 本文对我国地方性资本市场的曲折发展进行了简单的回顾,对如何建立以地方性和区域性市场为主的多层次资本市场的原则、功能定位和模式以及监管等进行了探讨,以期促进我国多层次资本市场的发展。
In its “Opinions on Promoting the Reform and Stable Development of the Capital Market” promulgated on February 1, 2004, the State Council explicitly proposed the establishment of a multi-level capital market and the multi-level capital market has once again become the focus of discussion in our country. There are two existing views on how to establish a multi-level capital market. One view is that the establishment of a nationwide unified multi-level capital market on the grounds of risk control is an issue. Obviously, this view is not sufficiently convincing. At present, China’s Shanghai Stock Exchange and Shenzhen Stock Exchange are highly unified trading markets under the leadership of the CSRC. All listed companies are listed and traded after being strictly approved by the CSRC, but the risks are still high. Moreover, this A centralized or even almost monopolistic model may lead to financial corruption such as rent-seeking. Another view is that according to the principle of marketization, we should establish a multi-level capital market that is mainly local and regional. This article briefly reviews the tortuous development of the local capital market in our country, and discusses how to establish the principle, function, mode and regulation of the multi-level capital market based on the local and regional markets so as to promote our country Multi-level capital market development.