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我国资本市场上只有上海和深圳两个交易所,上市公司类型、交易品种都很少,这远不能满足各类企业的融资需求。借鉴国外成熟的资本市场发展经验,结合我国的国情,笔者认为构建多层次的证券市场体系应包括全国性一元化的证券交易所、创业板市场、区域性证券交易市场和产权交易市场四部分。每个市场针对不同的投资者和资金需求者,安排不同的上市标准、运作模式和监管方式,这些子市场相互补充、相互竞争、相互衔接,共同构成完整统一的证券市场体系。
China’s capital market, Shanghai and Shenzhen, only the two exchanges, the type of listed companies, transactions are few species, which far can not meet the financing needs of all types of enterprises. With reference to the mature experience of capital market in foreign countries and China’s national conditions, the author believes that the construction of a multi-level securities market system should include four parts: a national unified stock exchange, the GEM, the regional securities exchange market and the property rights exchange market. Each market arranges different listing standards, operation modes and supervision methods for different investors and capital demanders. These sub-markets complement each other and compete with each other to form a complete and unified securities market system.