从美国机构投资者成长的历程来看,20世纪70~80年代有一段快速成长期,这个时期也是金融创新比较活跃、多层次资本市场快速发展的阶段。场外市场的发展更依赖机构投资者,同时也对机构投资者的成长有更好的推动作用。我国资本市场也正在经历这样的过程。配合经济转型升级,我国的金融结构和资源配置方式正在经历一场深刻变化。以券商柜台为基础,以产品创新为推动,以 From the perspective of the growth of institutional investors in the United States, there was a period of rapid growth during the 1970s and 1980s. This period was also a phase in which financial innovation was relatively active and a multi-layered capital market developed rapidly. The development of the OTC market relies more on institutional investors, but it also provides a better impetus to the growth of institutional investors. China’s capital market is also going through such a process. In line with the economic restructuring and upgrading, China’s financial structure and resource allocation are undergoing a profound change. To broker counters as the basis, to promote product innovation to