资本市场是金融市场的重要组成部分,其主要功能是通过资本在供给方和需求方之间合理流动,特别是在长期融资方面,实现对资本的有效配置。资本获取成本越低,效益最好的企业能获得最充足的资本,则资本市场的效率越高,越能实现社会福利的最大化。由于不同行业和地区之间存在着差异, The capital market is an important part of the financial market. Its main function is to realize the effective allocation of capital through the rational flow of capital between the supply side and the demand side, especially in the long-term financing. The lower the cost of capital acquisition, the best-performing enterprises can get the most adequate capital, the more efficient the capital market, the more social welfare can be maximized. Due to the differences between different industries and regions,