Research on Establishing a Multi-Level Capital Market System

Author: Wang Guogang
Publisher:
Publish Date: 2006-09-01
Features: The book "Research on Establishing a Multi-Level Capital Market System" proposes that the stock market should be divided into multiple levels based on transaction rules, as the transaction rules are primarily formulated by brokers. Therefore, a new level of stock market led by brokers should be established. It analyzes the theoretical foundation of the equity split-up reform, emphasizing that the public nature of the stock market is the policy basis for the reform. It explores the development history and lessons of China's over-the-counter market, as well as the operational flaws and reform directions of the A-share market. The book studies the trends and pricing mechanisms of China's bond market and provides a brief introduction to the securities market structures of major developed countries.
The modern financial system is a financial system based on capital markets with commercial banks as the leading force. Compared to the traditional financial system dominated by commercial banks, the main differences are threefold: First, the role of commercial banks in the financial system is adjusted from "main body" to "main body." Second, capital markets become the foundational platform for financial operations, and without this foundation, the activities of financial institutions will be difficult to fully carry out. Third, in capital market-based financial operations, commercial banks play a leading role, with numerous product innovations, trading innovations, and market innovations being developed under their leadership. This understanding serves as the fundamental basis for further exploring the intrinsic mechanisms of financial and establishing a multi-level capital market system.