2011M9SS3Sepnull 20115(9185) JOURNAL OF GRADUATE SCHOOL OF CHINESE ACADEMY OF SOCIAL SCIENCES Nonull 5nullSf我国多层次资本市场的生成机理与演化路径胡海峰null 罗惠良null4null1null 我国资本市场自成立伊始, 层次演化的每一步都源于自上而下的政府强制性供给行为, 而不是自下而上的微观主体诱致性需求行为, 多层次资本市场的生成与演化基本沿着政府的强制路径展开b资本市场存在层次性不清晰a市场职能分工与定位不明确的突出问题, 进而在支持中小企业融资a提供横向风险分担功能方面发挥不足b从动态演化角度看, 我国多层次资本市场未来的演化路径是令资本市场体系结构更加层次化, 不同层次市场间的分工更加细化, 最终形成一个分工合理a层次分明的整体bnull1oMnull 资本市场null 资本市场体系结构null 企业融资nullms|null F83 nullDSMnull A nullcI|null 1000- 2952 (2011) 05- 0017- 07一a问题的提出与文献回顾gor,ZZ1994M,327 371:b,B: nullQg?Znull,ZYv2007M,30 53:bZ: nullS7,gQpbYL,1d1y,Vd,BSESB1,=SErB?ZInbBd,Md,SE68SEmfA11,SB,YVlm1,gA1Vmf1;=d,MSTAQNETsd,A1,yv?Zr,mbyN,V,g|S1&m$,YVwB,Jr(b1998M,SE7S7,S/WgByb2004M5,S!lSdBl5,V20W90M,S=-M9F-B(m1),yN,9-,1A(m2)b2007M,S=d9Xr49705a,1r78null9%,1M3null1s,;121null1% (,g-13null1%,1null55a+YSOSO-3null6%,?ENVo3B,sZTVH=glmbBVYVli,iOv&O-LC,yN,litBs?$bnull null1=BM-/BMi-null 100%bnull nullSslF: nullS(2007)null,S2007M,27 29:b22nullSS3null null null null null null null null 2011M5nullBQgbgv4Sg,gSKb=Q7lgb-l7gy!$,BM1,V7l+,?,gZS,8Cg5,Mg8T,S=8,zg7l,)l4g,P7lQg1FsbQzdggbggSK,e,1S/ulHqlbQgBQsa8b-,SYVQg8!9,Fyly!,vlg?,lg?ZvblLlIZg$,w7gFbH,zdg,Bd?,9k$,!HqSE/7?u=g/dz,|dy!SadBS5/dgS/zNbLCYlaS/ulal#lS/g,V7BMaMax?ZQg8,s?gS6?Z?,S17SELl4A1pbSESnullS6?ZZTp8null (|: 10AJL005)Tb本文作者: 胡海峰是北京师范大学经济与工商管理学院教授a博士生导师; 罗惠良是中国建设银行博士后工作站博士后责任编辑: 王姣娜The Formation Mechanism and Evolution Path of ChinanullsMultinulllevel Capital MarketH u H aif eng null Luo H uiliangAbstract: The evolution of Chinanulls capital market has been a compulsory supply processof topnulldown rather than demandacts induced by micro body of bottomnullup since its estabnulllishmentnull The formation and evolution of multinulllevel capital market are propelledby govnullernment enforcementnull The insufficient development of Chinanulls capital market leads to aninadequate crossnullsection risk sharing provided by the market and difficulties in financingsmall medium enterprisesnull From the perspective of dynamic evolution, China shouldbuild a multinulllevel capital market, refine the division of different capital market, and enullventually form a whole capital market system with reasonable divisions and distinct granulldationsnullKey words: capital market; capital market structure; financing enterprises23Znull:SQg3