【摘要】 从NASDAQ市场的成功经验来看,构建多层次资本市场体系的核心就是要通过尽可能的市场细分来满足不同类型企业和投资者多样化的融投资需求。在构建多层次资本市场体系的过程中,既要坚持发展原生市场和衍生市场,又要同步发展场内市场与场外市场,还要充分调动金融中介的积极性。构建多层次资本市场必须循序渐进,其关键在于降低成本和提高效率。更多还原

【Abstract】 The paper introduces the origin and development process of American Nasdaq capital market,analyzes the characteristics of Nasdaq market structure,and discusses its successful experience and implications. As seen from the successful experience of Nasdaq market,the core of multi-level capital market system is to satisfy diversified financial and investment demands for different enterprises and individuals through maximum market segmentation.In the process of the construction of multi-level capital market system,we must not only insist on developing primary market and derivative market , but also synchronously developing exchange market and over-the-counter market,and at the same time fully mobilizing the enthusiasm of financial intermediary.The construction of multi-level capital market must be in proper sequence,The most important thing is to decrease cost and enhance efficiency.更多还原