| There are only tow stock exchanges in China, that is Shanghai stock exchange and Shenzhen stock exchange. The lack of types of listed companies and the variety of investment cannot satisfy investors, and cannot meet financing demand of great numbers of unlisted companies. The single level of capital market is working hard in accommodating with economic development. By analyzing on variety need of investors, financing demand of companies in different period of their lives, and the relationship between venture capital and multilayer capital market, we get a conclusion that multi-level capital market system must be established in China. While, the OTC (over the counter) market is the unhealthiest and most inactive in the structure of multi-level capital market. Because a linking mechanism is absent, different layers of the market have not composed a system synthetically. To set up a multi-level capital market system can meet diversified investment and financing demand. Especially, a retreating channel will be formed for venture capital.From the development of foreign mature capital market, and according to the situation of Chinese capital market, I suppose to establish the OTC market by reconstructing resource in existence. To form a OTCBB market by reconstructing Stock Transfer Agent System, and build a regional property right exchange market by recomposing local property right exchanges. Linking mechanism should be made, too. The multi-level capital market system will enhance the function of capital market in collocating resources. |
