Research On Resource Allocation Efficiency Of Multi - Level Stock Market In China

As an important part of financial market,the stock market’s basic function is to promote the optimal allocation of resources.The Several Opinions to Promote the Healthy Development of the Capital Markets,a statement the State Council promulgated in May 2014 offered clear reforming the shares issuance registration system,accelerating the construction of multi-level equity markets,improving the quality of listed companies to encourage mergers and acquisitions market,and improving the delisting measures recommended the development of a multi-level system of the stock market. Following establishing a multilayer capital market system proposed on the Third Plenary Session of the 16 th Party Central Committee for the first time,the Report of Boost Revolution Opening and Stable development of Capital Market issued by the State Council in January, 2004.China’s stock market, after twenty years of development, has initially established a multi-level system, the structural optimization has made great progress. However, the overall institutional mechanism need to be deepen reformed to improve China’s stock market and to achieve financial resources investment and financing between the parties in a cost-efficient condition circulation, promote the optimal allocation of resources to support the real economy and achieve savings into investment.The purpose of this paper is to study our present stock market situation and the problems existing, compare the different level of stock market, so as to optimize the distribution of China’s stock market, to improve the construction level, and to give some useful policy suggestions.