天津产权交易市场管理研究.pdfVIP

Abstract Abstract Thereare twostock in are stock only exchangesChina，theyShanghai stock lackof oflisted and andShenzhen types companies exchange exchange．The thevarietiesofinvestmentcannot cannotmeet satisfyinvestors，and financing demandof numbersofunlisted levelof great companies．Thesingle capitalmarket， Can workwellin witheconomic hardly accommodating development．Byanalyzing thediversifiedneedofinvestors，thedemandof indifferent financing companies oftheir the betweenventure andmulti—level lives，and periods relationship capital aconclusionthatamulti-levelmarket hasto capitalmarket，weget capital system establishedin the isthe and China．While，theOTC(overcounter)market unhealthy inactiveinthestructureofmulti-levelmarket．Becausea mechanismis capital linking levelsofmarkethavenot a andefficient absent，different composedintegrated set multi-level Can system．Toa market meetdiversifiedinvestment up capital system and demandof market afirst financing people．Especially，themayprovideretreating channelforventure capital． Theauthorhas discussedin this thenormalizationand