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The Development and Standard Construction of Chinese Capital Market

Author: LuZiJian
Tutor: XuChong
School: Jilin University
Course: The basic principles of Marxism
Keywords: capital market Financing System system reform Independent innovation
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 387
Quote: 2
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Abstract


More than three decades of innovation and opening up, Chinese economic has development rapidly, comprehensive national strength has jumped to the forefront of the world, a socialist market economy has been established. In the process of reform, accompanied by the innovation process of the economic system , Chinese capital market has developed from small to large, Chinese capital market reform and opening up not only in the process of economic development and play an important role, but also reform and opening up the results of a landmark and a monument. Chinese capital market is not only the important role but also the symbol results in the process of innovation and opening up. As a result of the current international financial crisis, coupled with a variety of complex domestic factors, Chinese capital market has been despondent. How to make the capital market stable and healthy is the problem in building characteristics Chinese capital market.Capital market is the sum of all the medium and long term capital (more than one year) trading activities. The organizational structure of capital market including the major players in capital markets, service agencies, as well as regulatory bodies and other types of subjects, there is the professional labor division and mutual cooperation between them. It is divided into medium and long-term credit markets and the securities market. As the important component of the financial markets, Compared with the money market, capital market has long financing duration, poor capital flows, high risk and large income. Pass the capital market with financial, resource allocation and property rights of the intermediary function. The development of China’s capital market, for the realization of a well-off society and improving the socialist market economic system, promote strategic adjustment of economic structure, and maintain sustained, rapid and sound development, the objective of improving people’s living standards play a vital role. Capital market has financing, resource allocation and property rights intermediary three functions. The development of Chinese capital market play a vital role in achieving well-off society, perfecting the socialist market economic system, promoting strategic adjustment of economic structure, maintaining a rapid and sustained development, improving people’s living standards.Chinese capital market began from 1981 when China resumed issuance of treasury bills. In the more than 20 years after innovation and opening up, Chinese capital market has undergone a preliminary form, and explore the building, to the consolidation and restructuring and the rapid development phase. At present, China’s capital market has established a motherboard market, the second board market and the OTC markets, three levels. Indirect financing channel is still mainly. As China’s capital market development, the associated system has been build up. China’s capital market has developed rapidly. From the number of listed companies, financing amount and number of investors, the China’s capital market has a considerable size; in the products, as well as laws and regulations, market fundamentals and the basic framework has been formed; technology systems development with remarkable achievements.Although Chinese capital market development achievements have attracted worldwide attention, but there are still many problems. First, the capital market system is imperfect. The main formation is still the Shanghai and Shenzhen Stock Exchange Main Board. We still lack real small and medium-sized board, a ripe OTC and a exit mechanism. Second, the financing structure is irrational, indirect finance is the main in Chinese capital market, direct financing only have a small proportion. Third, the property rights system is unclear. The confusion left by planned economic system is the source of the problems. Fourth, supervision mechanism is far from perfect. Self-regulation of the capital markets is not strong, the market self-regulatory mechanism is not brought into full play. Mechanism for listed companies to withdraw from the market exist blind spots in the law.Against the status of Chinese capital markets, deepening the innovation of the capital markets should follow the recommended policies: First, we must adjust and optimize the capital market system, change the unified market of motherboard, realize the truly independent board of small and medium-sized enterprises, establish the multi-level market; Second is to further enhance the proportion of the financing, develop the direct financing method and develop the bond market; Third, we should focus on strengthening the foundation of the system, further reform of property rights system, and improve capital market supervision system; Fourth, we shoukd accelerate the innovation of the capital market, develop the direct financing by innovative ways, accelerate the innovation of financial products and innovate the means of capital market regulation.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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