金融分工理论与我国多层次资本市场建设

《教学与研究》 ›› 2008, Vol. ›› Issue (9): 39-45.DOI:

• 当代中国社会发展研究 • 上一篇下一篇

金融分工理论与我国多层次资本市场建设

胡海峰, 罗惠良

北京师范大学经济与工商管理学院, 北京, 100875

收稿日期:2008-04-07 出版日期:2008-09-20 发布日期:2012-03-06
基金资助:
国家社科基金项目“多层次资本市场建设及监管问题研究”(项目编号:05BJL026)的阶段性成果

Financial Division Theory and Construction of Multi-level Capital Market in China

HU Hai-feng, LUO Hui-liang

School of Economics and Business Administration, Beijing Normal University, Beijing 100875, China

Received:2008-04-07 Online:2008-09-20 Published:2012-03-06

摘要/Abstract

摘要： 基于中介和市场不同风险分担机制的金融分工对于金融系统的稳定至关重要,在新技术融资上资本市场还具有特有的分工优势。然而,我国资本市场发展的相对落后和创业板的缺位,致使市场的横向风险分担发挥不足和新技术融资存在困难,资本市场陷于分工错位的市场格局之中。本文认为,我国应利用流动性过剩机遇,推进多层次资本市场建设,增强金融稳定,并为新技术产业发展提供融资支持。

关键词: 分工, 金融分工, 多层次资本市场, 风险分担, 新技术融资

Abstract: Division of finance based on the different risk sharing mechanism provided by financial market and intermediations plays an important role in the stability of financial system.The capital market also has an unique division advantages on aspects of financing new technologies.Nevertheless,the insufficient development of China’s capital market and the vacancy of growth enterprise market lead to an inadequate cross-sectional risk sharing provided by the market and the difficulty of financing new technologies.China’s capital market sinks into an eddy current of division dislocation.This paper believes that China should use the opportunity of excess liquidity,building the multi-layer capital market,promoting the scale of our capital market,enhancing the stability of financial system,and provide financing support for the development of new technologies industry.

Key words: division, division of finance, multi-layer capital market, risk sharing, financing new technologies

中图分类号:

F830.9

胡海峰, 罗惠良. 金融分工理论与我国多层次资本市场建设[J]. 《教学与研究》, 2008, (9): 39-45.

HU Hai-feng, LUO Hui-liang. Financial Division Theory and Construction of Multi-level Capital Market in China[J]. Teaching and Research, 2008, (9): 39-45.

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金融分工理论与我国多层次资本市场建设

Financial Division Theory and Construction of Multi-level Capital Market in China

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