“三要素创造价值理论”的演进及其理论困难

Translated title of the contribution: The Structural Hierarchy of Securities Market and the Reform of China' s Financial Market

Research output: Contribution to journalArticle

Abstract

The developed securities markets display multi-level structure. Great many theories and experiences have proved that, the capital markets, especially those small and medium-sized ones, will be influenced by the behavior of adverse selection and transacting costs of direct financing. Whereas the patterns of market structure, for example, whether the second sector market is parallel with the exchange market and whether the dealers' system is adopted, become the decisive factor bearing on the success or failure of the small-sized capital markets. These evidences have provided theoretical reference and practical experiences for our financial market reform.
Translated title of the contributionThe Structural Hierarchy of Securities Market and the Reform of China' s Financial Market
Original languageChinese (Simplified)
Pages (from-to)20-29+93
Number of pages11
Journal当代经济科学
Issue number03
Publication statusPublished - 2002

Keywords

  • securities market
  • securities market system
  • dealers' system
  • financial market reform

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