“三要素创造价值理论”的演进及其理论困难

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.