论构建支持自主创新的多层次资本市场

创新具有不同的层次和阶段,技术创新的主体——企业具有不同规模和生命周期,这决定了为企业技术创新提供融资支持的资本市场必然是一个多层次的资本市场。当前,我国资本市场还存在规模不足、层次单一的问题。因此,需要构建并积极发展包括主板、创业板、代办股份转让系统、产权交易市场和债券市场在内的多层次资本市场,推进风险投资事业的发展,形成资本市场、风险投资、技术创新的联动机制。

On the Construction of China's Multi - layer Capital Market for Innovation

The capital market for enterprises'technological innovation financing is necessary a multi-layered one,be- cause of the different types and phases of innovation,as well as the different scales and stages of enterprises' life cycles. The scale and structure are still the main problems in the development of China's capital market.Therefore,it is signif- icant to construct a multi-layered capital market for innovation,to promote the development of venture capital and form the linkage-mechanism among capital market,venture capital and technological innovation.