在信息不对称的条件下,单一层次资本市场的博弈均衡形成无效的市场类型,多层次资本市场的博弈均衡可形成有条件的高效市场类型。资本市场层次拓展是资本市场良性发展并且发挥其功能的必要条件,层次结构必须是清晰的,转板与退市制度是保证资本市场层次拓展的基本前提,强化投资者关系管理是企业降低融资成本的关键。 Under the condition of information asymmetry, the game equilibrium of the single-level capital market forms an ineffective market type, and the game equilibrium of the multi-level capital market can form a conditional efficient market type. The expansion of the capital market is a necessary condition for the healthy development of the capital market and its functions. The hierarchy must be clear. The transfer and delisting systems are the basic preconditions to ensure the expansion of the capital market. Strengthening the management of investor relations is the key factor for enterprises in reducing their financing costs key.