企业融资需要资本市场。完善的资本市场包括全国性和地方性市场,股票市场和债券市场,多层次的证券市场,以及从事金融衍生物的期货市场。以美国为例,其全国性的市场包括：纽约股票交易所、美国股票交易所、NASDAQ、OTCBB和芝加哥期货市场,而地方性的代表有：费城股票交易所、波士顿股票交易所和太平洋股票交易所。在美国的全国性股票市场中,根据上市门槛的不同,形成多层次面向不同规模企业的市场结构,其中纽约股票交易所和NASDAQ全国市场面向大型企业；美国股票交易所和NASDAQ小型市场针对中型企业；而为中小企业服务的则是OTCBB以及粉红单板快。在美国除了我们所熟识的公募市场,背后还有很多分布在各地进行私募交易的并购市场,非 Corporate finance needs capital markets. A sound capital market includes national and local markets, stock and bond markets, multi-level securities markets, and futures markets engaged in financial derivatives. In the United States, for example, its national markets include the New York Stock Exchange, the American Stock Exchange, the NASDAQ, the OTCBB and the Chicago Futures Market, while the local representatives are the Philadelphia Stock Exchange, the Boston Stock Exchange and the Pacific Stock Exchange The In the nationwide stock market in the United States, a multi-level market structure for enterprises of different scales is formed according to the threshold of listing, with the New York Stock Exchange and the NASDAQ national market facing large-scale enterprises; the United States Stock Exchange and the NASDAQ small market targeting medium-sized enterprises ; And for small and medium enterprises is OTCBB and pink veneer fast. In the United States in addition to the public offering market we are familiar with, there are many M & A markets behind private equity deals