现代资本市场主要是围绕证券发行、交易、登记结算三大活动来运行的;其中,证券登记结算体系作为资本市场的后台系统,具有不可或缺的地位。然而,我国现在实行的单一化证券登记结算制度,难以满足多层次资本市场和多元化证券品种发展的需要。本文基于无纸化环境下多层次资本市场和多元化证券品种发展的需要,探讨适度放开证券登记结算业务管制,建立市场化、有竞争的多元证券登记结算业务系统的制度设计;同时以证券登记效力规则和持有模式为核心,构建无纸化证券确权、交易的民商事规则。 The modern capital market mainly runs around the three major activities of securities issuance, trading and registration and settlement. Among them, the securities registration and settlement system plays an indispensable role as the background system of the capital market. However, the system of registration and settlement of single securities now practiced in our country can hardly meet the needs of the development of multi-level capital market and diversified securities. Based on the need of multi-level capital market and diversified securities under the paperless environment, this article discusses the system design of liberalizing securities registration and settlement business and setting up market-oriented and competitive securities registration and settlement business system. At the same time, Registration efficiency rules and holding model as the core, the establishment of paperless securities, the rights and transactions of commercial and civil rules.