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中国众多企业长期严重缺乏资本性资金的主要原因,在于缺乏多层次资本市场体系,不能有效地将城乡居民手中分散的资金集中起来转换为企业发展所需的长期性资金。只有发展多层次资本市场,才能满足不同层次的直接融资需求以及不同偏好的投资者需求。
The main reason for the serious lack of capital capital in many Chinese enterprises in the long run is the lack of a multi-level capital market system that can not effectively centralize the scattered funds of urban and rural residents into long-term funds needed for the development of enterprises. Only by developing a multi-level capital market can we meet the different levels of direct financing needs and different preferences of investors.