中国与美国多层次资本市场的制度演进过程不同,但实质上都是制度最优选择在不同约束条件下的动态变化过程,其动态变化的制度性根源是相同的。现代经济的发展离不开金融的创新发展,而具备高效资源配置功能的资本市场正是现代金融的核心灵魂。实践证明,资本市场在推动中国经济发展和结构调整等方面发挥了不可替代的作用。十八届三中全会通过的《中共中央关于全面深化改革 The institutional evolution of multi-level capital markets in China and the United States is different, but in essence they are the dynamic process of institutional optimal choice under different constraints. The institutional roots of the dynamic changes are the same. The development of modern economy can not be separated from the financial innovation and development, and the capital market with efficient resource allocation function is the core soul of modern finance. Practice has proved that the capital market has played an irreplaceable role in promoting China’s economic development and structural adjustment. The Third Plenary Session of the 18th Central Committee of the Communist Party of China on Deepening the Reform