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《Financial Economics Research》 2018-02
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The Theoretical Logic and Effectiveness of Creating a Multi-Level Capital Market:Based on the New OTC Market in China

Xu Kai;School of Finance,Central University of Finance and Economics;  
Using an adverse selection model under the condition of asymmetric information,this study analyzed the theoretical logic of a multi-level capital market system and the basis for the development of a new Over-the-Counter( OTC) market. In addition,the Lokta-Volterra model was applied to analyze the interaction between various sectors of the multi-level capital market system in China during different periods following the introduction of the new OTC market. The results showed that single-level expansion of the capital market was not realistic or feasible;however,a capital market system with classified and refined levels can still achieve a separating equilibrium among different types of enterprises,which is an expected Pareto improvement.Based on the interaction between the new OTC market and other sectors in the market,the new market had a positive effect on the transaction volume of other sectors following introduction. The data of the different periods analyzed showed that such an effect was differentiated at the various stages of market development. Nevertheless,no negative,adverse effects,such as plunder,predation,suppression,and substitution,were found. This indirectly confirmed that multi-level markets are conducive to improving the efficiency of the overall capital market system.
【CateGory Index】: F832.51
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