诺贝尔经济学奖得主斯蒂格列茨将金融体系比作现代市场经济的大脑。一个经济体能否有效地实现资源的合理配置,在很大程度上取决于其金融体系的优劣。现代资本市场作为企业筹资和投资者投资的载体,其层次结构由社会经济发展水平决定。随着经济的进步,各国资本市场都大体经历了由单一 Stiglitz, a Nobel laureate in economics, compared the financial system to the brain of a modern market economy. Whether an economy can effectively realize the rational allocation of resources depends to a large extent on the pros and cons of its financial system. As a carrier of enterprise financing and investor investment, the modern capital market is determined by its level of social and economic development. As the economy progresses, the capital markets of all countries generally go through a single one