The Model of " Nine Plus One Plus One" for Founding Multi-level Capital Market in China

There are two crucial problems in Chinese economy, that is the scandal in information disclosure of listed companies and the difficulty in raising funds of the small and middle firms, and which main reason is lack of OTC market matching the main board of capital market. Our country's capital market system should be a multi - level capital market system that represents the combination between the national market and the regional market, and the match between the inside market and the outside market, and includes main board market, second board market, and regional OTC market. Through his original analysis basing on the its financial demand in different phase of firm's life cycle, the law of five-level value-added in capital market, and ten respects of real reasons, the author fully opens out the necessity of founding a multi-level capital market in China. Also, he discusses the bad problems and its solution in property rights exchange market in the different district of China, creatively puts forward the model of Nine plus plus one for founding Chinese multi-level capital system, and particularly explains it.