Abstract: Three big problems faced by our current capital market which are of transparency, multiplesource of funds, and equity split. Transparency is the common one faced by capital markets all over theworld. If we couldn’t tackle effectively the information disclosure of listed companies and agencies, Chinacapital market could not develop well. Multiple source funds are necessary for a strong capital market.China equity split is the essential one, most of problems result from institutional inperfect brought by it.So, it is very important to build a full liquidity market.

Key words: capital market, transparency, multiple funds, equity split

摘要： 透明度是全球资本市场面临的共同问题。如果我们不能有效地解决透明度问题,不能解决上市公司和中介机构如实地向社会披露信息的问题,那么资本市场就没有发展前途。资金多元化问题是中国资本市场发展面临的重要问题。中国资本市场如果要成为现代金融体系的基础,我们就必须推动资本市场资金渠道的多元化。股权分裂是中国资本市场目前面临的根本性问题。中国资本市场规范和发展的重点,是如何建立一个具有完整流动性的市场,而不是流动性分裂的市场。中国资本市场存在的种种问题,大多源自于股权分裂所决定的制度缺陷。

关键词: 资本市场, 透明度, 资金多元化, 股权分裂