交易是市场经济的核心,良好的交易制度是资本市场发展的基础。通过差别化的交易制度供给,多层次资本市场体系实现其对于实体经济的支撑;多层次的交易制度在市场中各自有序进行,以并行不悖的方式实现资本市场价格发现和资金融通的功能。长期以来,我国资本市场在交易法律制度的设计上存在入口狭窄、层次单一的问题,使得市场呈现出较强的投机性特征,VIE架构海外上市等现象大量存在。基于此,在多层次资本市场的改革之中,交易制度改革应是重中之重。 Trading is the core of a market economy. A good trading system is the basis for the development of the capital market. Through the supply of differentiated trading system, the multi-level capital market system realizes its support to the real economy. The multi-level trading system operates orderly in the market and realizes the function of price discovery and financial intermediation of the capital market in a parallel way. For a long time, China’s capital market has a narrow entrance and a single layer of problems in the design of the legal system of the transaction, which makes the market show strong speculative characteristics. There are many phenomena such as the overseas listing of the VIE structure. Based on this, in the reform of the multi-level capital market, the reform of the trading system should be the top priority.