在分析中国金融体制改革和资本市场变迁的理论基础上，着重从居民的资产选择、国家的财政收入、非国有制经济的资金出路等方面分析了中国资本巾场的形成机制；论述了中国资本市场的两大特点：中国资本市场是以银行信贷市汤为主体的资本市场，中国资本市场是不完全的资本市场。 On the basis of analyzing the theory of China’s financial system reform and capital market changes, this paper analyzes the formation mechanism of China’s capital market from the aspects of resident’s asset choice, state’s fiscal revenue and non-state-owned economy. Two major characteristics of the market: China’s capital market is a capital market dominated by bank credit market, and China’s capital market is an incomplete capital market.