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一个成熟的资本市场对于现代公司制度的发展及其经营活动起着至关重要的作用,表现在: 首先,资本市场是现代公司的直接融资场所。资本市场一个最重要的职能是将投资资金从资金盈余者手中转移到资金缺乏者手中,这个过程是通过前者向后者买入有价证券——股票或债券来实现的。企业进入资本市场进行的直接融资活动具有广泛性、直接性、长期性和流动性等特点,从而能够满足现代公司大规模和迅速筹集长期资本的需要。从西方发达国家来看,以有价证券形式出现的直接融资在企业融资结构中一直占很高比重,60年代初,企业直接融资在其外部资金的比重一般在40％至60％之间,其中美国为57.14％,英国为55.62％。80年代以后,这一比例降到20％至40％之间,到1991年,美国这一数字又升到58.3％。
A mature capital market plays a crucial role in the development of the modern company system and its operating activities. First, the capital market is the direct financing place for modern companies. One of the most important functions of the capital market is to transfer investment funds from the fund surplus to the lack of funds. This process is achieved by the former buying the securities, stocks or bonds, from the latter. The direct financing activities that companies enter into the capital market have the characteristics of extensiveness, directness, long-term, and liquidity, which can meet the needs of modern companies to large-scale and quickly raise long-term capital. From the perspective of Western developed countries, direct financing in the form of marketable securities has always occupied a high proportion in the corporate financing structure. In the early 60s, the proportion of direct financing of enterprises in their external funds was generally between 40% and 60%. Among them, 57.14% in the United States and 55.62% in the United Kingdom. After the 1980s, this ratio fell to 20% to 40%. By 1991, the United States rose to 58.3%.