论文借鉴成熟市场经验, 探讨中国资本市场“倒金字塔”结构“政策市”属性, 揭示主板市场改革胶着的思维误区；进而提出矫正该结构的三个观点：1由“侧重需求刺激”转向“侧重供应改善”；2由“侧重顶层攻坚”转向“侧重基层支撑”；3由侧重“监审合一”（集权）转向“监审分离”（分权）。据此论文强调：资本市场体制改革的当务之急是大力拓展和强化“场外市场”, 配合简政放权与草根创业基本原则是“鼓励生产性努力”和“抑制分配性努力”。

Taking America as reference, this paper discusses the nature of the political quality of the upside-down pyramid of China's capital market and the corrective therapy. It makes three strategic suggestions for the reform upon the capital market: 1. From demand stimulating to supply improvement; 2. From upper part to bottom wooden relaxation; 3. From centralization to decentralization by separating of powers and check balance. It also reveals the misunderstanding of the reform of the main-board market reformation. Thus it offers the following advice: to give great impetus to big push upon the deregulation in the off-board market. And the embodied principle is to restrain the distributive endeavor and to inspire the productive endeavor.