Abstract：China's capital market began with government agencies pushing, but market-oriented reform should always be the only way to the ultimate direction. However, the essential nature of its ternary structure determines the multiple institutional game between listed companies, regulators and investors, which in turn leads to the irrational evolution process of system construction. As a result, the irrational evolution of different systems finally causes various institutional differences in the capital market. This paper puts forward the discussion on the future trends of capital market system construction, including the implementation of market-oriented reform from the whole chain, the synchronization of criminal punishment and administrative punishment, deepening the reform of mixed ownership system based on competitive state-owned enterprises and the construction of a policy utility assessment and forecasting system.

Keyword：capital market; system construction; irrational evolution