The long-term capital market is an active market for long-term capital transactions for more than one year. The function of the capital market is to raise long-term funds for fund demanders. Trading activities in the capital market are usually divided into two categories. First, the demanders of funds issue and buy and sell all kinds of securities, including bonds and stocks. Second, the demanders of funds directly obtain long-term loans from banks.

Places where various funds are borrowed and traded for more than one year. The trading object of the capital market is long-term securities for more than one year. Because long-term financial activities involve long-term funds, high risks and long-term stable returns, similar to capital investment, it is called long-term capital market. Compared with the money market, the long-term capital market is characterized by 1 and long financing period. At least 1 year, or as long as decades, or even no expiration date.

2. Poor liquidity. Most of the funds raised in the capital market are used to solve the medium and long-term financing needs, so the liquidity and liquidity are relatively weak.

3. High risks and high returns. Because of the long financing period, the possibility of major changes is also great, the market price is easy to fluctuate, and investors have to bear greater risks. At the same time, as a return to risk, its income is also very high. In the capital market, the fund providers are mainly savings banks, insurance companies, trust and investment companies and various funds and individual investors; The capital demanders are mainly enterprises, listed companies, social organizations and government agencies. Its trading objects are mainly medium and long-term credit instruments, such as stocks and bonds. Capital market mainly includes medium and long-term credit market and securities market.