摘要
本文认为：党的十一届三中全会以来，我国的投融资体制沿着市场化的方向，以渐进的方式发生了重大的转变；在向市场经济体制过渡的进程中，我国制度变迁方式的转换将依次经过供给主导型、中间扩散型和需求诱致型三个阶段，沿用这一理论假说，２０年来，我国的投融资体制历经了三个阶段的演变，即７０年代末期至８０年代中期的投资主体不变条件下的投资决策权下放阶段、８０年代中期至９０年代初期的行政性投资主体的转换与多元化投资主体的引入阶段，以及邓小平南方谈话以后投资主体多元化格局形成阶段；用建立社会主义市场经济体制这一改革目标来衡量，我国的投融资体制的改革远没有到位，改革将在以微观主体为主导的投资主体多元化的基础上，实现投资决策分散化、融资方式多样化和市场化。
Abstract Yang Reilong A gradual but tremendous shift of investment and financing system has taken place in China in the direction of market economy. During this course, according to a theoretical hypothesis, systemic changes will follow the process of shifts from provision-oriented structure through the structure of separation at the intermediate level, to the structure of demand and supply. Thus changes of our investment and financing system has undergone three stages in the past 20 years. Stage One: from the late 1970s to mid 1980s with decentralization of authority for decision making while the major part of the system remained unchanged; Stage Two: from mid 1980s to the early 1990s with an administrative shift of investment authority and introduction of multi*.investment policy; Stage Three: formation of multi*.investment setup after Deng Xiaoping's talks in the South were published. Measured against the goal of setting up socialist market economy our reform of investment and financing system has not been completed. It will proceed towards realization of a variety of patterns of financing and marketing, indirect control of investment decisions from the government, as well as separation of authority for investment decisions on the basis of a multi*.investment system.
出处
《教学与研究》
CSSCI
北大核心
1998年第10期4-10,63,共8页
Teaching and Research
