摘要
从分工理论角度看,股票市场风险表现为投资者与经理人能否通过股票契约及相关制度协调实现分工合作的风险。受制度变迁的关联效应影响,我国股票市场中政府纵向的行政干预取代了横向的市场契约,中小投资者利益受到侵害,缔约意愿降低,市场风险增大,并因国有股减持而引发危机。通过支付合理对价、建立风险防范机制、深化产权改革可以提高各方缔约积极性,化解市场风险。
Based on the division of labor theory, this paper points out that the nature of the risk of stock market is whether contracts and institutes could realize the division of investor and the manager. Influenced by the linkage between institute changes, government＇s interference has replaced the market agreement in the stock market in China, and this caused the market risk to rise. To compensate the negotiable stock owner and build the risk control mechanism and deepen property right reform can reduce the risk of stock market in China.
出处
《财经科学》
CSSCI
北大核心
2006年第2期25-30,共6页
Finance & Economics
关键词
股票市场
风险
契约分析
stock market
risk
contractual analysis
