摘要
制度是约束证券市场效率的外部条件。我国证券市场不是自然演变而是政府强制性制度变迁建立的。通过行政手段在短时期可以将证券市场的基础设施以及制度框架建立起来,以政府强制建立的制度体系及行政契约关系替代市场自然法则,实现证券市场超常规的发展。但从长期看,政府主导市场制度会与市场机制发生冲突,导致资源配置机制与市场激励机制不能有效发挥作用。因此,当市场规模发展到一定阶段时,就需要借鉴证券市场自然演变的制度模式,完善证券市场非正式制度和外部环境,实现证券市场由政府主导向市场主导的转变。
The system is the external conditions of restricting securities market efficiency. China＇ s securities market derives from gov- ernment mandatory change rather than natural evolution. In a short period of time, the securities market can get extraordinary development through administrative means to establish the infrastructure and institutional framework of the securities market and alternate market laws of nature with government - imposed institution system and administrative contract relationship. But in the long time, government- led market system would conflict with the market mechanism so that resource allocation mechanism and market incentives could not play effective roles. Therefore, when the market develops to a certain stage, it is necessary to draw on the natural evolution of the system model to improve the market informal system and the external envi- ronment and achieve the change from government- led securities market to market -led one.
出处
《企业经济》
北大核心
2013年第7期168-171,共4页
Enterprise Economy
关键词
证券市场制度
政府主导
市场机制
自然演变
stock market system
government- led
market mechanisms
natural evolution
