摘要
多层次资本市场的健康发展有利于更好地发挥资本市场服务实体经济的功能,进而更好地发挥资本作为重要生产要素的积极作用。运用制度经济学理论对我国多层次资本市场制度变迁逻辑的分析发现:资本市场层次结构的变化是制度变迁的结果,其演变历程能够反映制度变迁的过程;上市或挂牌标准决定了其他相关配套制度且作为一个多维标准具有较强的区分度,因而按上市或挂牌标准对资本市场进行层次划分具有制度分析优势;我国多层次资本市场的建立是一个政府主导的渐进式的制度变迁过程,表现为从无到有、从主板市场开始、从高层次市场向低层次市场不断拓展丰富;我国多层次资本市场制度变迁的根本动因和目的是满足实体经济发展的需求,且政府对制度变迁路径的选择遵循风险和成本最小化的原则。总体来看,我国多层次资本市场制度变迁取得了显著的成效,有效促进了实体经济的健康稳定发展,是成功的。因此,建设多层次资本市场应以更好地服务实体经济发展为目标,要避免成为“脱实向虚”的助推器;深化多层次资本市场改革应寻求低风险低成本的最优制度变迁路径,避免引发系统性金融风险和浪费社会资源。
The healthy development of multi-tiered capital market is conducive to the capital market better serving the real economy.At present,the core problem of China’s multi-tiered capital market is no longer whether to establish the multi-tiered capital market and which tier to establish,but to explore the cost and benefit factors that affect the tier division and structure design,as well as factors that drive the tier change,and carry out corresponding welfare analysis.Exploring the logic of institutional change in China’s multi-tiered capital market is helpful to summarize these factors.The paper holds that the tiers of capital market should be divided according to the listing standard,while different tiers of capital market should be viewed as different institutional arrangements,and the construction process of China’s multi-tiered capital market is an institutional change process led by the government as a whole.On this basis,using the institutional change theory,the paper provides the supply-side reasons and demand-side reasons why we should establish the capital market,why we should establish the capital market from the main board market,and why the capital market evolves from high-tier to low-tier.The results show that:(1)the demand side motivation for the establishment of capital market in China is the imbalance of the original financial system caused by the rapid economic growth after the reform and opening-up,while the supply side motivations include the liberation of the understanding of stocks and the stock market,the accumulation of knowledge about securities and the security market,and the development of computer technology and network communication technology resulting in a set of alternative low-cost institutional arrangements;(2)the establishment of capital market from the main board cannot only effectively meet the financing demand by solving the difficulties and relieving the financial pressure of large state-owned enterprises at that time,but also meet the stronger trading demand caused by the
作者
陈辉
金山
顾乃康
吴梦菲
CHEN Hui;JIN Shan;GU Nai-kang;WU Meng-fei(School of Insurance,Guangdong University of Finance,Guangzhou 510521,Guangdong,China;South China Institute of Financial Innovation,Guangdong University of Finance,Guangzhou 510521,Guangdong,China;School of Finance and Investment,Guangdong University of Finance,Guangzhou 510521,Guangdong,China;Business School,Sun Yat-sen University,Guangzhou 510275,Guangdong,China)
出处
《西部论坛》
北大核心
2023年第1期29-41,共13页
West Forum
基金
国家社会科学基金一般项目(21BJY078)。
关键词
多层次资本市场
制度变迁
融资需求
主板市场
实体经济
股票市场
multi-tiered capital market
institutional change
financing demand
main board market
the real economy
the stock market
