中国证券市场低效运作的制度缺陷与治理对策  

Institutional Defect and Countermeasures Against the Weakness of China's Securities Market

作　　者：张成栋[1] 

机构地区：[1]天津大学,天津市300071

出　　处：《金融研究》2005年第9期155-162,共8页Journal of Financial Research

摘　　要：中国证券市场自成立以来,取得了骄人成绩,但也出现了资本市场基础建设滞后、自我约束软化、监管不力和由此导致的市场资源配置功能扭曲,融资、投资、效率不相匹配,市场持续走低,政府隐性支出膨胀,投资者亏损严重,市场人气下降,情绪激化等使人担忧的问题。这虽然是我国证券市场起步初始阶段难以避免的现象,但是面对现实,我们建议政府尽快采取相应的政策和策略,以端正市场理念、控制市场态势、完善市场建设、加强市场监管、还原市场资源配置和价格发现功能,实现市场的投融资功能一体化,为我国经济的振兴和社会稳定奠定坚实基础。Since the establishment of China＇s securities market, significant achievement has been made. However, there are many problems in the market, such as the lag of the capital market＇ s fundamental construction, the weakness of self- restriction ability, the weakness of the supervision and management. Moreover, these problems caused the low efficiency of capital raising and investment, the continuing drop of market, the invisible expansion under implicit govenment expenditure, the bad deficit on investors, the decrease on market expectation. Although these are the inevitable phenomenon during the early period of Chinese securities market, to face the reality, we suggest that government should adopt proper policies and strategies to realize the integration of market capital raising and investment to sohdify the foundation for economic growth and social security.

关 键 词：制度 投融资 监管 

分 类 号：F832.51[经济管理—金融学]