市场化选择、动态信息披露与投资秩序  

Market Choice, Dynamic Information Disclosure and Investment Order

作　　者：雷光勇[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《改革》2006年第2期102-107,共6页Reform

基　　金：本文系作者主持的国家自然科学基金项目《中国上市公司会计行为的异化及其监管创新研究》（批准号：70372037）的阶段性研究成果.

摘　　要：基于行政性投资形成的投资秩序，会导致投资主体与投资责任之间的错位，投资项目选择的非市场化和投资风险配置的失衡。改革中国行政性的投融资体制，需要让投资秩序的形成成为投资参与者自愿相互博弈的结果，投资规则的确定与投资项目的选择遵循市场化选择的原则；投资秩序的维持以会计信息为主体的信息披露为基础，对投资过程进行动态监管，对投资绩效进行最终评价。Investment order, based on administrative investment, leads to mismatch of investment entity and its responsibility, non-marketed choice of investment items, unbalance of investment risk-distribution. The reform to Chinese administrative investment system is to make the formation of investment order be based on the game result of self-participation. Determination of investment rules and choice of investment items comply with the market-oriented choice principle. The maintenance of investment order should be based on information disclosure which mainly composes of accounting information. It is necessary to perform dynamic regulation to investment process, and give finally assessment to investment performance.

关 键 词：市场化选择 信息披露 动态监管 投资秩序 

分 类 号：F830.59[经济管理—金融学]