中国资本市场机制设计与评估  

Design and Evaluation of China's Capital Market Mechanisms

作　　者：曹沅岚 朱鹏 杨学伟 Yuanlan Cao;Peng Zhu;Xuewei Yang(School of Management and Engineering,Nanjing University,Nanjing 210093)

机构地区：[1]南京大学工程管理学院,南京210093

出　　处：《中国科学基金》2023年第6期933-943,共11页Bulletin of National Natural Science Foundation of China

基　　金：国家自然科学基金项目(72122008)的资助。

摘　　要：近年来,我国资本市场改革取得了重大而深刻的成就,同时存在明显的新兴及转轨特征。面向经济高质量发展的国家重大战略需求,进一步健全我国资本市场的基础制度是当前亟待解决的问题。市场机制设计与评估是资本市场研究的前沿领域,也是资本市场改革与可持续发展的理论基础。本文从企业甄选机制、新股定价机制、交易运行机制和监管机制四个方面梳理了我国资本市场机制设计与评估领域的研究现状。在此基础上,本文围绕上市标准制定、新股发行定价、股市交易制度以及证券监管体系四个主题,探讨我国资本市场改革面临的挑战,并提出研究方向建议。In recent years,China's capital market reform has achieved a series of accomplishments,while still exhibiting evident characteristics of emerging and transitional nature.In line with the significant strategic requirement of achieving high-quality economic development,it is an urgent task to further improve the foundational systems of China's capital market.Market mechanism design and evaluation represent the forefront of capital market research and serve as the theoretical basis for capital market reform and sustainable development.This article examines the current state of research in the field of mechanism design and evaluation in China's capital market,focusing on issuance mechanisms,trading mechanisms and regulatory mechanisms.Building upon this foundation,the article explores the challenges and relevant research recommendations for China's capital market reform from the perspective of behavioral game theory,centered on the formulation of listing standards,pricing of new stock issuances,stock market trading systems and security regulation systems.

关 键 词：资本市场 机制设计 发行制度 交易制度 监管制度 

分 类 号：F832.51[经济管理—金融学]