政策诱因与中国证券市场的内在不稳定性——转轨过程中新兴市场的特征  

Policy Inducement and the Intrinsic Instability in China's Securities Market

作　　者：王开国[1] 

机构地区：[1]海通证券股份有限公司,200021

出　　处：《经济研究》2002年第12期25-32,共8页Economic Research Journal

摘　　要：与发达证券市场及新兴证券市场不同 ,我国证券市场具有转轨经济与新兴市场的双重特征 ,在金融制度、参与者行为、政府监管等各方面都有自身的特点 ,证券市场的内在不稳定性具有内生性和周期性。针对我国证券市场的具体情况 ,本文提出了相关的政策建议 :在条件成熟时及时推出市场对冲机制 ,逐步实行证券信用交易 ;拓展有效合理的资金渠道 ;在条件成熟的时候 ,考虑放开对三类企业持股时间的限制 ;中央银行要改变状态依存的监管政策 ,实行以规则为基础的实时监管政策 ,防止资金的非法流转。Unlike devleoped securities markets and emerging securities markets,China's securities market has dual characters of transitional economy and newly developing economy.There are also particular characteristics in financial systems,participants' behavior,and governmental regulations.The intrinsic instability of securities markets is endogenous and periodic.According to the specific conditions of China's securities market,this article puts forward some relevant policy recommendations:to implement hedge mechanisms when the conditions are mature,and to carry out credit securitis exchanges gradually;to widen efficient and sound financial avenues;to cancel the time limits of holding stock for three kinds of firms under proper conditions;and the Central Bank should change the contingent regulation policies into the real-time ones based on rules,to avoid illegal fund movement.

关 键 词：中国 证券市场 内在不稳定性 新兴市场 特征 转轨经济 监管政策 金融制度 政策 

分 类 号：F832.5[经济管理—金融学]