论转型期中国股市的政府监管行为

On the Government Supervision over China's Stock Market During Transitional Period

中国股市的发展经历了一个逐步规范的过程,在这个过程中政府到底发挥了什么作用?如何理性地看待政府对股市的干预?本文认为,中国股票市场中的政府监管,在理论上存在合理性,在实践中存在过度性,颇具中国特色。而所有的过度和不足,背后的原因都可归结为政府监管的职能错位,并引起诸多的监管悖论。理性地看待股市中的政府行为,准确地定位政府在股市中的作用,是中国股市发展过程中必须思考的重要问题。

China's stock market has gone through the process of a gradual standardization. What role did the government play in the process of standardization? How to treat rationally the government's interference with stock market? This paper suggests that, theoretically, the government's interference with stock market is reasonable and, practically, transitional and it is with Chinese characteristics. All of this can be imputed to the function dislocation of the government's supervision and has led to various supervision paradox. How to treat the government conduction in the stock market rationally and how to position correctly the role that the government plays are the important issues to be considered necessarily in the development of China's stock market.