国企改革与中国证券市场的发展

The reformation of state enterprises and the development of Chinese negotiable securities market

对市场经济国家而言 ,证券市场主要有两个功能 :企业融资和优化资源配置。而对中国的证券市场而言 ,其首要功能是为国有企业改革服务。事实证明 ,依靠将国有企业转变为上市公司并不能彻底解决企业的转制问题。而且 ,在政府力量和市场力量的双重制约下 ,中国证券市场的市场化进程显得磕磕绊绊 ,步履蹒跚。因此 ,改革现有的股权结构设置和上市选择机制以及政府的干预方式等 。

So far as market economic countries are concerned, negotiable securities market has two main functions: the fusion of enterprise capital and better disposition in resources. But as for Chinese negotiable securities market, its primary function is serving for the reformation of state enterprises. It is illustrated that the transformation of state enterprises into marketing companies cannot thoroughly transferring the system of enterprises. Furthermore, with the double restriction of government and market forces, the marketing process of Chinese negotiable securities market appears to be too difficult. Therefore, in the development of negotiable securities market, it is urgent to reform the present share structure installation, the choice system of going on the market, the intereference mode of government and so on.