对我国股票市场佣金改革的思考

On Stock Commission Reform in China's Stock Market

我国于 2 0 0 2年 5月 1日开始进行的股票佣金制度的市场化改革 ,至今仅两年就遇到种种阻力 ,遭到市场的激烈反对 ,以国有产权为主导的我国证券业至今没有沉淀出有中国特色的证券文化 ,监管过多过死以及投资者主权的制度基础的缺位 ,是这场改革遭遇困难的根本原因。而股票市场连续 3年的暴跌则是改革遭遇困难的直接导火线。佣金市场化改革的反复折射出当前证券公司严峻的生存状态 ,尽管我们不赞成走改革的回头路 ,但也必须正视当前存在的种种不利因素。

Two years have just passed since the launching of stock commission reform on May 1st, 2002. Dazzling contrasts have been seen when considering the amount of obstacles the reform has encountered and the overwhelming acclaim it had gained ever before the reform started. The reasons for this phenomenon are as follows: the dominating state-owned property rights structure of China’s securities market; the lack of Chinese characteristics in our securities culture; the over-regulated market and the vacancy of an institutional foundation for the protection of investors’ rights. The diving of stock market for three consecutive years triggered off a painful reform process. The relapse of commission reform is just a reflection of the harsh environment faced by securities companies. There is no round trip for us to choose in the process of reform, while we have to face various negative elements existing right now.