论中国证券市场制度变迁的内在逻辑

On the Inner Logic of the Institutional Evolution of Securities Market in China

中国证券市场制度变迁中所存在的制度缺陷造成了证券市场运行的扭曲,减弱了信息机制与价格机制对资源的引导与配置能力,由此造成证券市场的低效率。因此,有必要对中国证券市场的功效及原因作出全面分析,从深层次上揭示中国证券市场制度变迁的理论逻辑、客观逻辑和现实政策逻辑,进而通过制度创新来提高中国证券市场的效率。

Institutional drawback existing in institutional evolution of China’s securities market has made distort of securities market operation, and it has weakened the leading and allocating resource power of information mechanism and price mechanism, hence resulting low efficiency of securities market. It’s compulsory to analyze comprehensively the function of and reason for China’s securities market, to reveal from deep respect the theoretical logic, objective logic and realistic policy logic of the institutional evolution of China’s securities market,so as to raise the efficiency of China’s securities market by institutional innovation.