转轨经济中我国股票市场的制度缺陷与政府行为

Institutional Defects in Our Stock Market and Government Behavior in a Transitional Economy

我国股票市场是由政府强行催生于计划经济依然占主导地位的20世纪90年代初期,为保障其顺利发展,政府为其制定了一系列基本制度框架。事隔十几年后,我国基本经济制度已由计划经济转型到市场经济,尽管股票市场的基本制度安排也几经调整和转换,但制度缺陷依然明显存在并影响了股票市场的进一步健康发展。本文从深入分析我国股票市场现存的基本制度缺陷入手,指出我国股票市场存在功能定位扭曲、股权分置和股市监管行政化的制度缺陷,认为政府过度干预是造成股市上述制度缺陷的主要原因,并提出解决股票市场的制度缺陷必须从重新界定政府与市场边界入手。

The stock market in our country was forced into being by our government in the early 90s of the 20th century dominated by planned economy. To guarantee its smooth development, our government formulated a series of basic institutional framework. Decades have passed since and our economic system has been transformed from a planned economy into a market economy. Although adjustments and changes have been made in the fundamental system of our stock market, there are still salient institutional defects impeding the healthy progress of the stock market. In this paper, the existing institutional defects are analyzed in depth. It is pointed out that institutional defects such as market function distortion, split share structure and administration-based market supervision do exist in our stock market due to excessive government interference. To wipe out such defects, it is suggested that a line be drawn again between government and market.