市场化选择、动态信息披露与投资秩序

Market Choice, Dynamic Information Disclosure and Investment Order

基于行政性投资形成的投资秩序，会导致投资主体与投资责任之间的错位，投资项目选择的非市场化和投资风险配置的失衡。改革中国行政性的投融资体制，需要让投资秩序的形成成为投资参与者自愿相互博弈的结果，投资规则的确定与投资项目的选择遵循市场化选择的原则；投资秩序的维持以会计信息为主体的信息披露为基础，对投资过程进行动态监管，对投资绩效进行最终评价。

Investment order, based on administrative investment, leads to mismatch of investment entity and its responsibility, non-marketed choice of investment items, unbalance of investment risk-distribution. The reform to Chinese administrative investment system is to make the formation of investment order be based on the game result of self-participation. Determination of investment rules and choice of investment items comply with the market-oriented choice principle. The maintenance of investment order should be based on information disclosure which mainly composes of accounting information. It is necessary to perform dynamic regulation to investment process, and give finally assessment to investment performance.