政府职能定位与金融产业市场化——以中国基金业的发展为例

Government Responsibilities and Marketization of Financial Market

笔者认为,新兴市场的政府负有推动金融市场发展的责任,而繁荣市场最有效的举措是政府主动推动市场化改革,并保持市场化进程的节奏。我国证券投资基金业近几年成功推进市场化进程的案例论证了笔者的观点。正是监管部门采取了简化审批等渐进式的市场化改革措施,使基金市场充分释放了潜能,实现了超常规增长。以2002～2005年基金业发展的相关数据分析为基础,本文认为,放松管制,简化审批,提高效率,加强监管,是过去几年促进基金行业快速发展的最显著因素。基金业的市场化改革过程及其所揭示的内在规律,对其他金融产业的改革有借鉴作用。

Abstract： The author believes that regulators in dynamic markets assume great responsibility to facilitate market Innovation in the direction of a free market and listing pace control is an effective step to achieve this aim. This is evidenced by the experience of investment fund in China over these years when a spectrum of measures including simplification of listing review are phased in. This, to a great extent, helps account for the extraordinary growth of China fund industry over these against a sagging market. With reference to relevant statistics 2002-2005, it is believed that deregulation, review simplification and efficiency enhancement have played a marked role in boosting the fund industry. The inherent laws of fund market reform offer positive implication to other financial industries