我国资本市场发挥资源配置功能的制度条件分析

The Institutional Condition of Resources Distribution Function in China's Capital Market

从制度经济学的角度,分析了约束我国资本市场发挥资源配置功能的原因,认为我国资本市场制度的初始构建并非以资源优化配置为起点,而且在制度运行过程中由于制度参与主体对制度环境的反馈而存在着财富的耗散。进而指出要实现资本市场的资源配置功能,需要两个条件:一是实现租金的消散;二是制度逆行过程,而这已经逐渐由市场参与主体的成本—收益的变化成为可能。

In this paper, we first analyzed the mason of constraint on resources distribution function of China＇ s capital market from a institutional economics view, and concluded that because the initial construction of capital market institution did not move along the direction of efficient distribution of resources. Then the two preconditions of efficient distribution of resources—— rent vanish, and that, based on this precondition, a converse process of institution arrangement was presented.