资本集聚效应

The Effect of Centralizing of the Capital

股票市场的风险规避依靠分散投资及提高相关专业知识。这种需求将最终导致股票市场的资本流归专业公司代理,由他们代理经营;这样既能使资本形成规模经济,又避免其产生范围不经济。同样,房地产企业为了建造优质高效的产品,必须寻求专业的技术支撑及流畅的物流管理,而这同样将导致房地产市场的分工更加明确,技术更加专业,资本流向更加集中——资本集聚效应由此形成。

To scatter the risk of stock market, scattering investment and improving professional knowledge is needed, which would result one thing that the capital would be managed by a professional company. And this would lead the capital to be economic of scale but not economic of scope. Similarly, the real estate company must own professional knowledge, which would make the industry more professional and make the capital more centralizing.