我国证券市场的国企改革功能定位分析

Securities Market Function in State-Owned Enterprise Reform

证券市场功能理论认为,完善的公司治理结构是证券市场功能发挥的前提。文章认为,我国证券市场在国企改革方面的定位强调证券市场对国企改革的融资功能,而忽视其优化资源配置功能;强调通过证券市场达到实现促进国企改革的目的,而忽视国企通过证券市场完善公司治理的制度基础。要发挥证券市场的国企改革功能必须对证券市场与国企改革的关系重新认识,将国有企业的制度变革作为国企改革的关键,让政府从企业利益中解脱出来,使政府彻底地退出微观经济领域。

Securities Market function theory thinks： the prerequisite of Securities Market running well is that listed companies must have a consummate corporate governance. In the relation between Securities Market and State-Owned enterprise, we focus on collect capital from Securities Market to serve State-owned enterprise, but neglect its efficiency in optimizing resources allocation; we headline its function of reform, but neglect its institution prerequisite. To make the function of State-owned enterprise reform work-well, we must change our idea about the relation in Securities mechanism and State-owned enterprise reform. The key is to improve the mechanism of State-owned enterprise governance, that is to say the government shouldn＇t have relation with listed companies＇ benefit and extricate itself from microeconomics extent.