从自利到互利:中国股市文化转型的思考

From Self-interest to Mutual Benefit:Reflection on the Transformation of the Chinese Stock Market Culture

股票市场和社会经济都是人性的一种演绎,即文化—人—制度的社会演化逻辑。互利原则是市场经济的基本原则,互利文化是股市的主流文化。中国股票市场的健康发展依赖于股市文化实现从自利到互利的文化转型,主要包括政府对股票市场功能定位从融资到投融资的转变、投资者从"博傻"行为者到价值投资者的转变、上市公司从"圈钱"型到责任型的转变等。股票市场的逐利必须以互利为前提,股票市场中的各参与主体才能实现多赢的博弈格局,才能实现股票市场的基本功能。

Stock market and social economy is a kind of deduction of human nature, namely the cuhure- man-institution logic of social transformation. Mutual benefit culture is the basic principle in market economy and culture of mutual benefit is the main stream culture in the stock market. A healthy development of Chinese stock market depends on the cultural transformation of culture of stock market from self-interest to mutual benefit, which mainly includes government＇s positioning the function of stock market from circulating funds to investing and circulating funds, investor＇s transformation from ＂greater fool＂ to value investors, the type of listed company from money enclosure to fulfilling social responsibility, etc. Mutual benefit principle should be the premise when seeking profits in the stock market. Thus participant of stock market can realize mutually-winning game structure and the basic function of stock market.