对我国证券市场制度缺陷的再思考

The Considerations for Systematic Deficiencies of Our Securities Market

我国证券市场自开放以来规模迅速扩大,然而却没有实现资本市场应有的效率功能,证券市场配置低效的根源在于其制度缺陷,而导致中国证券市场制度缺陷的是政府主导型外在制度安排与证券市场发展内生规律之间的矛盾,市场运行机制与价格形成机制扭曲,造成证券市场配置效率的损耗。本文在探寻证券市场制度缺陷形成的基础上,对证券市场发展中的制度缺陷的具体表现与机理进行了深入分析,并提出相关的政策建议。

The scale of our securities market is does not realize the efficiency function it should play. systematic deficiencies. The reasons for systematic magnified rapidly since it opened, but our securities market The origin of low distribution efficiency for securities market is deficiencies are the conflict between government dominant exogenous system arrangements and endogenous development rules of securities market. The distortion between mechanism of market running and pricing makes the loss of securities market distribution efficiency. Based on exploring securities market systematic deficiencies, this paper deeply analyzes the concrete behavior and mechanism for system deficiencies on the process of securities market developing, and l^rovides the relative su^e~ti,m~