资本市场与中国经济社会发展

Capital Market and China's Economic and Social Development

世界资本市场的发展历程表明,资本市场与一国经济社会发展相伴相生,脱离经济社会需求的金融发展会带来灾难;资本市场代表着市场化资源配置方式,但诚信缺失和非理性因素也会带来市场失灵;金融危机对全球化时代的资本市场发展和监督提出了新的挑战,对世界经济金融格局将产生深远影响。我国的资本市场存在着市场发展水平不高、投资回报未能充分体现、法制建设和监管需要加强、国际竞争力不强等问题,应该采取措施完善市场体系,加快场外市场建设;提高监管水平,改革监管体制;强化投资者保护机制,加强投资者教育;推动社会保障和养老体系与资本市场的良性互动发展。

The history of world capital market development demonstrated that the capital market coexists with national economic and social development; financial development separating itself from economic and social demand will bring about disaster. The capital market stands for the pattern of market-oriented resources distribution; while the lack of integrity and the irrational factors will lead to market failure. Financial crisis has presented new challenges to the development and supervision of capital market in the era of globalization and this will have profound impacts on world economic and financial arrangement. There are some problems with China＇s capital market, such as the insufficient market development, the not reflected investment return, the not enough legal construction and supervision and the not strengthened intemational competitiveness. We should, first, perfect the market system and accelerate the construction of OTC market; second, we should improve the level of supervision and carry out reform in the supervision system; third, we should strengthen the investor protection mechanism and strengthen investor education; and, forth, we should promote the sound interactive development between social security system and the capital market.