中西证券市场演变动力机制比较——基于制度视角的研究

西方证券市场经历了自发演变过程,投资者内生的投资需求和交易需求催生了证券市场制度的演化,其动力机制是投资者通过金融市场的股权投资实现收益最大化,市场效用函数的基本变量是索取股权溢价。中国证券市场的演变是在政府主导企业改革这一特定背景下进行的,其演变历程与政府经济改革的需求相适应,动力机制不是来源于市场本身,而是政府推动。中西证券市场不同的演变历程及运行机制为我国证券市场改革与发展方向提供了路径选择。

Western stock markets experienced a spontaneous evolution, self - demands of investors for investment and trading needs gave birth to the evolution of the system. Itsdynamic mechanism for investors is to achieve revenue maximization through invest- ments in financial markets, and the basic variables of the market utility function is to obtain the equity premium. China＇ s securities market evolves in the government -led enterprise reform, whose evolution process agrees with economic reform and the government needs and dynamic mechanisms are not derived from the market itself, but the promotion from the government. The different evolution and operating mechanisms of Western securities markets provide a path selection for the reform and development orientation of China＇ s securities market.