规范和发展我国B股市场的理论思考——兼谈允许境内自然人投资于B股的政策效应

Theoretical Thinking of Standardizing and Developing the B Stock Market of China and Concurrently on Its Policy Effects While Opening the B Market to Natural Persons

B股市场在其建立之初有其必然性 ,从 1 0年发展历程看 ,B股市场较好地满足了我国资本市场特定发展阶段的需要 ,在特定历史条件下促进了我国资本市场的国际化进程。但是当初设立B股市场的出发点在今天已发生了重要变化。在我国资本市场基本完成 1 0年奠基任务 ,正在实现市场化、国际化的历史背景下 ,有必要通过理念创新、制度创新、工具创新逐步规范和发展B股市场 ,解决B股市场存在的诸多问题 ,从而为建立统一、规范的资本市场创造条件。

It is natural for the B stock market to emerge in China.The B stock market,after ten years since its establishment,met very well the demand of capital market development in a specialized stage of China and accelerated the internationalization of China's capital market in such a period.However,the premises for establishing the B stock market have been changed a lot since then.The capital market of China now becomes increasingly matured with its advanced marketablility and internationalization,therefore,we should fresh our ideas,instruments and institution in order to standardize the B stock market and solve the problems in it and in order for a unified and standard capital market to grow up.