论我国股市的制度成本及其控制

The Institutional Cost and Its Control in China's Stock Market

我国现阶段利用股市这一筹资机制的制度成本颇高,主要表现在上市公司过度融资所造成的社会资本浪费,业绩信号失真所带来的社会资源配置失当,以及上市公司管理层经营动能的弱化等。要提高股市的制度收益,就必须压缩和控制其制度成本,因此,需要纠正一些不当的指导思想和认识,规范股市中的行为。

There is a pretty high institutional cost of financing in Chinese stock market now, for many companies waste a lot of social capital in excessively financing. Distorted information results in improper allocation of social resource and the motivations of business management of many companies are weak. It is necessary to reduce and to control the institutional cost, in order to increase the institutional revenue of the stock market. Therefore, to modify the improper guidelines and ideas and to regulate the behaviors are of great significance in the stock market.