中国股票市场改革与创新发展的逻辑

The Logic of Chinese Stock Market's Reform and Innovative Development

中国股票市场从无到有的发展,基本上是沿着政府和市场共同推动的渐进方式在演进。政府既是股票市场的培育者,又是股票市场的监管者,这使得我国股票市场运行中具有显著的政策特征。股票市场改革与创新发展的过程,也体现着体制因素与市场因素的互动和博弈,即市场化改革往往要出台政策放松相应的体制管制,市场自主演进中出现问题之后再出政策措施予以规范。我国股票市场远非成熟市场,因此,其改革与创新发展还具有长期性,体制与市场的互动也具有长期性,其趋势是体制因素淡化,市场因素强化。

The development of Chinese stock market from scratch basically evolves by the gradual way of being pushed by the government and market. The government is both the breeder and the supervisor of stock market,which makes the operation of Chinese stock market have significant policy feature. The reform and innovative development of stock market also embodies the interaction and game of system factor and market factor,that is,marketization reform always needs system control with relaxing policy and standardize by policy measures after problems arise in the process of autonomous evolution. Chinese stock market is far from mature.Therefore,the reform and innovative development are long-term and the interaction between system and market is also long-term. Its trend is weakening system factor and strengthening market factor.