从美国“两房”之兴衰谈完善我国国家投资经营法

Improving China's National Investment Business Act from the Rise and Fall of Fannie Mae and Freddie Mac in the United States

美国"两房"自上世纪成立以来,经历了国家资本进入一退出一再进入的过程,每次进入都发生在严重经济危机时期,政府为挽救市场经济自身缺陷引发的"市场失灵"而不得不采取国家投资经营以调节经济。国家资本在经济活动中的进退受到国家投资经营法的调整。国家投资经营法调整下的国家投资经营行为应克服市场唯利性,引导并建立符合经济规律的市场,特别要规范国有企业投资行为,审慎对待国家资本退出。我国应尽快完善国家投资经营法律制度,以满足近年来对经济增长发挥举足轻重作用的国家投资行为的调整需要。

Since the establishment of'Fannie and Freddie'in last century,United States has experienced the stage from state capital entry to exit to reentry.For the purpose of rescuing the malfunction of market economy'Market Failure'during the period of serious economy crisis,government has no choice but to adjust the economy through state investment and management each time.However,state capital entry and exit in market activities are limited to state investment and management law.The action of state investment and management under the Law should ward off profit-seeking nature of market,guide and build up market rules conformed to economic law especially in the area of manipulating investment activities of state-own companies,as well process state capital exist deliberately.China needs to improve the system of state investment and management law so to adjust the behaviors of state investment which plays the prominent role in recent GDP growth.