我国资本市场生态的特点、问题及优化路径

The Characteristics, Problems and Optimization Path of China's Capital Market Ecology

与境外成熟市场相比,我国资本市场生态结构失衡,市场参与者行为存在种种乱象,生态健康水平有待进一步提升。我国资本市场生态的表面问题是"反向食物链"引发市场乱象,深层次问题是市场机制未能充分发挥作用,而根源在于行政管制过多,政府与市场未能形成良性循环。我国资本市场生态的优化路径,一是深化改革,化解行政管制与市场机制之间的矛盾;二是加强监管,降低市场信息不对称;三是放松管制,激发市场活力,同时防范化解系统性风险。

Compared with the international mature markets, the ecological structure of China's capital market is unbalanced. There are various kinds of chaos in the behavior of market participants, and the health level needs to be further improved. An obvious problem of China's capital market ecology is that the "Reverse Food Chain" causes market chaos, but the fundamental problem is that the market mechanism fails to play a central role, and the reason lies in the excessive administrative control that the government and the market failed to form a virtuous circle. The develpoment path of China's capital market ecology is (1) to deepen the reform and resolve the contradiction between administrative control and market mechanism,(2) to strengthen the supervision by reducing the asymmetry of market information, and (3) to deregulate by stimulating market vitalityand preventing and resolving systemic risks.