当代金融理论中的股票市场:功能与作用条件的再认识

The Stock Market in the Modern Financial Theories: Re - understanding Functions and Its Conditions

资源配置是建立股票市场的基本目的,股票市场通过促进风险的改善、信息收集、企业监控等三大功能发挥资源配置的作用。本文全面阐述了当代金融理论对股票市场功能和功能发挥的重要条件,认为股票市场的功能发挥必然依靠一国的经济、信用与法治基础。所以,尽管理论上股票市场的功能是优越的,但并不必然是每一国家或者某一国家发展的每个阶段都能够有效发挥股票市场的作用。股票市场发展的方向、大小和深度取决于一国经济、信用、法治完善与适应的程度。

Resource allocation is the base goal for developing the stock market. The stock market fulfills the goal by exerting three functions, facilitating risk amelioration and acquiring information and corporate governance. From summing up the, modern financial theories, the paper expound the function of the stock market and its conditions. The paper points out that economic development, law and credit may be important for the stock market. Though the functions of the stock market are superior in the theory, not every country or every stage for certain country can make the stock market effect. The way, size and depth of the stock market would be decided by the grade of economic development , law and credit for certain country.