从封闭走向开放的中国资本市场:变革与发展

The Change and Development of the Capital Market from Close to Opening

我国的资本市场并不是内生发展的产物,它是国家为解决国有经济融资需要,强制性制度变迁的产物。国家在资本市场上的效用函数的结构及变动成为了解释资本市场发展的关键所在。随着改革的推进,由于在总体产权布局中国家与中下结构所占的份额发生了变化,资本市场发展已不再是处于国家的单级操纵之下,国家对资本市场制度的外在供给正在让位于居民对制度变革的内在需求。从而,来自中下层的反作用有力地抗衡了国家目标的实现,修正了国家原先的效用函数,使资本市场的发展逐步走向理性与正常化。

The capital market in China is not endogenous. The foundation of the capital market in China is in keeping with the need of the state owed economy. The structure and change of the state utility function in the capital market is the key factor to analyze the development of the capital market. With the deepening of the reform, the proporition of the state with the medium and small-level organizations in the total property rights distribution is changed. The state is not in change of the development of the capital market single,the external supply of the institution of the capital market by the state is been replaced by the internal demand of the resident's original utility function,this will promote the development of the capital market soundly.