中国资本市场建立的制度基础及其来自企业制度的约束

Institutional Foundation of the Capital Market & Restrictions from Corporation Institutions

中国资本市场是在市场化—价值化改革的推进过程中建立起来的 ,有着自身特有的制度基础 :( 1 )企业投融资体制的改变 ;( 2 )国有企业的制度变革 ;( 3)居民投资意向的改变 ;( 4 )与经济发展相关联的因素 (需求推动、结构调整等 )。同时 ,国有企业股份制改革存在的一些制度性缺陷 ,如对国有企业的股份制改革以及企业发行股票 (包括上市发行 )的政府管制、对国有企业改制成股份公司后对其股权结构的政府管制、对公司治理结构的政府干预等 ,都给资本市场的发展带来了不利影响。

Chinese capital market has being constructed accompanying with the market and value oriented reform .There are several special institutional foundations in the course: 1. the change of corporations' investment and financing; 2. the institutional reform of the state-owned corporations; 3. the transition of the household's investment trend; 4. the factors relating with the economic development (the demand impulse, the economic structure adjustment, etc). Meanwhile, the deficits in the process of the state-owned corporations' joint-stock reform, such as the regulations to the corporations' joint-stock reform and issuing stocks, the regulations to the structure of stockholders, the intervening in the corporations' management structure, all have caused negative influences in the development of capital market.