中国资本市场主体规范研究

On Subjective Regulation of Chinese Capital Market

当前我国资本市场的交易主体 ,大多是所谓国有或非国有的公有资本所有者 ,这是中国资本市场的主要特征 ;这种特征产生的悖论 ,是资本的价格信息失真 ,交易行为严重扭曲 ;必须认真设定所有权、经营权的边界 ,明确所有者、经营者的责任约束 ,政府部门则要淡化所有者代表的职能 ,重新进行职能定位并完善行为规范。

At present, the transaction subjective in the capital market, is mostly the owner of the so-called stateowned and non-state-owned public capital. This is the main feature in Chinese capital market; this feature produces that the price information of the capital does not go well with the truth, and the transaction behavior is seriously off the side; it is vitally important to define definitely the right of owner and the right of manager, their respective responsibility restraint, less function for the governmental departments as the represent of the owners, new definition of function and behavior regulations.