转轨时期证券市场低效率的国家理论分析

The Theory of State Analysis of the Inefficiency in Securities Market in the Transition Period

在体制转轨时期,以双轨制渐进改革的中国在证券市场上独创了"国有股一股独大的流通双轨制"产权形式。这种产权结构导致了中国证券市场所谓的"低效率",但这是国家在面对租金最大化和收入最大化的理性选择。中国加入WTO后,国际间的制度竞争加剧,国家会由目前的选择租金最大化逐步转变为选择收入最大化,中国证券市场也会在国家意愿的改变中逐步走向市场化、规范化和国际化。

In the period of institutional transition, China created the form of property rights of 'double-track circulation system with the state being the only big shareholder'in the course of double-track progressive reforms. This was the rational choice made by the state confronted with rent maximization and income maximization. After China's accession to WTO, with sharpened international institutional competition and increasing competition restraints facing China, the state will gradually transform from choosing rent maximization to choosing income maximization, and with the change in the will of the state, the Chinese securities market will be marketized, regulated and internationalized progressively.