我国资本市场制度设计与制度建设研究

资本市场制度设计与建设必须符合合理性与合法性原则。为使制度合理，制度设计必须满足一定的前置条件和遵守包括效率原则等在内的基本原则。同时，制度建设是监管机构依法行政的具体过程，必须遵循程序正义原则，并依此取得制度的合法性。过去由于设计不讲究程序，制度建设总处于利益博弈的动态过程，制度体系不能达到均衡、缺乏稳定性，是市场周期性波动的根本原因。本文认为，未来我国资本市场制度设计与建设应满足三个基本前提，一是科学界定市场自主行为与行政监管的边界，二是公正合理对待所有市场参与者，三是制度设计过程程序化，

On Chinese Capital Market System Design and Construction

System design and construction of a capital market shall be achieved on a reasonable and legitimate basis. To make it reasonable, the design shall meet certain preconditions and basic principles including the principle of efficiency. Meanwhile, system construction, as an administrative process of competent authorities in line with applicable laws, shall abide by the principle of fair procedures in order to achieve the legitimacy of the system. Due to negligence of appropriate procedures, system construction used to be a dynamic process of interest gaines, resulting in an imbalance and instability of the system. This constitutes the fundamental reason of the periodic volatility of the market. The author believes that design and construction of China capital market shall stand up to three basic criterion, fwstly, a scientific boundary setup of market behavior and administrative regulation; secondly, an even playing ground for all market participants; thirdly, fim procedures to be followed in system design.