股票市场的信用基础

股票是信用制度创造的联合资本,是一种信用关系。股票市场的特殊性,决定了它的不确定性和信息不对称更为严重,道德风险更为突出,因而信用更为重要。信用是维持股票市场正常运行的基础,没有信用就没有股票市场。当前我国股市最突出的问题当属信用缺失,出路就在于重建股市信用秩序,形成市场自身的信用基础。

Security market's credit foundation

Stock is the united capital created by the credit system, and it is the embodiment of a credit relationship. The peculiarity of the stock market means that in the stock market there exists a higher degree of uncertainty, information asymmetry and moral hazard, thus the importance of credit weighs more in the stock market. Credit is the foundation of maintaining the normal operation of the stock market, and there will be no stock market without credit. The most prominent issue existing in our national stock market is the lack of credit, and theway out lies with the reconstruction of the credit order in the stock market thus to form the credit base of the market itself.