转型期我国股票市场规制目标的选择

＂为国有企业筹资、推动国民经济增长＂这一政府股票市场规制的目标已经不能适应经济发展的要求,监管当局应该将＂加强投资者利益保护＂作为股票市场规制的核心目标,以进一步推进中国股票市场的可持续发展。保护投资者利益是股票市场政府规制目标的核心。造成我国股票市场投资者保护机制缺失的制度性基础在于政府一身兼三职的制度安排,即政府既是国有上市公司、证券交易所、证券公司的实际或者变相的终极所有者,又是投资者利益的守护神,同时也是证券市场的规制与监管者。

The Choice of the Objective of Chinese Stock Market Regulation during the Transitional Period

The objective of ＂financing state-owned enterprises, thus accelerating economic growth＂ is no longer compliant with the economic development. Regulatory authorities should make ＂strengthen the protection of investors＇ interest＂ as a core objective of stock market regulation to further promote the sustainable development of China＇s stock market. Protecting investors＇ interests is the core objective of government regulation of the stock market. The institutional foundation of the absence of the investor protection mechanism in Chinese security market is that the government plays three roles at the same time ： the ultimate owner of the state-owned listed companies and stock exchange and security companies ; the protector of investors＇ interest and the regulator and supervisor of the stock market.