论我国资本市场功能缺陷的深层次原因--基于资本成本的分析

本文认为,我国资本市场功能被严重扭曲的根本原因在于我国虽然引进了资本市场的框架,但在财务理论中却没有同时引进与资本市场配套的资本成本概念.并剖析了我国财务理论界定义资本成本时名为资本成本实为资金成本的现象产生的原因,从根本上区别了中西方财务理论中的资本成本概念.在此基础上论证了投资者的资本成本意识才是资本市场发挥正常功能的必要条件.为了在我国资本市场重塑投资者的资本成本意识,本文提出了加快建设硬约束的低端信用资本市场的解决措施.

The Study on the Root Reasons for the Function Defects of Chinese Capital Market -Analysis on the Basis of the Cost of Capital

At present there is greater disparity between Chinese financial theoretical research and the western modern financial theories. There are different understandings and definitions between Chinese and foreign financial theories especially on Cost of Capital, the core of financial theories. This article holds that the basic cause for the serious distortion of Chinese capital markets is that, although we have introduced the framework of capital market, we haven't brought in the concept "Cost of Capital" which is related to the capital market. The paper illustrates why our financial theory circle defines the cost of capital as capital cost namely but financing cost in fact, distinguishes the concepts of cost of capital between Chinese and western financial theories, and demonstrates that the investors' consciousness of Cost of Capital is the essential condition for the capital market to function normally. In order to rebuild the investors consciousness of Cost of Capital in our capital market, this article finally made some suggestions on accelerating the construction of low - level credit capital market with hard restriction mechanism.