证券市场制度缺陷的实证分析

中国证券市场存在着“三重制度缺陷”,即结构性缺陷、体制性缺陷和功能性缺陷。结构性缺陷主要是指股票市场和债券市场发展的非均衡;股票市场内部缺乏有效统一的市场体系等。体制性缺陷是指证券市场呈现管制性低水平均衡下的金融资源逆配置;国有企业“父爱主义”向上市公司的移植;以及证券市场行政化监督对市场运行的扭曲。制度性缺陷是指证券市场基本功能的缺失,社会资源的帕累托改进无法得到有效实现;上市公司仅仅形成了公司制的“外壳”,而没有形成公司制的实质和内涵。解决“三重制度缺陷”的出路在于按照市场性、效率性和竞争性的原则进行证券市场的制度创新。

POSITIVE ANALYSIS:INSTITUTIONAL FLAWS OF THE SECURITIES MARKET

China securities market has "three institutional flaws":structural,constitutional and functional ones.The first means non-balance between the development of the stock market and the bond market;absence of effective and unite market system inside the stock market,and so on.The second means reversal allocation of financial resources when the securities market being regulated and getting low level equilibrium;"altruism"of SOE transplanting to the listed companies;and administrative supervising of the securities market distorting the market.The last is the securities market lacking of fundamental functions resulting that the Pareto improvement of the social resources can not be achieved;listed companies only the "crusts" not the natures or contents of the corporation system.To overcome these flaws,institutional innovations based on the principles of market,effciency and competition oriented are needed.