中国股票市场政策演进:公共选择视角

我国中央政府在股票市场中存在双重利益目标:国有企业筹资和资金使用效益最大化,且前者优先。基于此,中央政府对股票市场做出了初始政策安排。但在政策运行中,地方政府、上市公司、市场中介、投资者等经济主体出于各自利益目标,采取了不同行动策略,从而降低了资金使用效益,减少了国有企业筹资额,使得股票市场初始政策安排的收益不断“缩水”。

Institutional evolution in Chinese stock market:View Point of public choice

Chinese Central government has double interest objectives in the stock market: collecting funds for the state-enterprises and getting the maximum profit from the funds, furthermore, the former is prior. Based on the above, central government has made preliminary policies for the stock market. However, in the process of carrying out the policies, on account of their respective interest objectives, local governments,listed companies,market agencies and investors take different action strategies, which reduces the benefit of fund-using, decreases the amount of the fund-collecting for the state-enterprises and lessens the expecting interest of the primary policies.