资本市场的制度与绩效

中国资本市场融资主体的资本结构不合理、市场体系缺乏统一性和层次性等制度特征,决定了资本市场行为主体筹资者以圈钱为目的的融资需求膨胀,投资者的投资行为投机化,最终导致中国资本市场资金使用效率低下、企业管理优化动力不足、二级市场价格信息失真。中国资本市场的改造需要一个系统性的目标,打补丁式的资本市场改进方案无助于提高其整体效率。中国资本市场的系统性改造需要一整套互补性制度安排做出保证。

An Analysis of Institution and Performance in China's Capital Market

The characters of The Chinese capital market like the lack of financial products,the lack of unity and levels of market system and far too strict market regulation determined the money collectors' inflating financial demands for enclosing money and investors' speculation.These finally lead to inefficiency of capital spending in the capital market,distorted price in secondary market and the lack of motivation to improve the corporation management.Based on the analysis of above problems,we can conclude that systematic improvement of the Chinese capital market needs to be guaranteed by the arrangement of a whole set of complementary systems.