我国低效资本市场的负面影响及应对策略

长期以来 ,以证券市场为代表的我国资本市场一直处于低效弱效状态 ,这一市场态势已成为当前提升我国金融体系国际竞争力、深化经济体制、社会保障改革与金融市场应对加入WTO的最大障碍。我们的社会各界特别是政府部门应在借鉴外国高效的资本市场监管基础上 ,从立法与政策上采取得力措施进一步完善市场参与主体约束机制 ,改进入市股权所有制成份结构 ,准许国有法人股入市流通 ,健全市场信息披露制度 ,充分发挥市场价值规律 ,形成内在的价格均衡机制 ,降低平均交易成本 ,增强投融资效率 ,从而提高我国的资本市场效率 ,为提高我国金融体系国际竞争力、深化经济体制、社会保障改革 ,为应对加入WTO后的金融环境扫清障碍。

Corresponding Measures for the Negative Influences of Chinese Low- efficiency Capital Market

For a long time Chinese capital marckets represented by bond marcket have been in the low efficiency. This becomes the obstacle to improve the international competitive ness of Chinese financing system to reform the economic system and deepen the social insurance system. Having learned the experience of the foreign high efficiency capital marcket management, our society, especially the government should carry out effective measures to better the management system of the marcket body to impove the share structure of owership, to permit the shares of national enterprices to enter stock marcket, to improve the system of publishing marcket imformation, to shape the system of the price balance, to enduce the average bargian cost, to enhance the efficiency of investment and to improve the efficiency of the capital marcket, and sweep clearly the hang-up so as to improve the international competitive ness of Chinese finance systems.